TRI CK USA

4 Steps on How to Import Successfully

Step 1: Sourcing Your Products

Once you’ve decided on some products, you’ll have to source where to buy them, export documentation, import documentation, whether you will need a import license and practical shipper’s knowledge. Finding sellers of your products is also half the fun. If you’re in a position to travel and explore, do it! It’s a great opportunity to expand your horizons. Not so easy in these times of a global pandemic but eventually we’ll be able to travel again.

If you can’t travel, there’s always Google, AliBaba and AliExpress. This can be a great place to start. For more ideas and an much more in-depth look into sourcing products, check out our blog in sourcing products internationally.

Step 2: Finding Buyers

Perhaps the biggest question is inevitably, how do I find buyers for my products?

This is without doubt the most common question that I’m asked. Well, the good news is, there’s more than one way to do this. The bad news is, there’s no “easy” way. It’s all going to take some hard work and perseverance but it can most certainly be done and some good profits are no doubt waiting for you.

For my biggest hints and tips after a lifetime in commercial buying and selling check out our blog post on finding buyers.

How to Find Buyers For Export

Step 3: Understand the Basics

You’re going to need to understand at a minimum, the basics of import and export. Don’t jump in and start buying products, hoping to sell them by crossing your fingers. You’ll lose money, time and cause yourself a lot of stress.

To start, have a read of our blog post, How To Start an Import Export Business. It’s only the bare minimum but it will give you an idea of what you need to start thinking about and you’ll pick up some handy tips that I learned over the year.

Step 4: TRI CK USA Advising and Consulting Services on Import Export Register here below

Here are some steps you can take to import successfully: 

1. Check import laws and regulations
2. Search for products and suppliers
3. Calculate landed costs
4. Order product samples
5. Negotiate purchases
6. Arrange cargo transport
7. Prepare for customs
8. Receive shipment

Other steps you can take include: 

• Conduct market research
• Learn limits or restrictions on planned imports
• Assess the actual costs of planned purchases
• Know the hold-up policies
• Make sure you are working with the right people

Some costs to consider when importing goods include: 

• The purchase price of your product
• Proper exchange rates
• Paying for insurance
• Customs duty
• Tariffs
• Freight costs

To import your products into the United States, you will need an Importer Number, also known as a Business Tax Number or Customs-Assigned Number. You can get this number through the Internal Revenue Service (IRS). 

The customs clearance process for import includes the following steps: 

1. Document inspection: A customs officer examines the customs paperwork.
2. Tax and duty payment: Customs requests payment for taxes and duties, if applicable.
3. Shipment release: Once all duties are paid, the shipment clears customs.

Other steps include: 

• Bill of entry – The destination agent/customs agent files the Bill of Entry (BOE) within 48 hours of the ship’s arrival.
• Customs value declaration – The Customs Value Declaration is a document that must be presented to the customs authorities where the value of the imported goods exceeds EUR 20 000.
• Customs valuation – Customs officials determine the applicable taxes and duties based on the value of the items.
• Release of shipment – After paying any taxes and duties due on your goods, you will receive a release order from customs.

The customs clearance process for import includes the following steps: 

1. Document inspection: A customs officer examines the customs paperwork.
2. Tax and duty payment: Customs requests payment for taxes and duties, if applicable.
3. Shipment release: Once all duties are paid, the shipment clears customs.

Other steps include: 

• Bill of entryThe destination agent/customs agent files the Bill of Entry (BOE) within 48 hours of the ship’s arrival.
• Customs value declarationThe Customs Value Declaration is a document that must be presented to the customs authorities where the value of the imported goods exceeds EUR 20 000.
• Customs valuationCustoms officials determine the applicable taxes and duties based on the value of the items.
• Release of shipmentAfter paying any taxes and duties due on your goods, you will receive a release order from customs.

Clearing agents/customs brokers and national authorities can help guide importers on the steps and documentation required.