If you’re thinking of starting a business, then the import and export is the way to go. The export and import business not only does it require little financial investment to start, but it also gives you the opportunity to work with people from all over the world. You don’t require any previous experience. All you need is the desire and hard work.
Here is want you need to know.
Decide which type of business you wish to start. You can either start a management company, an export trading company or become an import/export merchant. Each one these depend on what your desires are. For example if you would want to partner with local sellers to find foreign buyers, then Export Management Company is the way to go. If you desire to keep all the profit and assume all the risks you can become an import/export merchant.
The next step is to get the required legal licenses and permits. Although most importing and exporting doesn’t require licenses, there are those that require special licenses. Depending on what you decide to specialize in, you may be required to get licensed. If you’re importing military surplus, for example, you’ll have to ensure you’re doing business well within legal bounds. Goods such as furniture don’t require licenses.
Have a target niche to focus on during the early stages. Import/export activities cover a wide range of industries; it is, therefore, best if you first focus on a single target so that you can gain experience.
Establish both international and local contacts in your target niche. This is the most time-consuming step associated in starting your own import/export firm but the most important. Ensure you have a list of all international and local businesses in your chosen target, and start a direct marketing campaign. Make calls, send emails and post marketing products directly to sales and purchasing department in each company, and make sure you follow up on all communications and agreements.
Make sure you know the needs of everyone on your contacts list, and start making connections. List all the companies that have expressed interest in doing business with you in the earlier step. Contact the purchasing and sales department in each company to discover which products they have to offer to foreign buyers, and which products or materials they wish to buy from a foreign source.
Once you’ve established the needs and offerings of your potential clients, you just need to connect the dots, and you’re on your way.…