Advice on import business setup

Has anyone got any experience of setting up an import business for American products?

These would be items that are popular online but which are currently only available in US so have high shipping costs for individual purchases. I'm thinking if one bulk ordered, organised shipping container, and then sold at close to RRP in local currency with normal shipping etc.

This must be a fairly standard business model so wondering if there's a well known set of gotchas to be aware of.

Thanks

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