As the world has become far more connected, it is not uncommon for products from the other side of the world to be available at your local stores and markets. With travel costs falling and borders opening, the import/export industry has boomed like never before, and there are still lots of tremendous opportunities for money to be made. If you have decided that you want to start your own import company you are not too late. But make sure you aren’t rushing in, because it can be a risky procedure. Consider the following before you decide on anything.
The most important thing about running an import/export business is making money, so before you do anything else start doing your product research. It helps if you have friends or family in other parts of the world, as they can give you an unbiased opinion on the popularity of particular products. Don’t just buy up a ton of the first thing that you come across; take your time, travel around a bit and see what’s out there, because choosing the right product or products will make or break your business.
Importing and exporting products across international borders involves dealing with a lot of laws, rules and regulations. Make sure you know what they all are so that you and your business aren’t breaking any laws. Trading with certain countries is illegal in some other countries, and every country has its own limits on what you can and can’t do as a business entity there, so do your research.
Running import companies has never been easier thanks to a number of software programs that help simplify the whole transaction process. Programs such as Openentry International E Commerce, Oracle E-Business Suite and Perfect Commerce are all important tools that you should familiarize yourself with. They will make it easy for you to get your business up and running.
Convincing people to do business with your new import/export business is going to prove one of your greatest challenges, though high-quality marketing and promotional materials can put you at a big advantage. Until you have managed to establish personal relationships with clients, your business card and website are all anyone will see of your business, so make sure yours look extra-sharp.
If you hope to do business with a country whose main language is not your own, learning some of theirs will make life way easier on you and also remove many barriers for your business. Producing materials in multiple languages and being able to exchange pleasantries over the phone will help separate you from the pack as a business that makes 100% effort.