One good hot selling item and you could be set for life! Not only does importing offer low cost with high-profit potential, but it also paves the way for you to find unique items not sold in the US. The lure of low-cost products has always been the incentive for importing from China and other places. After years of experience selling online, I find that importing your resale items is a great way to stay one step ahead of the competition, on the Internet and pocket almost 100% of the profit.
I am totally sold out to the idea of importing products I like you may be hesitant at first but it was the best decision I ever made! Not only was I able to buy low and sell high, but I was also able to adjust my prices according, to what my competitors were offering the same product for and still make a good profit. Can you imagine, importing a small fashion product costing around $0.13 cents with shipping cost included and being able to sell that product for as high as $4.95! Hello, profit!
When you import your products, it not only opens the door for you as a retailer but also puts you on the same level as a wholesaler, which gives you different ways to market your products online. The Internet is an open field for selling wholesale products since there are many small retail businesses who are not willing to enter into importing their products and instead rely on importers such as yourself to provide them with products.
The U.S. is normally import friendly, but it still has stringent safety and quality controls that don’t exist outside its borders. Foreign nations tend to sometimes restrict the export of religious ornaments, rare or protected goods.
For example, certain animal by-products such as furs and ivory as well as fake designer goods are banned or are governed by “export restrictions”. . Check Whether you Require a License or Permit to Import Certain Goods.
Many imported and exported products are regulated by federal agencies. If you import or export certain types of products listed by the government you may be required to obtain specific licenses and permits or complete additional paperwork to get the appropriate licenses and permits. A customs broker can also help with this aspect of importing goods.
The Informal Entry
Informal Entry is the easiest method of Importing. The informal entry is for goods valued at less than $2000. In general, an informal entry involves the importation of merchandise that does not exceed $2,000 in value. Informal entries cover personal shipments, commercial shipments, and mail shipments that are being offered for consumption.
This is not the case for most textiles imported for commercial use, which are, subject to a quota. Informal entries do not require filing a CBP Form (Entry Summary), posting of a Customs bond, and are liquidated at the time of release. Informal entries are used for both personal and commercial importations.
Determine the marketing opportunity of imported products, be sure to check U.S. trade barriers and local in-country laws to be certain that you can receive exports of your chosen goods out of the country of origin into the U.S. Do not order counterfeit or branded products unless the supplier can prove they are an authorized re-seller.
Tariffs and Import Fees
A tariff (or duty, the words are used interchangeably) is a tax levied by governments on the value of imported products. Sales and state taxes, and in some instances customs fees, will often be levied as well. The tariff is assessed at the time of importation along with any other applicable taxes/fees. Not all products will have to pay a tariff.
What can be Imported through the mail:
There are a number of issues to be considered when importing something into the U.S. through the international Postal system. The first thing to consider is whether or not the item you wish to import may be legally sent through the U.S. Postal Service. The USPS Web site has this information.
Secondly, the value of the item(s) you wish to import should play a role in your decision to use the postal service. Imports of goods valued at more than $2,000 cannot be sent to the intended recipient through the mail, this is because the import of goods valued over $2,000 automatically requires a formal entry.
Formal Entry – Imports Valued Over $2000.00
Once you begin importing goods valued at over $2000.00 you are dancing to a different beat, things become a little more complicated. A Formal entry is required for commercial shipments valued at over $2000.00 and/ or supported by a surety bond.
First, you should identify which port your goods will be entering the country through. Call that port and ask to speak to the Commodity Specialist Team (CST) that handles the type of merchandise you are importing. You should have your commercial invoice available when you call. Commercial invoices are not required if the importation is not intended for sale or for certain other situations.
Consider Hiring a Customs Broker
Many people who are in the business of importing goods into the U.S. choose to utilize a customs broker to help facilitate the laws and regulations that apply to your business, including licenses, taxes, duty fees, etc. A customs broker prepares all the documentation needed for importing goods, just as a freight forwarder does for exporters.