China is well on its way toward becoming the second-largest economy in the world after the United States. It is this remarkable economic growth that has been as a result of a robust manufacturing industry that has propelled this country to these heights. Goods from the Peoples Republic of China are very cheap and are in high demand. Any business person looking to make some tidy profits should be looking at the Far East as a source of goods like clothing, jewellery and household appliances.
- Skill level:
Make a decision on the kind of goods you want to import from China. You can base this decision on anything that you enjoy dealing with and would give you some good returns if you are buying goods to resell. It is also good to factor in other people's preferences. Trendy items will do extremely well for you if you are into frequent order changes. Items that tend to address a need as opposed to those that address a want also do extremely well.
Research thoroughly on the companies with which you would like to work. You can do this through checking out sources that have Chinese companies involved in the export business, especially wholesalers and those licensed to conduct business in the United Kingdom. The fact that you will be handling remote transactions might mean being strict on these companies' capacity to handle shipping and all the other financial aspects of the entire deal.
Form good working relationships with those who can assist in the running of the business. It is important that you have a manufacturer's representative in China. This contact is required to understand Chinese business etiquette, which will translate to him being in a position to help you out or advise you accordingly concerning the top-notch companies and deals.
Seek out outlets retailing in the United Kingdom that can translate to lower storage fees, since you will reship them as soon as they arrive. Cultivate a network of local stores that will purchase your goods once they get to the United Kingdom.
Adjust your orders. Conduct research to determine exactly what you are making per item. Bulk order all items that are bringing in the highest cash flow. This will help you maximise profits by cutting back on goods that are not in great demand.
What goods to import?
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