Key insights on starting an import export business

Key insights on starting an import export business

Export Sector

Sunny Naidu

Sunny Naidu

19 Oct 2020, 14:45 — 4 min read

There’s been trade for nearly as long as there have been people; imports and exports are how we’re able to buy food, drinks, furniture, clothes, and almost everything else, from all around the world today.

 

Imports are any goods or services brought from different countries to yours at the same time; exports are goods and services which are grown or produced in your home country and sent for sale to other countries' markets.

 

Starting a new business can be a challenging task. New entrepreneurs entering the business world will likely have multiple questions, ranging from the documents required to the legal guidelines they must adhere to. This article will help you build the foundational steps in the import-export business

 

You can run an import and export business from your home. Starting an import and export business doesn’t require much as compared to other businesses. There are significant benefits to working from home, which now all of us have experienced. You can choose your own work hours and have great flexibility.

 

The first thing to do is to create contacts. This is easier online than offline as you can talk to anyone in the world from the comfort of your home, with the help of the Internet. You can browse through online advertisements and buy in bulk using a credit card on a secure website. You can advertise and sell your products online.

 

Also read: Import Export Code (IEC): Benefits and how to obtain it

 

There are some trading methods where you can buy and sell without even having to receive or ship the products yourself. It is crucial to be efficient with any business, keep perfect records, and keep your customers happy. An unsatisfied customer will not return and might criticize your shoddy service on the internet, so don't be a bad trader!

 

You need a business plan before you begin. You need to work out what you will trade, how you will trade, how much money you need to make, which countries you want to trade with, what method of payments will you use, and what about foreign regulations? You need to research everything.

 

Don't let the preparation put you off before you get started. Every new company requires adequate preparation, and it will be worth it in the end once your business is up and running well.

 

You need to decide what scale your business will run on. Are you going to work alone, as a partnership or a limited company or something more significant, or will you start small and work your way up?

 

You should decide what kind of products you want to sell. This depends on what your interests are, as it is easier to sell something you can rave about, what you are knowledgeable about, and, of course, what is available. If you buy in bulk, you can make good money but make sure you will be able to sell it again this end. If you plan well and are successful, you can make enough profit to cover your travel expenses and earn a good living.

 

While coming up with an idea doesn’t cost anything, executing and materialising will create a successful business. Import-exports will always be encouraging business and will continue to help open new avenues.


Now start booming and make the world your business!

 

Also read: How to start an export business

 

To explore business opportunities, link with me by clicking on the 'Connect' button on my eBiz Card.

 

Image source: shutterstock.com

 

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker. 

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Sunny Naidu

Export/ Import Business, International Business, Trade, Software, Web Design & Development, Market Research, Business Development, Sales, Marketing, Consultancy

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