When it comes to sourcing products to sell, for many products,foreign sources of supply can provide higher quality, lower costsor some other desirable feature in comparison to U.S. sources. Forinstance, Italian shoes, French wines and Japanese cameras arewidely available in the United States because of their recognizedsuperiority in some respects to domestic alternatives.
Importing doesn’t have to be limited to goods, either. Manycompanies have grown by importing services in imaginative ways. Forinstance, a large quantity of the data-entry work that used to bedone in the United States is now done by workers in countries suchas India and China. The companies for whom this work is being donehave effectively imported the data-entry services of internationalworkers.
At one time, identifying sources of products to import was aserious challenge for U.S. importers. But vast improvements in theglobal telecommunications network have greatly eased that task.Today anyone with a computer and a modem can do web searches tolocate suppliers virtually anywhere in the world. Furthermore, theycan communicate with those suppliers, exchanging specifications andrequirements far more easily, swiftly and conveniently than everbefore.
If you have an idea for importing a product made in anothercountry, it should be easy to find a supplier who can sell it toyou. Here are some tips for finding a source of products toimport:
- Start by focusing on countries whose imports tothe United States are granted favored status. This means lowerimport duties and lower costs for you.
- Once you’ve selected countries as likely sources,contact trade representatives at the appropriate embassies. Theyshould be able to provide you with lists of manufacturers of theproducts you’re interested in.
- Attend foreign and domestic trade fairs wherecompanies seeking to export to the United States areexhibitors.
- Read U.S. and foreign newspapers and magazines,scanning for advertisements and articles about products you mightwant to import.
The internet is having a large impact on the way internationalbusiness is conducted. This impact is especially significant whenit comes to finding leads for international trade partners. You canvisit The Federationof International Trade Associations site for online traderesources as well as numerous links and tools for finding productsto import and other opportunities to grow your businessinternationally.
Once you’ve identified some likely sources of products toimport, make contact with the company and begin gatheringinformation. You’ll want to obtain samples of products and, ofcourse, discuss prices and terms of payment. Take special care tocheck the quality of the products–the United States is asophisticated marketplace, and shoddy products that might succeedelsewhere will be shunned here.
As in any circumstance where you’re checking out a newprospective supplier, ask for references. Get a referral to acompany that has dealt with this supplier before, and call to checkthem out.
Shipping procedures are a paramount concern when moving productslong distances. High-value items may be shipped by air, but manyproducts come by ship. This often means transit times measured inmonths, with the associated risks of missing market opportunities.Make sure your supplier understands your requirements for deliveryand that the shipping procedure chosen will do the job. Once you’rehappy with the arrangements, have an attorney experienced ininternational trade review the contract.
