Everyone’s running towards the business hub of the east, and no point that you are staying away from this revenue earning trend. Establishment of a successful business relation with the traders from China can help your business in an encouraging way, provided you act smart and sensible.
It’s a hot trend that everyone is turning to China, with a motive to set up fruitful trading terms. Success stories aren’t uncommon these days, especially among Australian/US/UK entrepreneurs who made their fortune by establishing a real beneficial trade relation with their Chinese partners. The instant benefit that product sourcing from China offers is cost reduction, but the story doesn’t end here. Such imports from this so-called manufacturing hub of the world enable the business owners to diversify their product ranges as well, thereby provides further opportunity to reach customers of different choice. Hence, a boosted revenue level is right on the cards.
Entrepreneurs, however, don’t always come across such a happy ending. Lack of groundwork, improper choice of suppliers, rushing into product order placement without even realizing the basics of China trade are the common mistakes that they make. “Stick to the basics and act systematically” is the winning mantra, and it starts with understanding of some preliminary things.
1) Sources like Alibaba.com, Globalsources.com, and SmartChinaSourcing.com are popular choices among global traders to spot quality and authoritative Chinese suppliers. However, even that listing may not be sufficient, until the trader makes some personal research on those suppliers to be chosen from China. Communication with direct source about What To Sell yields more profitable deal, so make sure whether they are manufacturer or just part of the intermediate entities in supply chain. Check for the supplier website availability in English to make sure they have non-Chinese clientele. Checking of testimonials/track record, industry reputation, communication with existing clients is also advised. In case the supplier offers warranty on orders, it is best to hire someone expert in China trade regulations to verify their credibility
2) Working directly with manufacturers allows you to make necessary modifications on products/semi finished goods. Whereas, suppliers are third party entities, and they help you in getting product variance instead
3) Letter of Credit is the common negotiable instrument used while making payment to China based counterparts
4) Signing of a contract is considered just as a part of formality in Chinese business culture. Instead, they emphasize more on personal relationships before coming to business term
While thinking about the right process regarding How To Import From China, non-Chinese traders face a serious language barrier while communicating.
a) Don’t expect your Chinese partners to come with queen’s accent. However, if they are unable to make out even simple conversations, better look for someone else.
b) They are more comfortable in making written communication, rather than verbal ones
c) Better try to communicate like a non-native English speaker while having words with them. Stay away from using too complex expressions or phrases
Take your time to research and analyze Best Products To Sell Online, before deciding to buy in China from those suppliers. Other than timely delivery, there comes another factor that deserves serious consideration, called landing cost. It’s a substantial factor inclusive of FOB costs, total freight charges, import duties, logistics fees, additional charges like inspection and agent fees etc to determine overall profitability of the deal. For the first timers, it is advised to start with a minor volume order.
Importing from China Requires You to Act Systematically