Starting a Trading Company

Discussion in 'General Mac Discussion' started by maraczc, Jul 31, 2003.

  1. macrumors member

    Joined:
    May 20, 2003
    Location:
    Toronto, ON
    #1
    The prices of alot of hardware is alot lower in the US than in Canada. Especially digital cameras. To the point where one could buy them from America, sell them for low prices in Canada, and still make profit.

    This is what I have decided to do. I have gotten a few good deals from companies to sell me the cameras but I was thinking maybe someone here knew of any websites I should check out or any tips or ideas. Thanks.
     
  2. macrumors Penryn

    Abstract

    Joined:
    Dec 27, 2002
    Location:
    Location Location
    #2
    Get some Macs. :D
     
  3. Moderator emeritus

    Mr. Anderson

    Joined:
    Nov 1, 2001
    Location:
    VA
    #3
    If it was as easy as buying something cheap in one county and selling it in another for a profit there would be a lot more people doing this.

    You need to look into export/import taxes and tariffs. If you're buying for personal use that's one thing, but its a whole different ball game for resale.

    Good luck!

    D
     
  4. macrumors 68000

    Eniregnat

    Joined:
    Jan 22, 2003
    Location:
    In your head.
    #4
    www.UPS.com.

    Their shipping software has all of the NAFTA calculations/tariffs/taxes etc. built in. It's an invaluable tool! (Well they put a vaule to it.)

    Don't forget the IRS, they do have good resources. Mostly to keep you out of trouble.

    If you use USPS their manual is here.

    also speck out Titles 15,16,39,49, and maybe 46 of the CFR, Code of Federal Regulations. In order (Commerce and Foreign Trade, Commercial Practices, Postal Service, Transportation, and maybe Shipping) There are all sorts of tiny laws that will apply, but basically the CFR is a good reference, especially when you have to explain yourself. For instance the Domestic Mail Manual (DMM) is put forth in Title 39, and title 49 will tell you how you can ship batteries. -I know you already know what you need to know, but it pays to have some knowledge, especially when dealing with bureaucracy. Don't buy the CFRs. There is little that Canada requires. If you do any repackaging, you will need both English and French labeling. When in doubt, officials always refer to the more strict regulation, and that is usually with in the U.S.. I know little about American law and less about Canadian laws, but I am sure there is plenty of free help here. -> NAFTA and other trade agreement help.


    The only reason I have any knowledge is that I worked for a company that decided to ship internationally.

    I'd still start with UPS.
     
  5. thread starter macrumors member

    Joined:
    May 20, 2003
    Location:
    Toronto, ON
    #5
    There are alot of people doing this. Alot of the sellers on eBay do the same thing. As far as legal issues go I have looked into that a little and can see no problem as long as my company is registered as simply my name and I sell the cameras personally and not as a company (the actual transaction). I will have a lawyer check this though.
     
  6. big
    macrumors 65816

    big

    Joined:
    Feb 20, 2002
    #6
    I just went through a SBA seminar, here in the states, they are usually conjoined with the Chamber of Commerce. Their services are free, and they will even call the IRS and work it out with you.

    They are an invaluable tool, again free. as more money is made for the economy through small business than large.

    go ahead and incorporate, get a federal tax # and a good CPA for end of the year taxes, Accountants are much more valuable than lawyers to small businesses.

    which, even if you are going under your own name, you are practicing as a sole-propriatership.

    Though if you are trying to establish conections & get great deals from other companies, having a "true business" with a letter head, and a presence will help them give you a better price (since they know you are not a fly by night kind of person)

    good luck

    oh- and do you have a web site w/prices etc, if so, post the URl (If not, I can help, as so can many many people here)
     
  7. macrumors 604

    iShater

    Joined:
    Aug 13, 2002
    Location:
    Chicagoland
    #7
    Wow, thanks for all the info guys. I am thinking of starting a small business and the info links you provided is awesome!
     
  8. macrumors 68030

    Snowy_River

    Joined:
    Jul 17, 2002
    Location:
    Corvallis, OR
    #8
    Very true. If you need a referal to a good CPA, my father is one, and I'd be happy to give you his contact information.

    (I started my own business a while back, before I decided to go back to school, and having him there to help with some of the accounting aspects was invaluable.)
     
  9. macrumors G5

    Sun Baked

    Joined:
    May 19, 2002
    #9
    Ah, the fun in becoming a grey market importer.

    Should make you really popular with at least one company and/or governmental agency.
     
  10. Retired

    jefhatfield

    Joined:
    Jul 9, 2000
    #10
    the above posts asking you to consult with a tax pro or lawyer is good advice

    nafta has turned a lot of things upside down...some things good and some not so good

    ...but good luck in your venture
     
  11. big
    macrumors 65816

    big

    Joined:
    Feb 20, 2002
    #11
    I suggest a CPA over a lawyer (if funds are in short supply) because a CPA can tell you more about starting a business & laws you'll have to deal with then the lawyer usually could
     

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