They’re always going to be an import-export market no matter what’s going on with the global economy. Importing and exporting is how you’re able to import from Turkey any kinds of goods, get clothing from China, olive oil from Spain, cars from Germany, and so on.
So if you’ve identified a product that you think could be a hit in another market, it’s time to explore how you can import and export it, and make this into a business.
You could start an export management company, or EMC, which exports goods for a domestic business that wants to sell to a different market. However, you can also work as an import/export merchant. Here are the top five steps to starting your own import and/or export business.
Cover the business basics
The first and foremost option is to run a business by registering the business where your headquarters are, getting a legal business license, registering a domain name, and so on. You’ll need a business plan, too because a perfect business plan will help you to cover all the rules and regulations of your targeted markets.
Similar research needs to be done when doing business with other countries, covering everything from legal back label requirements to insurance. Based on the type of imports/exports business you start, startup costs can vary greatly.
So that is why you need access to capital and it’s important. It will be much helpful to have capital on hand when you’re getting started because it takes money to make money (everyone knows it).
Identify your product and market
To Identify your product and market, firstly understand what regulations you’ll need to follow and write down your business plans too. Secondly, you’ll need to know what you’re importing or exporting.
If you’re getting into this business, it’s either because you have a passion for international business, or you’ve identified a product that would shine in another market, or both. So make sure your reason for getting into this business.
Source your suppliers
You’ll have a bead on a supplier for your product when you get in touch with a wholesaler or manufacturer’s representative. You will need to convince your potential supplier of the benefits of entering any other market. Also, figure out the logistics of taking their product from their local warehouse or production facility to another side of the globe.
Maybe you’ll become your supplier. You can investigate what it could cost to buy an interest in the product or service you want to import or export. To find an international home for the goods that you now have a vested interest in, give yourself an attractive incentive.
Price your product
Before setting a price for your product, you’ve to identify your targeted market and also know what product you want to work with. After working on it, now you can set how much to charge for your product. Imports/exports business model includes two key facts: number one is how many volumes of units are sold and number two is the commission made on that volume.
You might also get paid with a salary or a flat retainer plus commission. Your overhead and the specifics of what you’re importing or exporting like its price, its cachet, its availability(will play huge roles in dictating your price).
Identify your customers
If you have an idea of what your target market is and who your customers are, you can identify potential customers for your business. But it’s another thing to get them on the line and have them agree to buy from you or sell to you. There are few ways to find your potential clients and distributors for your business.
Most popular is having a quality website that includes digital marketing campaigns. If you have that kind of website, your potential customers may end up finding you. Cold-calling is also a time-honored and useful tactic.
Check with any local contacts you have in the area, or contact the region’s Chamber of Commerce, trade consulates, embassies, and so on because they might be able to give you a local contact list. It will be a vital help for your startup’s imports/exports business.