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    1. McJennings is offline

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      #1

      How to reduce Business Risks - Dealing with overseas suppliers

      Hello, I am considering making a large purchase from an overseas supplier. Does anyone have tips on how I can reduce the business risks associated with this transaction?
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    2. Rocky78 is offline

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      There are a few steps you can take to reduce your business risks when dealing with international suppliers. As an example, Chinese suppliers are often stereotyped as unreliable; however, this is not always true and often the suppliers are the victims of unreliable customers, too. Here are some other tips to reduce business risk when buying from an international company:

      ● If the price is so low below market price that the products could not logically be produced, you are dealing with an unreliable supplier.
      ● Research the supplier as much as possible before ordering. Get feedback about the supplier from businesses who have used it before.
      ● Ask the supplier for testimonials and references.
      ● If there is someone you know, for example in China, have that person visit the supplier. You could hire someone to do this, also.
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    3. Luis21 is offline

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      #3
      Although I plan to buy wholesale from overseas suppliers, my business is relatively new. I have created a business plan, but are there any other ways I can reduce risks, generally speaking?

    4. Rocky78 is offline

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      #4
      It is definitely a benefit to have a business plan in place. It should include business goals, obstacles, and market and financial analysis. A business plan helps you stay focused on a budget while avoiding decisions that could potentially hurt your business.

      Hopefully, you did a market analysis before you put together your business plan. This provides your business plan with its focus: Who your target audience is, what their needs are, and the current and future trends in your industry. Examine your competition and determine how your business is going to be unique.

    5. McJennings is offline

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      #5
      What are the risks that I should be thinking about when planning to start a business?

    6. Rocky78 is offline

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      Risks are different for different types of businesses. They can include project delays, unforeseen disasters or market delays. You should meet with stakeholders and employees to plan how to mitigate potential risks.

      Also, consider buying business insurance, which can cover property and business liabilities. You can also opt for commercial vehicle insurance if you need it, as well as worker’s compensation insurance. It is never a bad thing to seek legal advice if you do not know which insurance to get.

      Another liability is unhappy customers who can give your business negative reviews. Reduce this risk by establishing excellent customer service standards.

    7. bizinchina is offline

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      Yes, I agree with Rocky78,

      First make sure your supplier is a legit and reliable one, you can check their register information through local official bureau or apply a third-party in China work for you.
      Second, avoid poor quality from the supplier, for large orders, a pre-shipment quality inspection could help avoid big lost.

      Irene

    8. wangvivi is offline

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      #8
      Can anyone tell me how to be verified by this forum so that all the involvers are legel trader?

    9. wangvivi is offline

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      #9
      Normally a legal professional company in China has its name registrated in the department of business. Business risk can never be totally eliminated.

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