Want to import a product to sell. Have no idea where to start.

Allyall

Hi,

I am hoping someone can help me here. I have found a product that i am happy would sell here. I want to import it, and sell it, to Wholesalers or shops/businesses etc..

I'm not yet worried about who i would sell it to, as i want to get everything in perspective.
Where do i even start? What questions should i be asking myself, and what questions should i be asking the company i would be buying from?

I have a few idea's about who i would try and sell to first.

How would i go about setting a business model to introduce/distribute it across Ireland and the UK, what would be the best way? Assuming it's a product that would benefit any business, from Shops to Local Councils, From Individuals to Bulk Buyers.

Thanks

Farrgar

I would love to hear some advice on this also

JMR

I would say that the most important aspect is market research.
Will this product actually sell, who else is currently selling it and is there room in the market for you?

After that it comes down to numbers, can you buy the product and incur all other costs and still sell at a high enough margin to make an acceptable return?

Very broad answers to a very broad question I'm afraid

Allyall

JMR wrote: »

I would say that the most important aspect is market research.
Will this product actually sell, who else is currently selling it and is there room in the market for you?

After that it comes down to numbers, can you buy the product and incur all other costs and still sell at a high enough margin to make an acceptable return?

Very broad answers to a very broad question I'm afraid

Thanks for your reply. Sorry the question is so broad, but i haven't a clue where to start.

Yes, i'm fairly confident the product would sell over here. I have just found out there is a UK company selling it here, they have just started, and have sold to a company in Tyrone, and another in Clare.

Loads of room in the Market at the moment for it/me.

I don't have prices on it yet, as i can't get them without replying to the company. What should i ask them, and if possible could you point me in the direction of a "business model"? Is that the same as a Business plan?

Sorry if i'm being a PITA, i don't know who/where/what to ask..

Mellio

You will also need to know you can bring it to market at the right price, if its a new product doesnt mean its going to sell straight away.

You need to make sure of your overall costs including the cost of your product, delivery, excise duties e.t.c. they all have to be incorprated into the price to ensure there is a profit to be made.

If you think there is a big enough market for it I would apporach your supplier to get the best pssible rates for bulk buying e.t.c..

I would also look into there returns policy especially if its something that could be prone to being faulty like electronic/computers .e.t.c.

Is the suppliers location so far away you will have to wait weeks to get a returned product, this will not help gather reliable custom.

God the list is endless.

Fair play to ye for giving it a thought especially at a time where money is a lot scarce than it ever usd to be.

you will also have to consider the following:

• registering your business
• registering with revenue
• marketing/advertising
• transport(deliveries)
• packaging if required

Allyall

Thanks.

The Supplier i am looking at, is in America, so i suppose that would be a bit of a delay getting here, and returns etc..

I may look closer to home and see if anyone is supplying it in Europe.
I did glance for it, but couldn't find any information anywhere, except USA. I'll do a more in depth search.

Any links to a business model - is it the same as a business plan?

JMR

If your supplier is in the US you need to be mindful of a couple of things...

1. Allow for currency fluctuation
2. Delivery charges from US to Ireland can be high
3. Import duty, do your best to find the best match for your product in this database http://ec.europa.eu/taxation_customs/dds2/taric/taric_consultation.jsp?Lang=en

Really what I am saying here is to be 100% sure of all your costs, not just the headline cost of the product. Every additional cost eats into your margin!
Sorry, can't really help with the business plan. I'm sure there are lots more folk on here better able to help with that end of things

Allyall

Thanks for that.

I'll have a good thorough look around.

RUDOLF289

Allyall wrote: »

Thanks.

The Supplier i am looking at, is in America, so i suppose that would be a bit of a delay getting here, and returns etc..

I may look closer to home and see if anyone is supplying it in Europe.
I did glance for it, but couldn't find any information anywhere, except USA. I'll do a more in depth search.

Any links to a business model - is it the same as a business plan?

Hello Allyall,

Doing business in the USA is relatively simple and there are good air and sea routes available from the USA to Ireland.

If you find it difficult to locate your goods on the TARIC website, give the Customs classification unit in Nenagh a ring. They are most helpfull and are happy to give you a non binding opinion on the basis of the info you submit.
Contact : 067-63469 or tarclass@revenue.ie

I JMR's advice is very valid, be sure of your costs and knowing the import duty is very important in that respect.

Also, be aware you will be levied VAT at the point of entry @ 23%

Duty is calculated over the Cost Insurance and Freight. VAT is calculated over the aforementioned plus the duty. If you are VAT registered you can claim back the VAT paid on your imports through your VAT return.

arbitrage

You would probably have to give a bit more information about the product to get more ideas. Is it something that costs the end user e10 or closer to e500. A one off purchase or disposable? Ect, ect.

The first thing is to work out all your costs (it sounds like you may need to pay a visit to an accountant to get a full breakdown).

Allyall

Yeah, i will have to get a lot more info on the pricing. Thanks everyone.

I'll probably be back when i have a lot more info.

TheCostumeShop.ie: Ronan

Obviously all the normal business start up stuff is relevant... too much to put down here but there are a million books written on the subject so I'd suggest to get reading.

If I we're in your shoes I'd go order 3 units at full retail price, walk into perspective customers and try to sell them your product. Explain you are a start up, show your sample and exlpain there is a lead time for delivery. Nothing like asking for the sale to find out if there is a business in an idea.

Allyall

Thanks for that. I think i'll pay the local library a visit and ask them to recommend me a couple of books.
Also, never even thought of that Although, i'd be a little worried, that i'd try to sell, and then say, "It'll be 3 - 4 weeks".. Not sure yet on how long shipping may take, although i have got a bit more information from them.

Thanks for that Ronan.

TheCostumeShop.ie: Ronan

Allyall wrote: »

... i'd be a little worried, that i'd try to sell, and then say, "It'll be 3 - 4 weeks"..

So here's the deal, you can buy a container of goods in and risk not selling any of them which is a massive risk to your capital or you can do a deal, spend all your profit on the first order paying for the airfreight and you have a customer for life, plus a proven business concept.

I routinely place orders for goods that won't be delivered for 6 - 9 months, 3-4 weeks wouldn't put off any sizable business. Only JIT businesses need short lead times, it depends on your products and sector really. If the first person you pitch to orders and then asks why such a long time for delivery - tell them 100% of the business you've pitched to place orders and there is a back log. It might even increase your sale.

Allyall

Thanks again, Some great information there. You have me itching to have the product NOW
I'm definitely going to try that, I'll probably start a push this week coming. First sample is on it's way, since last week.

cooper38

Mak sure to watch exchange rates. Before paying for your import check your bank, another bank and currency.ie website, euro saved is a euro earned