What you need to know about importing
5 reasons to start importing
Importing could help your business save money, increase profit and gain a competitive advantage. Here’s why.
1. Lower priced products and materials
Through lower employee and manufacturing costs, many countries make products at a lower price than what you can find in the UK. Taking advantage of this could help you keep costs while improving your profit margin.
2. Specialist or authentic products
If you’re looking to provide your customers with the very best, you might need to look outside the UK. Sourcing products or materials from a country that specialises in them could give you a competitive edge in the domestic market.
3. Be the first to market
By expanding your suppliers to outside the UK, you could benefit from access to a wider, newer range of products. Many businesses benefit from bringing in unique goods and being the first to market with them in the UK.
4. Support from the specialists
From customs tariff codes and duties, to foreign exchange ricks and documentation, importing can seem a daunting task. That’s why many businesses opt for specialists like freight forwarders and import agents who can take on the logistics and paperwork. Remember that you don’t have to do it all yourself.
5. Expert help is at hand
Our International Managers have years of experience 1 in guiding their customers successfully through importing. UK Trade and Investment team and British Chamber of Commerce services also have advisers who can provide valuable support.
Common importing issues
In many ways, the problems you can run into with importing are the same you face doing business in the UK – being let down by suppliers, delivery issues, cashflow concerns, payment delays, etc.
The difference is that sorting these issues out will be more difficult with importing – and more expensive. That’s why it’s best to give proper consideration to the importing issues you face.
Underestimating foreign exchange risks
You don’t have to do it by yourself
Don’t start big
Other services that may interest you
- Over 80% of our International Managers are independently qualified and have completed their Certificate for International Trade from the Institute of Export.