10 Tips to Save Money On Importing

Posted by Vladmir Garvin on September-14-2012 under Save Money

Here are 10 Tips to Save Money on Importing. With online business slowly being the most used shopping platform, people need to learn how to save money importing and exporting items. Not everything you want will be available in your country and you will need to import it. The costs are often high and without proper knowledge; you can spend more than you were supposed to. Follow the 10 steps below whenever importing commodities and you will be able to save a lot of money.

  1. Learn about your country’s tax system: Virtually every good that enters a particular country is subjected to a certain amount of tax. Understand how the system works so that you are able to approximate your overall cost of importing the items. Understanding the Goods and Services tax in your country will put you in a better position to save money on every item that you import.
  2. Plan ahead of time: Be a good planner and keep records of all your imports and taxation costs. Always have a well designed strategic plan to cover all the risks and fees involved in importing products so that you know what to do and expect during your importation activities.
  3. Use the services of a good customs broker: You will definitely need the services of an experienced and licensed customs broker. Luckily enough, there are several customs broker that you can hire. Make sure that the customs broker you choose offers services and offers that suit your needs. Your broker should also not have additional charges that will only cost you more.
  4. Understand the item to be imported: Understand everything involved with the type of good that you want to import. This can also be done well before choosing the type of item importation you want to venture into. Understand all the taxes involved and the shipping costs. This will help you avoid any inconvenience and delays present during the shipping process that might cost you more.
  5. Consider importing in bulk quantities: One way of reducing the cost of your importation is to import many items at once. The freight cost per unit of commodities usually increases with the number of goods you import. Larger numbers of goods also have a high overall profit that will be able to sufficiently cover the cost of shipping and still remain with a handsome profit to work on.
  6. Buy cheap: The things you import should be cheaper than similar ones found in your country. Do not just import anything without comparing the costs that you will use on getting them elsewhere. Always go for cheaper goods as this will help your business enjoy greater profit and save a lot of money.
  7. Use cheap shipping services: There are many companies that offer shipping services. All you need is to choose that which have a cheaper cost but still provide reliable and safe shipping.
  8. Import from geographical neighbors: The cost of shipping an item usually increases with the distance between the concerned countries. Importing from a closer country will enable you have a cheaper shipping cost that will allow you save money. Also, check out our post on tips to save money on Amazon.
  9. Track all your imports: Keep track of all your imports. There are several softwares that can help you do that. Softwares like Business HQ are able to track imported goods in every step, providing you with their detailed information. This will help you resolve delays in shipping and save money.
  10. Use a reliable shipping company: The shipping company that you use should be reliable and be able to provide you with all the services you need. Using the services of a shipping company with frequent delays and shipping errors is very costly as you will always spend extra money resolving the issues.

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