Wholesale business in The United Kingdom is considered as a lucrative industry. China is regarded as the main source of imported items into the United Kingdom. The products coming in from China to the United Kingdom are considered very desirable. Importing from China to the United Kingdom is one of the investments most entrepreneurs want to venture in. So, if you’re looking for a promising business venture, this one’s for you. Just take note of the basics before you start investing. This can help you stay long in the importation business.
Careful Planning before You Begin
So what items do you want to bring in? Once you've chosen the product you want, come up with a marketing plan. Choose a product that has high ticket price and easy on the eyes. Create a plan, do a survey, do all the hard work you need to do before you start investing. In this way, you can guarantee that you will gain revenue instead of incurring loss.
Just remember to make an estimate of all the expenses you might incur in this endeavor. Just because the purchase price of the product is low, doesn’t mean that importing it will be cheap. Take into account not only the initial cost but the other fees of your imports, such as shipping costs, customs costs, costs of transport from your product’s arrival point to you, and of course; insurance. If you have everything listed down, you'll be able to determine how much you'll make from your product.
Contacting the Import Supplier
After the initial planning stages, it's now time to make sure you find the right person to deal with. There are various ways to meet suppliers. Go to any local trade shows or search the web. Once you have identified a particular supplier, you have to make initial contact.
When talking to suppliers, try to ask everything about the product and more importantly, ask if you can have past customer references. Make sure the supplier has a good reputation. If both of you are in agreement, then I guess it'd be a good time to start your order.
Be Aware of UK Customs Laws
Be aware of customs laws. The United Kingdom has a special set of assigned duties and taxes when importing based on Her Majesty's Revenue and Customs published table. The rates vary depending on the imported item. The validity of the rates usually last for only 30 days. Customs will also ask if your products are for gifting or for commercial purposes so make sure you declare it properly.
Finalizing Your Import Transaction
The final step when you import goods from China to UK is the payment of the products. So, make sure to ask your supplier what payment method they prefer. Negotiate the terms and conditions. Everything must be clearly defined and the safest mode of payment should be chosen to prevent any chances of fraud. You can also hire a customs agent or broker to help you in the process of importing and the delivery of the order.