Financial Matters of Importing from Asia

1. Vital to the success of your business is careful financial planning and meticulous accounting. There are enormous costs involved in the importing industry, from the cost of your plane ticket, to the purchasing of products, to the transport of goods and the import taxes they occur on arrival. In fact, you will find that there are hidden expenses around almost every corner, and you need to be prepared for these.

2. Deciding on a point of sale is another extremely important step in the financial process, as it gives you a clearer idea of the costs involved in setting yourself up. Firstly, you need to decide whether you are more interested in being a vendor or a supplier. In other words, do you plan to sell your wares on markets or in your own shop, or would you rather supply other shop owners with goods.

3. These different options have very different financial profiles. Opening your own shop is the most expensive option initially, but provided you are well positioned in a busy area, it can also have excellent returns. Setting yourself up on markets, on the other hand, is a much cheaper option with less risk involved, but it is gruelling work that demands stamina and dedication.

4. Part of making this decision is to identify your target market. If you plan on selling affordable handicrafts and clothes, you might do just fine on a market, but if you are more interested in upscale fabrics and luxury homeware, chances are you won't get your asking price on a market.