Have you got a How To Import Plan?
If you’re reading this you’ve decided you need to find out about how to import. The good news is that you have come to the right place to learn how to do it. The other thing is it’s really not that hard and anyone with the right knowledge can do it.
All you need to do is commit to a well structured plan and stay focused on your goal. Before you learn how to import, the first thing you need to do is to learn how to plan your business. As you will see, a major part of this planning stage
is identifying and evaluating your target market.
This will enable you to understand what you are up against by identifying who your competition is and also who you’re really selling to. By thoroughly researching your industry you will discover opportunities and growth areas that you may not have otherwise identified, as well, identifying any barriers in your particular market sector.
There is no point in learning how to import if you don’t know the industry you’ll be working in.
Once you have researched your market the next step is to develop a business strategy. You need to develop a strategy that defines how to enter the foreign market and how to find trade leads that are essential in becoming a successful Global Trader.
Decide whether you will run your import business through intermediaries – which will require finding overseas representation – or doing it yourself. The latter option means you’ll have to consider how to promote the products abroad and what type of after-sales support you will be able to provide. Understanding the local market is essential if you are to have success here.
Calculating your expenditure is extremely important. You will need to make sure you’re paying attention to duty taxes, exchange rates, shipping rates and will need to adequately budget for all your expenses, as well have some in reserve for unexpected occurrences. For example cargo being lost, delayed or damaged on route.
Next, ensure that you fully understand and comply with the rules and regulations of international trade. Being aware of these rules will help you turn potential barriers into benefits.
Having a very detailed budget and financial forecast will make it significantly easier to allocate and organise funding. And it is essential if you are going to look for external funding help.
How to Import Plan
Determine whether you will fund internally or whether you need external help. Include a projected sales forecast in your how to import plan – this will help you to measure your success or failure. The implementation of your plan will happen only with strict discipline, milestones and deadlines.
The key people involved in the execution of your how to import plan should also have involvement in building and agreeing to the key strategies within the plan. They will be an integral part of executing the plan so involve them from the beginning if possible. Keep in mind that when you’re starting your Import Export Business you should keep it simple with clear planning. You can start with a one page plan and then build on from that.
Your how to import plan should outline the important milestones and identify the people responsible for particular actions. Make sure to inform your employees of what you expect of them and what targets you are setting. The effective management of your staff and outsourced companies is crucial to your success.
If you enjoyed reading about Have you got a How To Import Plan then see our next article about US Imports.
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