Importing Mexican blankets can be a complicated process.
Mexico is the United States' second-largest trading partner in terms of dollars, according to business website Entrepreneur. With the North American Free Trade Agreement fully implemented in 2008, lower or non-existent tariffs on goods exchanged between Mexico and the United States and Canada have reduced the costs associated with importing products. The importing process still can be complicated, so it is wise to conduct thorough research if you are considering importing Mexican blankets.
Instructions
1. Decide what kind of business you are going to set up to import the Mexican blankets. You might want to start an export management company, which represents businesses that want to sell their products abroad, or an export trading company, which looks at consumer demands and finds foreign companies that produce a certain product. Alternatively, you might prefer to work as an import or export merchant. This means you are a sole trader, sourcing the blanket supplier yourself and reselling their products in the United States alone, too. While being a sole trader might seem less complicated than setting up a company, it also carries more personal financial risk.
2. Research different suppliers and buyers, if you won't be reselling the product yourself. Find out how much the suppliers are willing to sell for and how much profit you can expect to make from either selling the Mexican blankets directly to customers or by passing them onto a supplier. This will give you an idea of how much money you will need to start the importing process. You can find a list of suppliers through trade shows, by traveling to Mexico or by contacting the United States Department of Commerce's International Trade Association.
3. Find financing for the start-up phase of your importing business. You will have to spend money at the beginning of the process when you might not be making any. You will need to make sure you have enough cash to keep the business going before it becomes profitable. You might not need any offices or employees in the beginning, so try to keep costs to a minimum. Financing might be available from investors or through loans from financial institutions.
4. Choose your supplier and ask them to quote you a price for the type and number of blankets you want. If you want to negotiate the price, this is the time to do so as it probably won't be possible once the supplier has shipped your blankets.
5. Open a letter of credit at your bank for insurance. This means that if, for some reason, you are unable to pay the exporter for the goods, your bank will cover the cost. This provides security for the supplier and most suppliers won't ship the goods without one.
6. Ask the supplier to confirm when the Mexican blankets have been shipped to you. They will send the documents separately so you can get the blankets through United States Customs. If you find dealing with customs difficult and can spare some money, it might be worth investing in a customs broker to help you with this stage. Once the blankets have arrived in the United States, you will have to go to your local customs house, provide the correct documentation and pay a duty fee, if necessary. Once you have your blankets, you can sell them as you wish.
