Import business refers to bringing in goods or materials from a foreign country for trade or sale. If you are looking for entering into import business, you need to be very careful and consider some practicalities, such as how to get the goods, the legal requirements, financial issues and many more.

In this article, you are going to find some most useful tips about import business.   

Planning to import?
Importing goods and materials can be complex. You need to give some thought to how the different elements of the operation will fit together.

If you are going to enter into the business of importing, the first and foremost things you will have to consider are-

• Arrange contract with overseas suppliers.
• How and when you will pay using what payment mode?
• Who will arrange the transportation of goods- you or the supplier?
• Which party will be responsible for the damage to products caused during transportation?
• Do the products you are going to import require a license or permit for importation? 
  

• What volume of goods you are going to import? Is the method of transportation you are thinking adequate to import such volume of goods?
• How much time the goods will take to be imported?
• Are you going to import directly? If yes, you may have to handle all the problems related to transportation, exchange-rate fluctuations, language problems, etc.    
• Are you going to insure the items? 
  

• Is any of the product you are planning to import need an import license?
• Is there any import restriction by the government of your country.
• Are you liable (under the principles of product liability) for any harm caused by the imported goods?
• Are you ready to pay the duty required for importing?

• Make it clear which language you want to be the medium of communication with the supplier.
• Get your products insured to protect your business from any potential loss.
• Plan carefully to minimize the risk of financial loss. Be aware of loss due to fluctuations in currency.
• Always ask for samples before importing any product.

• What is the total cost of of importing? Consider everything including cost in packing, transport, insurance and customs duty.
• Protect yourself from foreign currency and exchange risks. Keep a keen eye on exchange rate fluctuations in currency.
• Make the terms and conditions clear, especially about how and when payments will be made.
• Determine which mode of payment will be the best for you.

• Beware of frauds.
• If you are going to import indirectly, look for a agent with a good record.
• You can get some useful information from the national embassy.