Finding The Right Supplier for your Import Business
If there’s one thing many business owners struggle with, it is finding the right supplier. This is where your business could either sink or swim. Find the wrong supplier and you could end up paying deposits to a company that does not exist. Find the right supplier and your business will probably go from strength to strength. There are a few key steps in finding the right supplier:
Do your homework
The importance of research cannot be overemphasized. The most important aspect of your research should be talking to other people in the industry. You might contact other companies importing the same product as you. If you are not competing for the same market segment, then they should be happy to talk to you. You can also contact the industry association in your area. They will have plenty of advice on which suppliers are trustworthy and which to stay away from. The power of the Internet means that you can also use online supplier directories and websites to research suppliers. Be sure to read our article on how to source or sell products for additional information.
Due diligence
Failing to do proper due diligence could be detrimental to your business, so make sure that you spend time on this step. Check every aspect of the supplier that you want to make use of and ensure that there will be no surprises once you choose to use them. Please read our how to evaluate a supplier training manual for more valuable information.
The test run
As with a business idea, where you test and retest, you will also need to test your supplier. Since you will probably be placing a relatively small order the first time, it is a good idea to engage with the supplier and ensure that they understand that it is a test run and that there may be a bigger order coming in later. This will ensure that you get better service and it might even lower the quote. If desired you can also arrange for a pre-shipment inspection before your order is sent to you.
Build relationships
Once you have chosen your preferred supplier done a test run, it is important to build up a strong business relationship between yourselves. Get to know your supplier better, always communicate with them in a professional manner and go to some extra effort (like sending them a small gift or greeting card at the end of each year.) All these little things will help to build a strong long-term business relationship between you. Remember, it is very useful to have someone on your side when you need help or experience difficulties.
Finally, will you work with a broker and an agent? Some larger supply companies might offer these services as part of the overall package of doing business with them, but if you’re working with a smaller supplier or a local artisan, you may need to hire people to fill these roles. Foreign agents can act on your behalf in the country where your supplier is, and a broker can help with customs issues and making sure all licenses are obtained, and items make it through customs as quickly as possible.
