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Our economic crisis means opportunity for inventors. Below you'll find out how.
We also have another taste of Sourcing Smarts on how to ask questions of potential manufacturers.
Enjoy! |
With Our Economy in Trouble, What Can an Inventor Do? Part 2
Retail sales are down, people are losing their jobs, and things will
probably get worse before they get better. Is now really a good time
to bring your product to market? Yes! Now might be an even better
time to bring your product to market than when the economy was in good
shape. Read on... |
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A Taste of
Sourcing Smarts
Taken from Chapter 4 of "Sourcing
Smarts: Keeping it Simple with China Sourcing and Manufacturing"
by Edie Tolchin, Don Debelak and Eric Debelak,
this
installment discusses negotiating payment terms with the factory in China.
Be
aware of the payment terms. Typical
payment terms are 30% down payment at time the purchase order is signed, sent
via wire transfer from your bank to the China
supplier's bank in China. The factory then goes into production, and
all steps are taken as mentioned in Chapter 2, including pre-production
sampling, production testing, quality control, mass-production samples,
etc. When you, the buyer, approve the
final mass-production samples, the supplier prepares the shipping
documentation, which should be reviewed by either your international trade
consultant or your customs broker, and arranges space on a vessel (or air
cargo). The supplier will present you
with proof of shipment and at that point you can arrange for the balance of 70%
to be transferred from your bank to theirs.
With
large volume orders, payment via Letter of Credit (L/C)can be used, but that is for
merchandise worth (typically) hundreds of thousands of dollars. Letters of Credit can carry very steep bank
fees for discrepancies in documentation, so that is why they are typically used
only for larger purchase orders. There
is almost always a discrepancy between L/C terms and shipping documents, which
have to match up perfectly. Even so much
as a misspelled word can cause an L/C discrepancy. As a first time importer, you definitely want
to use bank wire transfers.
Stay tuned for more of a taste of "Sourcing Smarts" in
our next newsletter.
Or,
you can contact Edie Tolchin of EGT Global Trading directly at EGT@warwick.net, www.egtglobaltrading.com, or at
845-321-2362.
To purchase
"Sourcing Smarts: Keeping it Simple with China Sourcing and Manufacturing"
by Edie Tolchin, Don Debelak and Eric Debelak, go to www.egtglobaltrading.com, www.sourcingsmarts.com, or www.amazon.com. |
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Are you ready to get
your product or idea on national and international
television?
I'm happy to
announce a unique opportunity for a very select few individuals with innovative
inventions and products. Nick Romer, award winning inventor and best
selling author of "Make Millions Selling on QVC" is sponsoring a two day event
designed to accelerate you and your product's path to
success.
Attendees will
discover the insider secrets to getting their products on the top home shopping
channels and will have a chance to connect with top industry experts looking for
great products, and product developers interested in long-term success.
If you think you
have what it takes and you've got a fantastic product or idea, then you'll want
to visit the following page for more information:
http://www.millionsonq.com
Edie Tolchin, co-author of "Sourcing Smarts: Keeping It Simple With China Sourcing and Manufacturing" will be presenting a workshop at Nick Romer's "Millions on Q" bootcamp the weekend of 1/31-2/1/09 in New Jersey. Contact Edie Tolchin, EGT Global
Trading at EGT@warwick.net or via phone at 845-321-2362 for further information.
The dates of the
event are January 31 - Feb 1, 2009 |
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