What You Must Know to Tap into the Lucrative Market of Imports
Whether you are just starting out in business or you are already an established business owner, selling imported goods in the U.S. can be incredibly profitable. While the process can be complicated, it can also be very rewarding when done right, as high-demand imports can yield margins of as much as 700 percent.
Before you begin, make sure you follow these essential tips in order to avoid the many pitfalls that can happen when trying to import goods into the U.S.
Define Your Focus
The first step in your business plan to import goods into the U.S. should be to decide exactly what it is you want to import. Now is also a good time to conduct market research to make sure what you intend to import is in high demand in the U.S. market. You can read more about the benefits of market research here. Diversifying your offering can help your business grow later on, but starting with a small product range and building up is the best way to go when starting out.
Hire an Expert
While the U.S. is very import-friendly, there are still quality and safety rules in place that are more stringent than other countries. You must be sure to check U.S. trade barriers and local in-country laws to make certain you can legally export your chosen goods out of the country of origin into the U.S. If in doubt, hire an expert that can advise you.
Keep Informed
Never get caught out in the complex world of imported goods, by utilizing as many resources as possible. As a business owner, keeping up to date with the latest import/export legislation is essential. There are numerous useful online resources that can help, and these guidelines from U.S. Customs and Border Protection are a great place to start.
At ReachOut Business Solutions, we are here to help you navigate the complicated process of importing goods into the U.S. We can help you with distribution, marketing and operations, as well as many other services, and we have a large network of trusted experts we can connect you with for legal and accounting matters. Contact us today and see how we can help your business grow.
