Tips for Starting Your Import Export Business
Having a great idea and developing it into a business takes time, patience, knowledge, and careful planning. Once you have made the decision to start your import export business, you need to then take it from development to launch. But, how do you do that? Careful planning is a key component.
Start with your business basics – how will you structure your company, what will you name your business, what domain will you get for your website, the location of your business, and exactly what type of import export entity will you operate. Once you get those questioned answered and addressed those ideas, you then need to learn all that you can about importing and exporting. This is very important – anyone who tells you that you do not need to know much or that you can learn on the fly are giving you poor advice.
Remember that importing and exporting is a privilege afforded to you by the government – if you make mistakes or skirt the rules, you can have your privilege revoked and suffer consequences. You need a comprehensive training course that will not only teach you importing exporting concepts like IncoTerms, export business planning, international marketing, documentation, and customs requirements, but also one that will guide you through building your import export business – how to find overseas customers, how to source products in international markets, how you can connect with local buyers, how do you get paid and what type of payment you should expect, and how you can contract with local manufacturers to be their exclusive representative or agent. Most colleges or universities teach you the book materials, but hardly any will go beyond that and walk you through building your business.
At the Institute, our trainers and developers are not only knowledgeable about importing and exporting, but we’ve all worked as agents and have actually done transactions. We want to help you. The world is open for business! Only 1% of American manufacturers export and due to that low, low number, there is so much opportunity; if you know where to look and if you have the right guidance. Contact us as we’re happy to help you get started on launching your new import export business.