However, merchants should be aware that the lesser the production costs of your products, the more your risks. This goes along with the old saying "you obtain what you pay for." Chinese manufacturers are recognized to settle for rock-bottom pricing for their products and services, but what they won't let you know is that quality will need to be compromised, in the form of inferior quality of raw materials and/or level of craftsmanship. There is a trade-off between cutting down your prices anyway, and the overall risks you are taking. Determining the best medium is the most basic challenge in the import export business.
Maybe you've been aware of negative and positive aspects about the import export business, like being able to obtain items manufactured at 1/10th the price as in the U.S.; high quality products like bags which could easily be marked up to 500% in the U.S.; and top notch producers with quality control much like U.S. factories; and also evaporating containers, stolen intellectual property, defective products. The adverse occurrences could be avoided entirely by carrying out your research: mentoring under a professional importer; consuming books and trade journals on the subject; taking classes in your local community university; and speaking with an import export business advisor that has experience on how to import goods from China.
The main advantages of outsourcing your goods to China are making costs are much lower as compared to in the USA; Chinese companies are often very creative and adaptive; and if you're successful, you can ultimately own your own factory, offering you the cheapest production costs possible.
The primary challenges of getting your items sourced in China are that lifestyle, language and business practices are quite different from those in the U.S. and so are not simple to understand and implement; in order to achieve the price point you wish,
You could be needed to order a higher quantity of items than you would from a US dealer; not to mention, importing as well as any other new venture, needs a good, well thought out business plan.
Your ultimate decision on whether or not to source your products in China has to take into account these four points: (1) The actual charges of importing your products ; (2) An accurate monthly sales projection; (3) Net income forecasts; and (4) Profit
Margin Assessment; and (5) if your business can manage the time lags involved in importing, since you may get out of stock for a few items that your customers demand.
If you estimate that the overall savings realized if you import goods from china are 35-45%, then it is truly worth going for it. If you are not obtaining more than 30% savings in comparison to your current costs, first get back to your current provider(s) or supplier(s) and see if you can negotiate a better offer. You will save time, energy and money. You may always reconsider importing later. Important thing: if you estimate that the savings from outsourcing your goods to China absolutely justifies the costs, the truth is that if you do not practice it, your competitors will (or is already doing it) and will ultimately dominate your market. Typically, the overall savings are worth deciding on it. If you find this to be the case, make importing from China a premier goal.
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