Clearit.ca's Blog on Customs Brokerage and News Updates
You may have considered importing, only to ask yourself “why should I?”. It’s a very reasonable question, especially when you’re used to purchasing things available at a local supplier. However, you should always be looking for ways to better your operations and sometimes that means going outside of the box and seeing what’s available beyond your local supplier. We’ve got a list of three compelling reasons to help you decide if importing could help you make positive changes in your business.
Introduce new products
Depending on what you produce, you may have the same old products that your competitor does. Finding an overseas supplier could give you the advantage of novelty. Oftentimes, a product is launched in a few markets but may take time to be launched in others. You can get ahead of this and incorporate new products or materials into your business before they become commonplace. This could give your product an advantage in the eyes of consumers.
Increase your profit margins
A big reason why companies choose to import goods is to extend their profit margin. The low material costs in foreign countries can make it more useful to import products from there. Certain products can cost upwards of 50% less to grow, manufacture or produce abroad. This situation is particularly common when importing goods where natural resources are abundant. For example, cacao grown in South America is much cheaper than cacao grown in the U.S., even with importing costs.
Improve your quality
Perhaps the items you need to make your product are available locally, but they’re not the best quality. Other times, it’s a matter of perceived quality by your clientele. Either way, importing a product from elsewhere can mean the value of your product increases. For example, many consumers are interested in apparel made from Merino wool. However, Merino sheep don’t grow well in Canadian winters so the best way to get it and improve the quality of your product would be to import!
The next step
It may require more effort, but importing products from outside of Canada rather than buying directly from domestic suppliers can equal big savings for you and for your clients. Perhaps you are looking for cheaper sources of your current stock, looking for a new and unique item to sell, or even looking to license a foreign product. Regardless of why you want to import into Canada, there are a number of rules and regulations governing this.
Once you’ve made the decision to import, it’s a good idea to familiarize yourself with the process. For a step-by-step guidance on importing to Canada, don’t hesitate to get in contact with us. We also invite you to browse our expansive collection of blogs and guides. We have tons of information covering:
Getting your business set up for importing
Getting accurate information about your imports
Restrictions and requirements
Calculating duties and tax
Arranging for the release of your goods
Importing your own product may seem overwhelming, but given the right information, the right tools and help from Clearit.ca’s knowledgeable staff, you can make the most of your business.