Sharing my lifetime experience in export/import. Product sourcing specialist.

[Paul David]

Yes it is available for free download by all who have bought previous copies. Please contact my support team at msteamwebmaster@gmail.com and give them the email address you registered with or used for your purchase.

Walter

Great thanks Walter.

Sent from my D5803 using Tapatalk

 

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[Vincent Law]

Hey all,

I was thinking of buying Walter's book, but frankly I think I just need a basic intro book first.

Does the forum have any recs for beginners import/export to the US?

 

[IGP]

Hey all,

I was thinking of buying Walter's book, but frankly I think I just need a basic intro book first.

Does the forum have any recs for beginners import/export to the US?

It's only $97 bucks... You're not going to find a better value than his years of experience for less than $100 bucks...

Why not learn the right things from the start from someone who's been there.

Just my 2 cents!

 

[Vincent Law]

It's only $97 bucks... You're not going to find a better value than his years of experience for less than $100 bucks...

Why not learn the right things from the start from someone who's been there.

Just my 2 cents!

Not opposed to buying it.

But it might not be a good primer for a newbie like me.

And its half a months rent where i'm living.

 

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[Walter Hay]

Not opposed to buying it.

But it might not be a good primer for a newbie like me.

And its half a months rent where i'm living.

My book is designed with the newbie in mind. Some of my book users were already buying container loads when they decided to improve their sourcing and importing procedures, but the great majority were newbies.

Beware of "experts" who know a lot about marketing, and because they have been lucky enough to import something without getting burnt they also try to teach you how to import. Mind you, most will charge you many times the price of my book.

Walter

 

[Wisith]

I agree. Walter's books is very easy to read. Definitely worth the money. Years ago before joining the forum, I bought a book on import and export from Barnes and Noble. It was probably about 1/3 the price but it was an incredible boring and difficult read and didn't help much. It made me scared to even try anything because of how complex the book made it.


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[Walter Hay]

I agree. Walter's books is very easy to read. Definitely worth the money. Years ago before joining the forum, I bought a book on import and export from Barnes and Noble. It was probably about 1/3 the price but it was an incredible boring and difficult read and didn't help much. It made me scared to even try anything because of how complex the book made it.


Sent from my iPhone using Tapatalk

Thanks for making that comment @Wisith The point you made is important, because like any specialized area of knowledge, there is a lot of jargon and complicated stuff related to importing, and many people can't communicate their knowledge without that jargon.

I am not very IT capable, and I find it very frustrating to read "How To" instructions when I have a new IT challenge to deal with. I have done a lot of public speaking, so I have learnt how to get a message across using understandable language.

The same applies to my book. Each time I do a revision I try to look at it from the point of view of someone who knows nothing about the subject, but at the same time provide worthwhile material for those who are not total newbies.

Walter

 

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[Brian C.]

Walter,

I find your patience and expertise astonishing. Taking the time to answer all of these questions amidst "retirement" from the industry - simply inspiring.

As for the comment made by @Wisith I couldn't agree more. Prior to perusing this thread, I finished two books detailing the import/export industry. I often find these books to be more complex than they need to be, and at times, a bit repetitive. After going through this entire thread, I have found myself more at ease in regard to starting my own import/export business, which I will be doing in the coming weeks. I'm sure the inevitable purchase of your book will serve as my bible during the several months following incorporation.

If you don't mind, I do have a couple of questions for you.

I know you've had experience in dealing with the government, but is that an appealing option for a new import/export company? I've been going through the Federal government contracts available related to procurement on a specific site, but it seems you need to be a big player in order to win the contract. I'd be happy to share the link to the website through a PM if that's acceptable to you. I'm still learning to navigate the site myself, but it seems, at the very least, like a great opportunity for a new import company.

I am also curious as to whether you have played with currency in your transactions. For example, importing out of Australia because the AUD is weak in comparison to the USD. Part of me thinks it would be beneficial in terms of margins, while the other part of me thinks I would be better off working to build a relationship with my supplier regardless of currency fluctuations. I'm curious as to your opinion. Has currency factored into your choosing a supplier?


I hope I am not infringing on information you have provided in your book, as I have not ordered it - yet. Again, on behalf of everyone who sets eyes on this forum, THANK YOU!

 

[Walter Hay]

Walter,

I find your patience and expertise astonishing. Taking the time to answer all of these questions amidst "retirement" from the industry - simply inspiring.

As for the comment made by @Wisith I couldn't agree more. Prior to perusing this thread, I finished two books detailing the import/export industry. I often find these books to be more complex than they need to be, and at times, a bit repetitive. After going through this entire thread, I have found myself more at ease in regard to starting my own import/export business, which I will be doing in the coming weeks. I'm sure the inevitable purchase of your book will serve as my bible during the several months following incorporation.

If you don't mind, I do have a couple of questions for you.

I know you've had experience in dealing with the government, but is that an appealing option for a new import/export company? I've been going through the Federal government contracts available related to procurement on a specific site, but it seems you need to be a big player in order to win the contract. I'd be happy to share the link to the website through a PM if that's acceptable to you. I'm still learning to navigate the site myself, but it seems, at the very least, like a great opportunity for a new import company.

I am also curious as to whether you have played with currency in your transactions. For example, importing out of Australia because the AUD is weak in comparison to the USD. Part of me thinks it would be beneficial in terms of margins, while the other part of me thinks I would be better off working to build a relationship with my supplier regardless of currency fluctuations. I'm curious as to your opinion. Has currency factored into your choosing a supplier?


I hope I am not infringing on information you have provided in your book, as I have not ordered it - yet. Again, on behalf of everyone who sets eyes on this forum, THANK YOU!

Thanks for your kind comments. As for me expending so much time and effort now in my retirement, I assure you I am enjoying every minute of it. Earlier today I received a thank you PM from a member who I have been helping in his struggle through a difficult sourcing problem for quite a long time. Everything has fallen into place, and he is now making great progress. That sort of message makes it all worthwhile.

Regarding your questions:

Government Orders: I always preferred to look for smaller government contracts that were available outside the tender process. They were much more personal, and it was possible to present a case for my company that simply can't be done in many tender situations.

The other big benefit was that I didn't have to put up with not being a big player INSIDERS with lobbyists and others with influence to help me. I found that when tendering I was constantly being undercut on price, sometimes by just 1/2 cent per item. Strange how my competitors knew how much to bid! On one occasion I tested the system by bidding a price equal to my cost. A competitor got the order for - you guessed it - 1/2 cent less than my dramatically reduced price.

Many of my franchisees, seeing dollar signs in those big orders, persisted in pursuing them against my advice. They failed to get orders.

Currency. I did use the relative value of currencies in different countries to help me choose where to buy. The difficulty there is that in most low cost countries, suppliers will quote you in US$. Countries such as Australia, the UK, EU countries, tend to quote in their own currency and that is where you can do well. I found certain products manufactured in Australia that I could import into the UK at a huge margin. If I wanted to I could even buy retail in Australia and double my money in the UK. By the way, it is also possible to buy retail in China at incredibly low prices, and pay in RMB, provided you are willing to shop where the locals shop.

One way of finding such countries is to use The Economist magazine's Big Mac Index. If the price of a Big Mac is much lower in one country and suppliers there will quote you in their local currency, you should have a good chance of finding products with good margins. For example, workers in the UK can buy twice as many Big Macs for an hour's wages as workers in Portugal. So if your desired product is made in Portugal and the manufacturer quotes you in Euros, you could do very well. You would find it difficult to get as good a deal by buying that product from a UK manufacturer.

Walter

 

[Brian C.]

Thanks again @Walter Hay

Your answers never cease to go beyond my expectations.

- Brian

 

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[#nowhere]

Hello Walter,

as mentioned earlier, your book is unbelievably great.

I took action. I'm in the process of ordering samples. One thing remained unclear for me:

When you say (e.g. p.67 in your book) that customs clearance and door to door has to be included what do you mean exactly?
Do you mean customs clearance in my country (Germany) or in china? Because the supplier says:

"Dear [HASHTAG]#nowhere[/HASHTAG];

Thank you so much careful information below.
Just for 2pcs , we will post to you by express, it's more fast and convenient.
Through this freight method, we don't need to do customs clearance at our side.
So, the surcharge is only the express cost.

[...]

If freight term is prepaid, cost only can be confirmed after get your address.
If collect, pls advise your express collect a/c no.
Proforma invoice draft attached for your reference.
Any not understand, pls let me know."

So is this true? What are they able to manage? Don't want to make a costly mistake on such stuff.

Thank you very much for your help! Your book literally changed my life...

All the best

Kai

 

[Danny M]

I have been working with a manufacturer on Alibaba to source my first product, had a few samples delivered and moving onto final stages to place an order now. The manufacturer is now asking for my company and website details, I have already made a website for this product, is there any reason why i shouldn't give him the website details? It sells purely the product I am currently sourcing from them, with my logo on (all marked as out of stock at the moment).

I'm just starting out so not registered as a company or anything, just trying to make my first few bucks. I read somewhere else online, "Don't have a business name? Just make one up" if asked about it.

 

[Walter Hay]

Hello Walter,

as mentioned earlier, your book is unbelievably great.

I took action. I'm in the process of ordering samples. One thing remained unclear for me:

When you say (e.g. p.67 in your book) that customs clearance and door to door has to be included what do you mean exactly?
Do you mean customs clearance in my country (Germany) or in china? Because the supplier says:

"Dear [HASHTAG]#nowhere[/HASHTAG];

Thank you so much careful information below.
Just for 2pcs , we will post to you by express, it's more fast and convenient.
Through this freight method, we don't need to do customs clearance at our side.
So, the surcharge is only the express cost.

[...]

If freight term is prepaid, cost only can be confirmed after get your address.
If collect, pls advise your express collect a/c no.
Proforma invoice draft attached for your reference.
Any not understand, pls let me know."

So is this true? What are they able to manage? Don't want to make a costly mistake on such stuff.

Thank you very much for your help! Your book literally changed my life...

All the best

Kai

I was referring to customs clearance at your end, (Germany). It is unusual for a supplier to even mention Customs clearance at the China end, but I think they are just trying to explain one of the benefits of using Express Post.

Export shipments from China do normally go through an export customs process, and there are costs involved for the supplier. Shipping by post avoids that cost because they don't have to lodge customs documents.

They are in fact being helpful and saving you money in the process.

They have clouded the issue a little by then referring to the need for your express account number. That is your air courier account number, and it is not needed because the samples will be shipped by post not by air courier. You should just tell them you will be happy for them to use Express Post. If you do that you can ignore their comments about your express (air courier) account.

For the benefit of all readers I will say that when asked for an air courier account number it is best to tell suppliers that you prefer to have them pre-pay the air courier charge. They will then add that to the invoice. Make sure they quote you first. I prefer to ask for Express Post, because the cost is a lot lower than air courier charges.

Walter

 

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[Walter Hay]

I have been working with a manufacturer on Alibaba to source my first product, had a few samples delivered and moving onto final stages to place an order now. The manufacturer is now asking for my company and website details, I have already made a website for this product, is there any reason why i shouldn't give him the website details? It sells purely the product I am currently sourcing from them, with my logo on (all marked as out of stock at the moment).

I'm just starting out so not registered as a company or anything, just trying to make my first few bucks. I read somewhere else online, "Don't have a business name? Just make one up" if asked about it.

Yes, I have said in some posts that you can invent a name. Provided you don't use that name for trading in the UK, only for imports, any shipments will go to you using that name, and you can use it permanently. The only difficulty is that you will have to obtain an EORI number for importing purposes, and unless you register the business name that might be difficult. You will also have VAT to consider.

You could try getting an EORI number in your own name, and having the shipment addressed to you at XYZ Importing, but for businesses in the UK I would recommend starting off with a registered name that you can continue to use. You might even consider company incorporation. Unlike most countries, in the UK it is far cheaper to register a Ltd company than to register a business name only.

There is more red tape with a Ltd company, due to annual returns being required, but it gives you more protection.

I would not disclose my website name, because in fact it is none of their business and you don't need to show them the methods you are using to sell the products or the prices you charge. Tell them you boss won't allow you to give them the website details because that is for your customers only.

Walter

 

[Danny M]

Yes, I have said in some posts that you can invent a name. Provided you don't use that name for trading in the UK, only for imports, any shipments will go to you using that name, and you can use it permanently. The only difficulty is that you will have to obtain an EORI number for importing purposes, and unless you register the business name that might be difficult. You will also have VAT to consider.

You could try getting an EORI number in your own name, and having the shipment addressed to you at XYZ Importing, but for businesses in the UK I would recommend starting off with a registered name that you can continue to use. You might even consider company incorporation. Unlike most countries, in the UK it is far cheaper to register a Ltd company than to register a business name only.

There is more red tape with a Ltd company, due to annual returns being required, but it gives you more protection.

I would not disclose my website name, because in fact it is none of their business and you don't need to show them the methods you are using to sell the products or the prices you charge. Tell them you boss won't allow you to give them the website details because that is for your customers only.

Walter

Thanks Walter.
Will I need an EORI number if i'm not shipping by sea? My first shipment is only 100 pieces by UPS Air (small items)
They did not require it to send the 5 samples I ordered.

 

[Walter Hay]

Thanks Walter.
Will I need an EORI number if i'm not shipping by sea? My first shipment is only 100 pieces by UPS Air (small items)
They did not require it to send the 5 samples I ordered.

That will be treated as a commercial quantity, so you will need an EORI.

Walter

 

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[#nowhere]

I was referring to customs clearance at your end, (Germany). It is unusual for a supplier to even mention Customs clearance at the China end, but I think they are just trying to explain one of the benefits of using Express Post.

Export shipments from China do normally go through an export customs process, and there are costs involved for the supplier. Shipping by post avoids that cost because they don't have to lodge customs documents.

They are in fact being helpful and saving you money in the process.

They have clouded the issue a little by then referring to the need for your express account number. That is your air courier account number, and it is not needed because the samples will be shipped by post not by air courier. You should just tell them you will be happy for them to use Express Post. If you do that you can ignore their comments about your express (air courier) account.

For the benefit of all readers I will say that when asked for an air courier account number it is best to tell suppliers that you prefer to have them pre-pay the air courier charge. They will then add that to the invoice. Make sure they quote you first. I prefer to ask for Express Post, because the cost is a lot lower than air courier charges.

Walter

Hi Walter,

there are no concerns with samples and customs clearance (as long as you don't infringe copyrights) in Germany.
So just for me, getting right what you said: For sample orders they don't have to include the clause of

'custom's clearance and door-to-door shipping included' ?

Again, thank you so much. I'm sure that you are touching many many lifes... For the better!

All the best

 

[Walter Hay]

Hi Walter,

there are no concerns with samples and customs clearance (as long as you don't infringe copyrights) in Germany.
So just for me, getting right what you said: For sample orders they don't have to include the clause of

'custom's clearance and door-to-door shipping included' ?

Again, thank you so much. I'm sure that you are touching many many lifes... For the better!

All the best

Samples will often go through customs without any problem if they are sent by post, and door to door shipping is included in the postal service, so you don't need to ask them to include those in their quote.

Walter

 

[Danny M]

Are unique serial numbers required by law on electronic products? Also is 'made in china' required to be printed onto the product if sold in the UK?

 

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[Walter Hay]

Are unique serial numbers required by law on electronic products? Also is 'made in china' required to be printed onto the product if sold in the UK?

Labelling regulation in the UK are still somewhat of a shambles largely because the EU is so tied up in the process of legislating, that apart from food labelling, most labelling is voluntary. Exceptions relate to some other classifications as well as food. Generally, labelling if used, must not be misleading, and if the products are potentially hazardous the hazards should be identified. Labels for clothing and goods intended for children are regulated, but apart from required certifications such as CE it appears to be your choice.

I can find no requirement for serial numbers, and the UK has long resisted country of origin labelling except for food, and even that is haphazard.

Although I can't offer legal advice, but for the UK I suggest that serial numbers are optional as is Made In China labelling.

For readers in other countries, I should mention that country of origin labelling (note US spelling) is highly regulated in some countries including Canada and the US.

Walter

 

[Azure]

Using the information Walter has provided in this thread I have been able to transition my slowlane job into a slightly faster lane job.

Using what I've learned in this thread - the message templates for overseas supplier were copied nearly identically- I was able to solve a poorly managed supply chain problem for one of our products by sourcing overseas. I was also able to source a product from the United States in bulk, find a local repackaging company and profit tremendously.

In the past week alone my semi passive income(not sure whether or not simply filling an order form counts as hands on?) will increase by roughly 20 thousand dollars per month or more. This was all achievable by using the wealth of information I found amongst these pages.

Think globally, act locally has never proven more true. Thank you very much.

 

[Walter Hay]

Using the information Walter has provided in this thread I have been able to transition my slowlane job into a slightly faster lane job.

Using what I've learned in this thread - the message templates for overseas supplier were copied nearly identically- I was able to solve a poorly managed supply chain problem for one of our products by sourcing overseas. I was also able to source a product from the United States in bulk, find a local repackaging company and profit tremendously.

In the past week alone my semi passive income(not sure whether or not simply filling an order form counts as hands on?) will increase by roughly 20 thousand dollars per month or more. This was all achievable by using the wealth of information I found amongst these pages.

Think globally, act locally has never proven more true. Thank you very much.

Thanks for the update on your venture. It's great to get feedback and to know that I have helped.

Keep up the good work.

Walter

 

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[Azure]

I may have jumped the gun. I'm going to be hit with a pallet fee(25 ea), a fumigation fee(anywhere from 6-1200) and duty(6.2%).

I still have a lot of room to move, but this eats into it a bit.

 

[RahKnee]

Walter, do you have any advice on dealing with large stores when trying to place merchandise with them?

 

[Sanj Modha]

My biggest problem right now is stock. I use US suppliers but the products ultimately come from China.

How do you resolve issues of back orders when shipping times are around 20 days (manufacture & delivery from China)?

I know it's a "nice problem to have" but it's a real headache.

Thanks.

 

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[Walter Hay]

I may have jumped the gun. I'm going to be hit with a pallet fee(25 ea), a fumigation fee(anywhere from 6-1200) and duty(6.2%).

I still have a lot of room to move, but this eats into it a bit.

It looks like I haven't mentioned in my thread a very important item. You must always get a full quote for shipping before you place an order.

The cost of the book might save you some big costs. One Fastlane member told me that my book had saved him $3,000.

Walter

 

[Walter Hay]

Walter, do you have any advice on dealing with large stores when trying to place merchandise with them?

It is important to find the right person to deal with. The first step is to locate the buyer for the department into which your merchandise will go. @Vigilante would be better qualified than I am to advise on this subject.

Walter

 

[Walter Hay]

My biggest problem right now is stock. I use US suppliers but the products ultimately come from China.

How do you resolve issues of back orders when shipping times are around 20 days (manufacture & delivery from China)?

I know it's a "nice problem to have" but it's a real headache.

Thanks.

The only way to beat this problem is to carry inventory yourself. I know that is contrary to your preferred dropship business model, but it is the best alternative, and will usually bring you substantially higher margins.

Walter

 

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[Vigilante]

It is important to find the right person to deal with. The first step is to locate the buyer for the department into which your merchandise will go. @Vigilante would be better qualified than I am to advise on this subject.

Walter

As a national buyer for retail, I had assistants I employed specifically to screen vendors. It was their job to make it hard to reach me. You have to do something unusual. One vendor took out a billboard adjacent to the Wal-Mart corporate office. You better believe they got a phone call. I think I have written on this subject elsewhere on the forum at one point. Also, if you can find a local rep that has real connections, that rep might be worth their weight in gold to you, figuratively and literally. They've spent a lifetime cultivating what you want.

 

[Ronak]

Walter,

How would you recommend approaching the idea of exclusivity for a given product line? I've only been working with them for a short time, however, I've already ordered a decent 5 figure sum worth of goods in that time span. I'm also only asking for a limited exclusivity for a given variation of a product for my market, as well as certain packaging elements that are not proprietary on their own, but we spent a considerable amount of time and money to come up with the unique combination to meet my needs.