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Money · November 24, 2022

How To Make Money Importing

How To Make Money Importing – This mega guide will give you all the information you need to start importing from China: Everything from finding the perfect product, negotiating with suppliers, to the best way to ship your goods.

If you want to import from China, it’s probably because you want to start selling on Amazon.

How To Make Money Importing

How To Make Money Importing

The most popular business model when selling on Amazon is private labeling. When you buy a product on Amazon and you don’t know the brand name, but it’s cheap and has a lot of reviews, the product is probably from a private label seller who imports some goods from China and is listed on Amazon. There are some Amazon sellers who still do retail arbitrage with dropshipping but it’s less popular these days.

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As we all remember, COVID started in China. Initially, COVID hit China very hard and there were some major delays. However, China has done a good job of controlling the pandemic and production delays are rare.

However, while production delays are rare, as of this writing at the end of 2021, visiting China is still very difficult (they have strict border controls).

E-commerce has boomed in recent years (and that’s why you might want to import from China) and there are a lot of people making money. E-commerce has always been a fast trend but it has become more popular since the COVID-19 pandemic. With that being said, as opportunities grow, so does the amount of competition (more on that later).

I personally started and sold many 7-Figure (meaning $1million+) e-commerce brands built on imports from China. The first business I sold was Anchoring.com in 2016 which I sold for $867,000 (see the entire article here). My partner Mike Jackness has done the same, selling his brand ColorIt.com for over a million dollars in 2017 (see his podcast here). Today, we continue to run several brands in various niches from off-roading to baby products doing almost $10 million in sales.

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How much money can you make? Well, it all depends of course, but a big factor that will affect how much money you can earn is how much money you have to invest. Most people are looking to either double or triple their money every year. So, for example, if I invest $1000 to buy a product, I expect $2000 to $3000 at the end of the year. Some years are better than others of course and no matter how good the year is, how much money you can make will depend on how much money you have to invest. Later in this article, I will talk about how to stretch your money further and get access to lending.

Previously, you could basically find a product for sale on Alibaba, put your name and barcode on it, and you were off to the races. Now, there are many more requirements to physically change products and make them slightly different from the competition because there is a flood of ‘me-too’ products on Amazon.

I have an on-going series that Chronicles started a new brand that hit a million dollars in revenue in about a year. So there are still opportunities to sell on Amazon, it just takes a different strategy than before.

How To Make Money Importing

The most important thing you need to import from China is money to buy inventory. In general, I recommend having at least $500 to buy inventory and ideally $2000-5000.

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You also need an Amazon Seller Central account if you want to sell on Amazon. It will cost you $39.99 a month.

We have many readers of this blog all over the place, including Canada, Europe, and India (I’m Canadian myself). Fortunately, the United States makes importing products and selling them very easy for both Americans and non-Americans.

For shipments with a value of less than $800 and below, you do not need official documents to import to America and you will not pay duties or taxes! For larger value shipments, the paperwork is very easy, even for non-Americans (and you don’t have to be a US business).

Needless to say, you don’t need any knowledge of Chinese either. Almost all exporting Chinese suppliers have English websites and sales catalogs and at least some staff members speak reasonable English.

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The big question you might be asking now is: how do I find good products to import from China?

When you import from China you are basically looking at private labeling products. This means you’re taking an existing product, putting your brand on it, and possibly making some mild product improvements.

I cover how to find products more in the post how to find the perfect product to import from China and sell on Amazon.

How To Make Money Importing

China is the world’s factory but there are some products that are good for small importers and others that are bad. Identifying good and bad products is the basis for understanding two critical differences between China and Western countries:

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Chinese factories make a lot of crappy products but they also make a lot of good products. One way to avoid poor quality products is to import simple products. Examples of products would be mouse traps, garlic presses, and furniture. More complex products are more likely to have quality issues such as electronics and electrical items. A few years ago, hoverboards became a trendy item but unfortunately they were banned from Amazon soon after because many of them had severe quality problems and started suddenly exploding – this is a good example of a complex product with poor quality.

In 2016, Amazon suddenly banned all hoverboards after some serious quality issues and most of them originated in China.

For almost 10 years of running this blog, there are several product categories that I regularly see new importers running into problems with: electronics, electrical goods, baby goods, and digestible goods.

Finally, China is home to many knock-offs. You will find a variety of counterfeit products to import including products that infringe trademarks, copyrights, and/or patents. It’s a bad idea to import fake products – they can be confiscated at the border, Amazon can suspend your account, and worse can happen.

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Amazon’s Compliance Reference Tool allows you to quickly view import and general sales restrictions for various products in the US.

One of the most frightening things for importers is when their goods arrive in their country and then they are told that they need certain certifications before they can legally import the goods. Almost as bad is finding out that Amazon has certain restrictions on the product as well.

Amazon in 2021 makes this process a little easier with the Referral Compliance tool in Seller Central (Amazon’s platform for selling products). You can access the tool here https://sellercentral.amazon.com/ckp/ (Seller Central login required). It’s not completely complete and I recommend still checking with the custom broker beforehand, but it’s better than going completely blind.

How To Make Money Importing

China is an incredibly safe country (32nd safest in the world). It has a strong legal system and fraud is rare.

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Your main concern will be ensuring quality products. Chinese factories will not steal your money but they may send you low quality products.

The most common places to find suppliers are onAlibaba and Aliexpress and we have a great guide on using Alibaba.

Alibaba is basically a directory of manufacturers and suppliers in China. Aliexpress is very similar, but it is basically a directory of trading companies (manufactured goods resellers) and has higher prices but a lower minimum order quantity (MOQ) than Alibaba.

Almost everyone will use Alibaba at some point in their import journey. Even Chinese companies use it, although they will typically use the Chinese version of the site, 1688.com. There is nothing wrong with Alibaba and it is very safe – the biggest problem is that

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Use Alibaba and it becomes difficult to find products without dozens or hundreds of competitors already on Amazon.

I like to try and find suppliers who haven’t sold to other Amazon sellers. Because of this, my preferred method of finding suppliers is by attending trade shows (although that’s a bit difficult with COVID right now). The best suppliers often do not advertise on Alibaba but attend trade shows. Canton Fair is the largest trade show in China but there are thousands of trade shows that take place in China every year.

Sourcing companies and trading companies are basically companies that will do all the work to find products for you. They don’t actually make any products themselves. Many people avoid trading companies and sourcing companies because they often mean 5-15% higher prices than the factory, but they have great value including being able to source hard to find products and ensure higher quality standards.

How To Make Money Importing

One of the best ways to source products, is to find suppliers that your competitors are already using. Most people don’t realize it, but in America, every company’s import record

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By law unless they make a formal request to the government to have their records hidden

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