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Running a business means making various decisions and weighing out the pros and cons of different business solutions. One of the things you’re supposed to decide is how you’ll supply your company. You have different options at your disposal. For one, you can opt for a supplier from the US and make certain parts of the process easier. On the other hand, you might choose to work with suppliers from across the world. In that case, you’ll probably have a few extra tasks, like finding an international moving expert to organize the logistics. Don’t worry though, we’re here to tell you the most important things you need to know when supplying your business by overseas import. We’ll give you some advice and information that will make importing goods easier. So, let’s dig in.
The necessary steps when supplying your business by the overseas import
Check if the supplies you’re importing are legal in your country
When it comes to importing supplies from overseas, you simply have to think about the rules and regulations of both countries in question. Namely, the goods you’re importing might be legal in the source country, but illegal in yours. This is something you must bear in mind before deciding what to ship overseas. If you’ve decided to supply your business by overseas import, we suggest starting by doing some research. Consult import rules, laws, and regulations and check out which items are prohibited when it comes to import and export. This way you won’t face any uncomfortable situations or issues later on. Make sure you aren’t importing anything illegal – you don’t want to cause trouble to your own business. In case you’re also relocating your business across the world and hiring international movers to Australia, you can always ask them for advice. Chances are, they know which items you’re allowed to transport there and which are prohibited.
Find a good supplier to work with
Looking for a supplier is like looking for any other company. You need to do your research and make sure you’re getting into business with people you can trust. Whether it’s a company you’re hiring for international car transportation or one that will supply your business, a background check is due. Here are some things to pay attention to if you want to supply your business by overseas import.
- Make sure the company has a good track record with clients and that it has your best interest at heart. Try to find reviews of the company to read more about clients’ experiences with them.
- Also, you want to be certain the suppliers you’re hiring are transparent about their pricing and will tell you everything up front. Try to negotiate a better deal or find out if they offer certain deals and discounts.
- Check which routes they plan on using and if they are choosing the best and most budget-friendly option.
- If you have any questions about your upcoming cooperation, they should be able to provide you with the answers. In case they are avoiding certain topics and if anything seems suspicious, it’s best to find a different company to supply you.
Take care of all the import paperwork
When you’re teaming up with a supplier from abroad and planning on supplying your business by overseas import, you can expect to have quite a bit of paperwork to handle. Contracts, terms, and conditions, budgeting, customs, etc. It can definitely be a little bit overwhelming, especially if you’re running the entire business on your own. Well, that is where outsourcing can come in handy. It would be a great idea to hire an accountant to help you take care of all the necessary documentation. It might cost you a little more, but it will make your job much easier and save you lots of time.
Which type of transport works best for you?
When it comes to logistics and transportation, it’s good to be aware of all of your options. Because you’ve decided to supply your business by importing from overseas, transport is essential. Therefore, you should choose the means of transportation that best works for your needs. Here are your freight transport options.
- Sea freight: Shipping goods by sea is a great solution for your budget. This is probably the cheapest transportation option out there. Plus, it’s great for the environment. However, the downside to sea freight is the time it takes. If you need your goods to arrive quickly, this isn’t the option for you.
- Airfreight: In contrast to ocean freight, air freight comes with higher prices but quicker execution. So, if time is of the essence for you and you don’t mind spending a little more on transport, this is a great solution.
- Combined means of transportation: This means using multiple means of transportation – sea, air, rail, or road.
Depending on your location and the goods you’re importing, you should talk to your suppliers about the best choice for your needs.
Think about the payment method – is supplying your company by overseas import a good idea?
When it comes to making decisions about import and export solutions, one of the biggest things to consider is your company’s budget, of course. Because you’re importing goods from another country, this means your supplier uses a different currency to yours. Seeing as importing goods from overseas requires international payments, you need to find out more about that aspect. Find out if you’ll be paying in your own currency or your supplier’s currency. Exchange rates might costs your business more than it can handle, so learn more about that. Also, figure out if you’ll be paying taxes in dollars or your supplier’s currency.
These are just some of the things you should know before you decide that supplying your business by overseas import is the way to go. So, read up and do your research before making any decisions.