? on starting a importing business
11-13-2005, 09:46 PM
#22
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Join Date: Feb 2005
Posts: 0
Re: ? on starting a importing business
Originally Posted by kvh
Originally Posted by rawr
Originally Posted by kvh
In order to make any money you need to order a LARGE quantity of engines at once so you can get them cheaper. You aren't going to be able to order 10 or 20 and make any money. Expect to order 100 or so at once which is going to require A LOT of money up front and that doesn't include the overhead for your warehouse and the rest of whats going on over here. Start writing up a business plan unless you have about $100,000 on hand to start out.
If you actually read what I wrote then you wouldn't have said something so stupid. Yes, working out of his garage would keep costs down, but he STILL needs a lot of capital to start with in order to get deep enough discounts on the engines to make any money. The less you buy the more you pay which means the less you make, if any after shipping, customs, etc.
11-14-2005, 03:55 AM
#26
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Join Date: May 2004
Posts: 5,042
Re: ? on starting a importing business
Originally Posted by Mista Bone
Before you start importing, have someone to help you with the customs redtape.
Or have a place that already imports items allow you to use their containers and warehouse.
Or have a place that already imports items allow you to use their containers and warehouse.
I wouldn't worry about qty issues. If the sender has been working with "engine importers inc" for a while then they will be willing to work with the new owners under the same agreements usually. Most places have an initial buy-in qty and then after that it is open to any qty or a much smaller minimum.
The larger qty's would only be to your advantage, to ------ the shipping cost out over more product.
11-14-2005, 08:10 AM
#28
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Thread Starter
Join Date: Feb 2004
Posts: 7,785
Re: ? on starting a importing business
Basically I would be taking his business over so I would get his next container and just start from there but like he said above. He would take me to Japan to meet the supplier and see how everything works. So I wouldn't really be starting up a business from scratch. Besides starting up my own facility to house everything and just taking over where he leaves off.
11-14-2005, 11:52 AM
#29
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Join Date: May 2003
Posts: 6,279
Re: ? on starting a importing business
you wanted to know all the sources, how it is packed into the container, how it gets deliver ot the ship , how /where it arrives, whom he usually deal with to get pass custom, and how it gets shipped to you place. got a forklift? a dock? labor?....
and the reson he`s giving up the business?
do u have enough $ to cover up all the cost(rent/bill/listing/payroll/food) IN CASE the business is real slow for the next 3 month or so?
and the reson he`s giving up the business?
do u have enough $ to cover up all the cost(rent/bill/listing/payroll/food) IN CASE the business is real slow for the next 3 month or so?
11-14-2005, 12:32 PM
#30
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Thread Starter
Join Date: Feb 2004
Posts: 7,785
Re: ? on starting a importing business
He would take me to Japan where his supplier is located and show me everything that goes on and inform the supplier of the transfer of the business. I'm gonna start checking out grants and loans for minority business owners. I may ask my tribe and see if there is anything they know of or have to offer. He's giving up the business to focus on starting a family since he sold his house to start everything. Some people on here may know him since he is located on the west coast but I don't want to disclose to name and have people start asking him a million questions or whatever. I bought my old GTIR front clip and some Tein HR's for my old sentra and he was a awesome guy to deal with and worked with me on alot of things. He has a ebay sellers account too which is at 100% and has sold 100's of swaps and clips. Last email I received-
Hi Henry,
I also was a machinist/cnc programmer for 6 years, and some friends of mine started buying engines from a wholesaler in California and selling them via the internet. I started doing the same thing part time along with my machinist job and then found that in evenings and weekends I was making as much money as I was with 40hrs a week at work. In April 01 I quit my job after our company hired some efficency ------- and started cutting benefits, pay, and driving us all like slaves. I sold my house and used my equity to fund my own container instead of doing the middleman thing. I don't have any business degree or anything, the hardest part is probably the state quarter taxes, but I don't sell that much in state so they aren't that bad either. Pretty much you get enough paperwork from everything that all you need to do is be organized and save all your invoices and receipts. At the end of the year I throw everything at the H&R Block people, dig up reciepts for as much toy deductions as possible, and for around $200 they get me a final #. The sweet part is I can legally deduct anything associated with auto on my tax returns. I can deduct a race car, any parts for it, fuel, tow vehicle and trailer, mileage, maintenance, and hotel and food costs incured say if you went to a race for the weekend. Daily drivers can also be deducted as advertising provided they have a company decal. Say you buy a car for racing and install a SR20DET that cost you $xxxx, but it cold have been sold for $2500, and you put in in yourself, but going rate for an engine swap is around $900, you are allowed to deduct the $2500 + the labor cost as if you had someone else do it. I'm still going to do this which is why I will continue in an auto related trade. In the last 4-1/2 years I've payed off my suburban, bought a enclosed car trailer, built a legal R33 Skyline(long story). Also killed about $12,000 worth of credit card debt that I accumulated when I was doing the landscaping, decks, and driveway for my house. The bad part was that my wife and I stayed with my grandparents saving money for a home, and watched prices quickly go from around $170k for brand new homes to well over $300k, and $300k is like cracker box 5ft apart homes. Even making decent money(she teaches) we can't afford anything, along with 90% of the working people here as stated in the paper a few weeks ago. Also when you deduct everything you don't make much...on paper, and you don't qualify for any loans for homes and cars, things like that. That's why I'm at this point in selling my business. If you already have a home and can keep it you have nothing to lose. Hope this answered all your questions. Don't be afraid of doing your own thing, even if it's not this business. Once you work for yourself you will never go back to the daily grind. If you need to talk to a bank that's fine. I operated with cash on the barrel so I don't know much about what they may require for getting a loan.
Hi Henry,
I also was a machinist/cnc programmer for 6 years, and some friends of mine started buying engines from a wholesaler in California and selling them via the internet. I started doing the same thing part time along with my machinist job and then found that in evenings and weekends I was making as much money as I was with 40hrs a week at work. In April 01 I quit my job after our company hired some efficency ------- and started cutting benefits, pay, and driving us all like slaves. I sold my house and used my equity to fund my own container instead of doing the middleman thing. I don't have any business degree or anything, the hardest part is probably the state quarter taxes, but I don't sell that much in state so they aren't that bad either. Pretty much you get enough paperwork from everything that all you need to do is be organized and save all your invoices and receipts. At the end of the year I throw everything at the H&R Block people, dig up reciepts for as much toy deductions as possible, and for around $200 they get me a final #. The sweet part is I can legally deduct anything associated with auto on my tax returns. I can deduct a race car, any parts for it, fuel, tow vehicle and trailer, mileage, maintenance, and hotel and food costs incured say if you went to a race for the weekend. Daily drivers can also be deducted as advertising provided they have a company decal. Say you buy a car for racing and install a SR20DET that cost you $xxxx, but it cold have been sold for $2500, and you put in in yourself, but going rate for an engine swap is around $900, you are allowed to deduct the $2500 + the labor cost as if you had someone else do it. I'm still going to do this which is why I will continue in an auto related trade. In the last 4-1/2 years I've payed off my suburban, bought a enclosed car trailer, built a legal R33 Skyline(long story). Also killed about $12,000 worth of credit card debt that I accumulated when I was doing the landscaping, decks, and driveway for my house. The bad part was that my wife and I stayed with my grandparents saving money for a home, and watched prices quickly go from around $170k for brand new homes to well over $300k, and $300k is like cracker box 5ft apart homes. Even making decent money(she teaches) we can't afford anything, along with 90% of the working people here as stated in the paper a few weeks ago. Also when you deduct everything you don't make much...on paper, and you don't qualify for any loans for homes and cars, things like that. That's why I'm at this point in selling my business. If you already have a home and can keep it you have nothing to lose. Hope this answered all your questions. Don't be afraid of doing your own thing, even if it's not this business. Once you work for yourself you will never go back to the daily grind. If you need to talk to a bank that's fine. I operated with cash on the barrel so I don't know much about what they may require for getting a loan.
