By China Importwala

How to Start Your Own Import Export Business

One might have a plan to set up import export business. But do you have a clear idea of what it is? This is a crucial business that provides high earning opportunity if done wisely. Hence, a proper knowledge of the business is important for entrepreneurs.

Clear Understanding of Import Export Business

Flight Path

Import and exports are nothing but two sides of the trading coin that is appreciated by every country. When you buy goods from a foreign country it’s an import business. Export happens when your country is the producers and you ship off these goods to the other countries for money. Export business is always more beneficial for a country’s economy.

Step by Step guidance on how to start Import Export business

Flight Path

The first step to any business in modern world is no doubt to check on the basics. Do you have a website of your own? Do you have online presence in the social media? Are you doing enough digital marketing promotions? Have you connected with suppliers?

1. Fix the basics of business first

2. Decide import or export

When you plan for import export, you need to first decide which one you wish to pursue. To get a valid license you will have to state that. Depending on which country you come from, import or export affect your business.

3. Learning about the home country’s sectors for export import

Flight Path

– Study the target clients – Follow the market demands (Find High demand products) – Check the prices the products sell at and the cost for each product – Check if the cost suits your budget – Look for items that yield maximum profit in export and import – Look for available suppliers

4. Select the product to export import

5. Supplier selection

A strong partnership between you and your manufacturer or supplier can lead to potential business development. This is a matter of long term relationship. So build one carefully.

6. Get business license

– Register your company under private or public limited – Open business bank accounts – Apply for the license with trading board – Prepare visiting cards to process – Start promotion for your website now once you have incorporated your license number in the website.

6. Product pricing

If you have identified the target customers and market, done study on their demands and the product valuation, deciding on the product pricing shouldn’t be very difficult.

7. Get the customers

When you planned the business, you might have already decided the market you wish to target. In import or export business, the target market doesn’t define your clients. First you need distributors to handle your products at the port of entry. Then you need to locate customers, who in turn will sell your items to the B2C market.