How to Start Export Import Businesses
Lots of people talk about finding out how to start export import businesses. Think about it, we purchase and trade goods across international borders without even thinking about it. Import and export businesses are everywhere, dealing as wholesale distributors, as independent buyers and retailers, buying goods in other country and selling them in another.
Planning how to start export import businesses ??
But, if you’re thinking about how to start import export business for yourself, be aware and realistic, there is a lot of training involved.
Let’s put this into perspective, the import-export business is a profitable business!
Its success depends on your capacity to correctly set up the business keeping within the buy and sell guidelines of your country and the countries that you plan to trade in or export goods for profit.
Read on and you will learn how to start export import businesses. We will help you build expertise regarding all aspects of export & Import execution to ensure sustainable optimal performance. And we’ll teach you how to do it with any number of businesses you’re interested in setting up.
Import Export can be defined as the business of importing and exporting goods and or services from another country and selling it.
Here Are Some of Our Suggested Steps on How to Start Export Import Now:
Create a “How To Start Export Import” BUSINESS PLAN. It is the cornerstone of successful financing. If you want investors’ money, you’ve got to give them good reasons to buy in. The business plan is where you lay out the reasons.
Your Import Export business plan should include market and competitor information, outlining what part of the market you are targeting, key competitors and what differentiates you from them. Think about your sales and marketing strategy, include information on how the product or service will be priced, channels to market, advertising and marketing plans.
Export and import of products has to be handled with complete knowledge of rules and legalities of the two countries. Certain trained individuals and experts handle the operational part as there is a whole lot documentation and technicalities required in shipping the goods between two countries.
Make contact with the embassies in the foreign countries where you will be importing and exporting goods. These offices give you industry directories, manufacturer lists and much more to help your business thrive.
Talk regularly with your country’s embassies to arrange for importing your goods from other countries.
Find a registration number from the taxation department in your country.
Inquire about the licensing requirements of how to start export import businesses in your country. Many countries do not need a license to manage an import-export business if you are planning to import or export products documented as “high-risk” like liquor, certain food items or pharmaceuticals. It is an excellent idea to stick with low-risk things when establishing your business during the early stages so that you will not be restricted with quotas or limitations.
Make sure that there are no embargoes, or trade barriers, set up against any of the countries that you plan to import or export goods. First call your own government to find out if there are any embargoes in place for the countries you are taking into consideration. Then call the consulate/embassy to notice if there are limitations against goods from your country.
Confirm with your bank about getting a Letter of Credit for trading globally. This will significantly lessen your risk when trading because banks will make sure the merchandise is delivered before any money is ever exchanged
This step list is by no means exhaustive but following it will teach you the basics for how to start import export businesses, you will be able to duplicate these steps for any product or business you choose to be involved in.
If you enjoyed reading about How to Start Export Import BusinessesĀ then see our next article about How to Export Products.