Tips for Becoming an Exclusive Importer

An exclusive importing relationship is based on trust. The people you buy from have to honor the relationship, and you have to make every e! ort to sell their products. Here are some tips on how to establish a trustworthy arrangement with an overseas company:

 * First, con" rm that they don’t have any existing relationships with
other U.S. companies.
 * If necessary, hire an interpreter to help you negotiate the agreement.
Work with a local attorney to draft an agreement in the local
language. Make sure you understand all the terms and aren’t breaking
any local or national laws.Start with a short-term deal to test the market for the product. If
things look promising, extend the contract.
* Find a reputable customs broker to handle the shipment of goods
from the manufacturer to your warehouse.
* Set up a system to track sales and shipping information.
* Communicate frequently with your supplier. It’s easy to keep in
touch via e-mail, Skype, and telephone calls.

Some tips for turning your hobby into a small business

Look for others who share your passion and connect with them to see
what they are doing.
• Attend a hobby or cra" trade show to check out the trends and
competition.
• Subscribe to magazines and newsletters that cover your hobby.
• Find out if you can rent the publication’s or web site’s e-mail list. Do a
test mailing to promote your best product.
• Start small. Don’t quit your job.
• Check with your accountant about the IRS rules on tax deductions for
hobbies versus businesses. If you don’t make any money doing what
you love, it’s not a business.