When starting your sourcing project, first you should conduct some serious research to save your time and money. Therefore, here are 9 tips for you:
- Make sure your supplier is a manufacturer, wholesale supplier or a broker.
- Know the place where the factory really located.
- Draw up a contract with your supplier. A written contract outlining terms and conditions of your relationship will help to avoid disagreements or disputes that pop up later on.
- Monitor the time of year you are importing.
- Hire a really good transport pro, they will make the right questions, prepare documentation, arrange for payment and make timely deliveries.
- Watch for unexpected surcharges.
- Beef up your finances and consult with your banker about best payment options.
- Strive for landed costs and pay attention to a port of exit, entry and delivery point. Use internationally agreed Inco terms (International Commercial Terms) to reduce the risk of delivery problems or misunderstandings.
- You do not need a license to act as an importer; however, some items require a license or permit from various government agencies in order to be imported.