IMPORT

Despite these benefits, a poor choice of suppliers, production delays or currency fluctuations can quickly make a good import idea turn bad. “A lot of companies run into trouble by jumping into importing too quickly, with inadequate preparation,” says Patrick Grenier, a business consultant at BDC who advises entrepreneurs on importing. “It’s common to see businesses sign on with the first supplier they meet and not do enough vetting.”.

In light of the services, you will receive from SAKA HOLDING Commercial Service, you will receive services from the 8 Steps portal to import the products you need.

1. Attend trade shows Your first step is to find reliable suppliers. An excellent place to start is at various trade shows where foreign companies show off their wares.

2. Visit potential suppliers in person Based on your initial contacts, make a short list of companies that seem like good potential suppliers or partners. Research these companies in- depth by asking for samples, evaluating their team and getting a sense of what they’d be like to work with. Scratch off those that don’t meet your requirements, and then arrange on-site visits to meet the most promising ones.

3. Diversify your supplier list Try not to rely on a single supplier. Diversifying helps ensure continued supply in case of interruption with one of your partners. “Let them know they’re not your only supplier”. “Then you’re not a hostage of any one company.”

4. Research Your Country taxes, fees and product requirements Before signing an agreement with a supplier, be sure to check whether their products meet your country regulatory requirements.

IMPORT

Importing foreign-made products offers a way to start a company with limited start-up investment or R&D. Imported products also have the advantage of being consumer-ready and having proven appeal in other markets, which reduces your risk.

5. Hedge your currency risk Payment for imports is usually made in U.S. dollars or euros. Both currencies can fluctuate significantly against your country local currency, with major impacts on your margins. You can hedge your risk with the help of a currency broker or your bank.

6. Verify goods before final payment Suppliers often ask for partial payment upfront when an order is first made —30% is typical—then require the balance to be paid before products are shipped. Especially with a new supplier, it’s a good idea to make a trip to inspect goods in person before releasing final payment. You can also negotiate with the supplier, so they accept final payment when the shipment arrives in your country. In this way, you won’t have to pay while the merchandise is in transit.

7. Regularly check in on suppliers It’s important to contact suppliers regularly to see how production is going, especially with time-sensitive orders.

8. Watch holidays Keep on top of important dates in your suppliers’ country. Some holidays may involve extended work breaks when production shuts down. Holiday dates may change from year to year. For example, the Chinese New Year break can last as long as a month for many suppliers.