The exchanging of goods and services from one commodity to another is called trade. Trade between two countries helps the World economy to grow. Because of the import-export business people can buy and use products from all over the world. The countries which are open to trade gain benefits by trading, as they can sell their products to other countries. New trading partners are continuously appearing for the import-export business. Starting an import export business isn’t that hard, it can be highly fulfilling and make you economically strong. But for that, you need to be patient as it will take time. Dedication, study, research, and hard work will help you in the course.
Starting an Import Export business
Starting an Import business is demanding work, and if you are new to this then you will be a bit confused about where to start and what needs to be done or taken into consideration. Here are some of the points which will direct you in the process to have your own import export business.
Register your Business
The first thing for starting an import export business is to register your company. If your company is already registered then there will be no issue but if not, you must register your company to prevent yourself from any legal problems in the future. Set up your company with an interesting name and logo.
Investment for starting your own import export business depends on the product you want to sell. If it is a luxury product the off-course investment required will be high. So, you need to first decide from which product you going to start the trading. Before starting you should have the product which you think could sell and have a proper funding plan.
Partnership with suppliers
After deciding on the product and investment decide who will be the supplier of the product. If you are your supplier then there is no issue but if you want a supplier from your product then you should locally find a manufacturer who makes that product and build a partnership for your import export business.
Price your product
At the start find the best product at a minimum price and with which you must be familiar. Now as you have selected the product you want to sell the next step is to price the product pricing should not be too low to make a profit or should not be too high making customers unwilling to buy. You must charge in a way that after all manufacturing, packaging & selling you should remain with your profit. Usually, importers and exporters mark 10% to 15% above the manufacturer’s charges.
Now to make other people see your product to buy you need to do marketing for your product. This can be done by creating your business website or posting about your product on different social media or you can sell your product through an e-commerce website.
Finding your customers
If you want to locally sell the product then you should know the market to sell your product you need to find buyers and distributors who will buy and sell your product. For that, you should have a local seller’s contact, and ask trader consultants.
Hire a Custom Clearing Agent
You need a custom clearing agent expert who will help you and assist you regarding custom clearing at the port. There are numerous expenses in port which is important. This expenditure includes product handling charges, customs duty, transportation charges, and much more, for that you need to hire a custom clearing agent when starting the import-export business.
Open your business account
For the smooth transaction process, you need a business account, you should open a business bank account before starting an import and export business. The type of account will vary according to the type of business.
Be document ready
Each country required different documentation you should read the documents required for starting an import and export business. If you don’t have the document then you should apply for it and should go through all the documentation processes beforehand for a seamless trading process.
These are some of the points that will help you in the process of starting your import export business. Once you completed the steps you are ready for the operational business activity, it is easy if done right. However, you should need to do your research regarding the product you need to start with.