The goal of any business is to make profits, regardless of what it’s offering. To make bigger profits in the import and export business, you need to make the right decisions from the beginning. This begins by choosing the right product to import. Conducting in-depth research will help you find the right products to import. To help you start off on the right foot, this guide lists essential factors you should consider when deciding what goods to deal with.
If you are importing goods into Canada, it is important to focus more on the type of goods that are doing well in the country. Find the statistics online and compare the goods and markets that have maintained their performance. For instance, Canada’s top five goods imported in 2019 were motor vehicles and parts, industrial and electrical machinery, oil and mineral fuels, plastics, and pharmaceuticals.
After choosing the market, you need to study the local demand of your operation’s specific location. Surveying the locals of the area can give you important insights into what goods are primarily consumed in that area. When studying the local demand, ensure you rely on the latest statistics because there are always demand changes over time. When studying the local demand, the demographics is always a factor to be considered too. How old is your target market? The demand for a commodity varies depending on the age distribution. If you research and understand the population’s demographics, the chances are that you will choose the right product to import.
Partnerships bring benefits. Find reputable exporters and discuss your thoughts with them. If you work as a team, you will have higher chances of succeeding in your import business. If you don’t have one to work with, try to shop for them online. Depending on what kinds of goods you want to import, the exporter might offer services for most of them. Working with trusted exporters can help you create a long-term business relationship that may benefit you through discounts.
Do you know why Apple, Netflix, and Blackberry have a global success story? They entered the market with high-quality products and services for customers. People love quality products. When selecting the products to import, ensure they are of high quality, and you as a person would buy them if sold to you. One method is to ask your exporter if they could offer a few samples to try out the market and record feedback. You don’t have to test a large audience; even your family and friends can provide feedback about the products. If it receives thumbs-up feedback, then you might be on your way to success. If the sample feedback is not as impressive as expected, you might need to find some other products.
This is where most startups find it hard if they decide to go on their own. There are many regulations in place for you to import goods from one country into Canada. You need to be aware of all the rules, policies, and regulations governing the importation process. Fortunately, you don’t need to be a lawyer. Neither do you need to struggle to understand every bit of the paperwork. Customs brokers can assist you with all the paperwork to help ensure your goods are cleared and imported to Canada. Customs brokers are licensed entities that you can authorize to conduct certain import activities for you. They can help you with the documentation and payment of different fees at the border. Customs brokers are also good advisors who can offer important insights for your business from a logistics perspective.
Keeping a connection with trade development offices is always a good idea for your import business. Trade development offices offer the best opportunities to find suppliers looking to develop a long-term partnership with importers and help you break into the market. Also, develop a good relationship with different foreign embassies to help you find potentially lucrative deals to import goods.
A successful business begins with making the right first steps. Choosing the right products to import is important to help you grow your business and make profits. If you find the right products for your business, you will find an easy time in the market. Choose the right partnerships is also vital to the success of your business. Please feel free to contact Orbit Brokers with any questions, or click here for a quote on our services.