My experiences of 15 years building ships in China with a local technical team of European engineers on the ground, is, that after the delays, cost overruns and extra expenses (running a site office with own staff, loss of income due to delays as ships delivered late etc etc), just pay the premium and go to Japan or Korea. You get what you pay for.
Also worth looking outside of China. For instance a lot of "Chinese" clothing is actually made in Bangladesh sweatshops as the wages are lower. Likewise whilst a lot of cycling products are made in China and Taiwan these are also made in Bangladesh. This is where a lot of the cheapo Argos cycles are produced..
Great video James! I used to be an accountant for Wilko and we had a whole team based in Hong Kong managing the suppliers and shipments of goods to the UK. Boots on the ground is definitely very important
The first time I went to China it absolutely blew me away. Some of the factories we're every bit as good as anything in Europe. They're just so set up for manufacturing. This is backed up by a government that's fully supportive of Chinese manufacturing. We're absolutely stuffed over here because we simply cannot compete.
There's plenty of consumer businesses reducing their reliance on China or pulling out altogether. They still have lots of holes to plug when it comes to high technology, the obvious one is their reliance on chips from Taiwan.
😅 Don't under estimate the physical volume of a product... like that time I bought biscuit tubes for Christmas and 7 DHL vans arrived at the door of my 300 sq ft factory.
My supllier has sent me a second 20ft container whixh is arriving next week. But I have to pay the whole 100% just before my frieght agent takes the container from them. Anyone else asked to pay upfront?
The video resonates with our experience in the import-export business, underscoring the importance of thorough research and building strong supplier relationships. The emphasis on attending trade fairs and understanding market nuances aligns with our approach to navigating product regulations. Using agents for sourcing and managing quality control are strategies I've found crucial for success. This practical advice reaffirms our belief in the value of diligent planning and strategic partnerships when importing from China, making the process more manageable and effective. 💚
Hi James I'm following you this while. A few questions about importing from China What about import duty or custom tax Also I buy lasers and am wondering if there is a possibility of buying products that's are patent here in the EU or UK Could, we be breaking the law. Regards Adrian PS love the vids
Currently rates are back to a very high point so probably a badly timed video. But it’s still a good business model if you have your own I.P. Or have little to no overheads and can tolerate low margins. 😊
thanks for the information ... about the testing, it this meant to be a one time thing or something to be done with each delivery (are the testers that fast anyways, to have things tested before shipping)?
The also can force to buy more not so nice , you source a good product and sale's going wel and grow rapid , then you receive a mail only if you order a large amount, were not yet have the sale's and marketing for, the stop deliver te product . happen to me .
Hi James following my appearance on your podcast last year I’m about to plan our first China trip so this is very well timed. I do fear this expedition, I won’t lie 😅 but this video was helpful
Agent source and boot's on the ground MOQs and testing certificates .Trading standards FOB.freight costs. USD...dollars. Store,pick and pack costs approx 35% Quality control... Repeat products avoid fashion that keeps changing Payment terms. 30% deposit, bill of lading 70% to release the goods. Costs for storing in the UK Quality testing in the UK is essential , Intertex testing company
HI James, Thank you for the time you took to make this video. Would you clarify your comment regarding inspection and testing and QCs using Intertek? We use them for our ISO certification in the UK - would you use them at the factory prior to shipping or in the UK? Thanks Peter
Thank you James. Please could you make a video on finding products that have high revenue potential? How do we find a product that has potential to do £1m+?
From my experience. china: fast delivery of cheap poor quality/unfinished parts. You end up spending the price difference in workshop time fixing the problems. Have had manufacturers fail to assemble parts as specified in the drawings and when asked why they have said "too difficult". I am dealing with semi specialist industrial parts and seek components machining. It is always a massive headache so I am keenly listening to your advice.
I submitted a reply but it's gone for whatever reason. It's so important you visit a few factories as there is a lot of bs chucked about. Going across and visiting factories you'll be able to decide if they're up to the job. Sign up to Global sources not just Alibaba. I purchased electronics and mechanical engineering equipment from China for over 25 years and we had to sift through a lot of rubbish but there are some absolute diamonds out there.
He's importing cheap nik naks that are used for a week by a kid, then thrown away. Properly manufactured high value technical products is a different matter, as you say.
Everytime I’ve had custom made in China has been excellent quality and their work ethic is unbelievable. I don’t think you know what you’re doing if you’re not satisfied.
My experiences of 15 years building ships in China with a local technical team of European engineers on the ground, is, that after the delays, cost overruns and extra expenses (running a site office with own staff, loss of income due to delays as ships delivered late etc etc), just pay the premium and go to Japan or Korea. You get what you pay for.
Also worth looking outside of China. For instance a lot of "Chinese" clothing is actually made in Bangladesh sweatshops as the wages are lower. Likewise whilst a lot of cycling products are made in China and Taiwan these are also made in Bangladesh. This is where a lot of the cheapo Argos cycles are produced..
Great video James! I used to be an accountant for Wilko and we had a whole team based in Hong Kong managing the suppliers and shipments of goods to the UK. Boots on the ground is definitely very important
Hi James, will some suppliers agree to have mixed products up to 3000 products? Or is it strictly one item per container?
The first time I went to China it absolutely blew me away. Some of the factories we're every bit as good as anything in Europe. They're just so set up for manufacturing. This is backed up by a government that's fully supportive of Chinese manufacturing. We're absolutely stuffed over here because we simply cannot compete.
There's plenty of consumer businesses reducing their reliance on China or pulling out altogether. They still have lots of holes to plug when it comes to high technology, the obvious one is their reliance on chips from Taiwan.
Excellent video, really informative 👍🤓
😅 Don't under estimate the physical volume of a product... like that time I bought biscuit tubes for Christmas and 7 DHL vans arrived at the door of my 300 sq ft factory.
😂😂😂
Great video James. Only difference have is I pay 70% BOL on receipt of it this is prior to shipping from china and not when it arrives in UK
This is normal practice though, I can’t see any manufacturer allowing a 30% deposit until the shipment lands at its destination
@@johncanty2847 yep very true
What kind of products are you importing ? in my sector ( Timber )I can get up to 2 - 3 month of deferred payment
My supllier has sent me a second 20ft container whixh is arriving next week. But I have to pay the whole 100% just before my frieght agent takes the container from them. Anyone else asked to pay upfront?
It varies depending on the secotor , for some sectors you can get up to 3 month of deferred payment . What kind of products are you importing ?
This has been a great tutorial. Thank you James.
The video resonates with our experience in the import-export business, underscoring the importance of thorough research and building strong supplier relationships. The emphasis on attending trade fairs and understanding market nuances aligns with our approach to navigating product regulations. Using agents for sourcing and managing quality control are strategies I've found crucial for success. This practical advice reaffirms our belief in the value of diligent planning and strategic partnerships when importing from China, making the process more manageable and effective. 💚
Hi James I'm following you this while.
A few questions about importing from China
What about import duty or custom tax
Also I buy lasers and am wondering if there is a possibility of buying products that's are patent here in the EU or UK
Could, we be breaking the law.
Regards
Adrian
PS love the vids
Great stuff, really informative!
Currently rates are back to a very high point so probably a badly timed video. But it’s still a good business model if you have your own I.P. Or have little to no overheads and can tolerate low margins. 😊
FOB = FREE on board, not "freight on board" i.e. it's provided to you on-board the ship for "free"
Is that 5k for all import dutys/taxes and delivery to your warehouse? and is that for 20 or 40ft container?
thanks for the information ... about the testing, it this meant to be a one time thing or something to be done with each delivery (are the testers that fast anyways, to have things tested before shipping)?
The also can force to buy more not so nice , you source a good product and sale's going wel and grow rapid , then you receive a mail only if you order a large amount, were not yet have the sale's and marketing for, the stop deliver te product . happen to me .
Would you import goods from china through northern ports and then have cheaper warehouse space in the north to distribute to your customers?
Fantastic start to the day. I love the way you break down the plan with step by step actions and tips. Great stuff James.
Hi James following my appearance on your podcast last year I’m about to plan our first China trip so this is very well timed. I do fear this expedition, I won’t lie 😅 but this video was helpful
There’s nothing to fear. China is an amazing country. I envy you.
Agent source and boot's on the ground
MOQs and testing certificates .Trading standards
FOB.freight costs.
USD...dollars.
Store,pick and pack costs approx 35%
Quality control...
Repeat products avoid fashion that keeps changing
Payment terms. 30% deposit, bill of lading 70% to release the goods.
Costs for storing in the UK
Quality testing in the UK is essential ,
Intertex testing company
alwasy found it too late to test in the UK.. always used Intertex for testing in China BEFORE final payment.
HI James, Thank you for the time you took to make this video. Would you clarify your comment regarding inspection and testing and QCs using Intertek? We use them for our ISO certification in the UK - would you use them at the factory prior to shipping or in the UK? Thanks Peter
From my experience I used Intertek for the certification. Ie they provided fire cert for me but I use a QC for factory inspection.
JS knows his stuff, thanks for sharing.
Thank you James. Please could you make a video on finding products that have high revenue potential? How do we find a product that has potential to do £1m+?
😮 lazy. Go do research!
@@ldn876 That's what he's asking. How would one go about researching a good potential product?
Come on man, there’s no secret work something out for yourself
Is the £5000 to get the container into the UK including import tax etc?
That changes depending on what you’re importing. The 5k is just the shipping cost.
Thanks for the advice
Trip to china, hostel, trade fare , what is the cost ? , if i want to import a container how much does it cost (container, agent, ...)
I’d allow 5k for your trip and as of todays rates it’s 5,700 dollars for a 40ft container
@@JamesSinclairEntrepreneur Thank you
James give me some names of the fairs that I need to check out
depending on what you are buying. Canton is a great start
@@jayph77 packaging for Fast food
@@jayph77fast food packaging
From my experience. china: fast delivery of cheap poor quality/unfinished parts. You end up spending the price difference in workshop time fixing the problems. Have had manufacturers fail to assemble parts as specified in the drawings and when asked why they have said "too difficult". I am dealing with semi specialist industrial parts and seek components machining. It is always a massive headache so I am keenly listening to your advice.
Like I said in the video. Boots on the ground and regular visits is the trick.
I submitted a reply but it's gone for whatever reason. It's so important you visit a few factories as there is a lot of bs chucked about. Going across and visiting factories you'll be able to decide if they're up to the job. Sign up to Global sources not just Alibaba. I purchased electronics and mechanical engineering equipment from China for over 25 years and we had to sift through a lot of rubbish but there are some absolute diamonds out there.
He's importing cheap nik naks that are used for a week by a kid, then thrown away. Properly manufactured high value technical products is a different matter, as you say.
Apple seem to manage it ok
Everytime I’ve had custom made in China has been excellent quality and their work ethic is unbelievable. I don’t think you know what you’re doing if you’re not satisfied.