Importing –Some things to consider

You may want to start a business importing goods from abroad – perhaps you find a source of lower-priced goods, or a product new to the market but whatever it is the quality of the supplier is important and there are a range of factors to consider. Probably the most important is whether you have the time to commit to the various aspects of development your company will need in order to import if only for a one-off transaction, but if you are basing your business around importing then time needs to be spent in researching the best suppliers and building up the range of relationships, for example, with shipping companies or others in order to make your business a success.
Before you make any kind of arrangements you need to know not only whether the goods will actually fit a gap in the market but also whether the goods meet UK legal requirements or need an import licence.
You will also need to know whether your supplier will expect you to manage the process of getting the goods through UK customs and whether you will have to plan the transport of your goods say, from the UK port to your premises. A list of the costs that are incurred for transport, customs duties, insurance and taxes need to be made so you can begin to plan a costing system for the goods you are importing and check whether there is, in fact, profit margin to be made.