In import business, it is very important to find products which give your business a competitive edge. The products might be low priced supplies or totally different products from the available in the market, but what is important is to find out the best supplier and to negotiate the right deal.

Here, we are going to highlight the key issues you need to address while engaged in importing of goods.

Import objectives
Before you start importing, it is necessary to consider the following things about your objective-

• What you are trying to achieve? Are you looking for a cheaper source of supplies overseas? Or, are you going to import products which are not yet available in the local market?  
• Does your plan fit in with your overall business strategy? Importing cheaper products might be a part of your cost-control policy, but is the quality of the products going to harm your business reputation?    
• How much  time, money and effort should you devote? Is importing going to be an important part of your business? Or is it not going to be so important?    
• Who is going to arrange all the required arrangements? Is the supplier you are going to deal with is experienced enough to handle such activities?

• Is the supplier credit-worthy? Is the suppler capable of maintaining the quality standard you are expecting?  
• Are you ready for some complexities which may arise from cultural differences, legal restrictions and the distance involved between you and your supplier?
• Are the products meet the legal requirements of your country?
• Have you made a clear agreement with the supplier about the responsibilities you both are going to share? Who will be responsible in case of delay, damage or loss?  
• Are you aware of the extra costs involved, including transport, insurance and import duties, taxes, etc.
• Are you dealing in a foreign currency? If yes, be cautious of foreign currency and exchange risks.

• Have you done all necessary paperwork required for importing goods?
• Do you know about different kinds of payment methods as well as the payment documentation each of them requires?
• Are you able to handle foreign exchange?
• Are your employees trained enough to handle the import business operations?
• Is your supplier is ready to handle most of the more complicated areas? Are you going to hire an agent?  
• What about your resources? Are they enough to handle market research and other activities?
• Do you have the production capacity for processing imported components (if required)?  
  

• If you are going to deal with an experienced supplier, you should make the company take responsibility for delivering the goods to your premise.
• Always prefer negotiate contracts in the currency of your country.
• If you are not sure, it is wise to let a third party to handle your responsibilities
• Always have a clear contract setting out exactly what payment and delivery terms you have agreed.

• Planning: Are you ready to start your export business? What about your strategy? What amount of money you are going to invest? What supplier in which country you are going to consider? Are you ready to store, process or sell the imported products?
• Finance: Have you identified all your cost of importing? Think twice, there are so many things you have to pay for: import duty, tax, transportation cost, insurance, and so on. Have you enough capital or are you going to take loan from a bank?
• Skill: Do you know about the different payment methods in import/export business? What specific mode you are going to choose? Have you considered all legal issues? Have you enough knowledge and experience to handle tasks like custom clearance and import documentation? Are you going to hire a third party to do all these things in behalf of you? Are your employees trained and skilled enough?  
• Product: What type of product you are intending to import? Do they meet legal requirements? Do you require any special license to import them? What is the quality standard your would-be supplier maintains? Is that enough to cater to the expectations of your customers?