Tips on How to Start an Import Export Business

Import/export business could provide good profit margins with manageable operating costs, and relatively minimal investments. But there are specific skills you have to develop in order to be successful in this industry.

Salesmanship is essential, as well as the ability to build rapport with potential clients. If you are doing business with people who do not speak your language, definitely being bilingual is a plus. Also, you'll have to pay attention to the legality of shipping certain items, otherwise a potentially profitable transaction can end up becoming into a bad business decision.

DIFFERENT TYPES OF IMPORT EXPORT BUSINESSES

Basically, there are 3 types of import/export businesses. Import/export merchants buy goods using their own capital and sell the goods. While such business method allows the merchant to keep all of the income, it is also a high-risk type of business if the goods do not sell well.

Export management companies team up with local firms in order to export their products overseas. Export trading firms find local buyers of foreign merchandise. Many import/export businesses are a combination of the two types.

DEFINE YOUR SPECIALTY

You may already possess certain skills that give you the advantage in selling certain products or entering certain markets. For example, if you speak Japanese and have a good eye on style, consider importing clothing to Japan. Study your interests and skill set, and get a good idea on where to begin.

You always have a choice of branching out into other routes later, but starting with something you are familiar with will make things a lot easier, both for you and your clients.

MAKE IT OFFICIAL

Getting a license is necessary, regardless of the product you like to specialize in. For instance, if you are importing surplus goods, you will want to ensure that you are doing business within legal bounds. Other items like furniture aren't as likely to require much with regards to licensing. Also, you'll need to register the business, get an FEIN, and complete legal requirements.

NETWORKING

To close good deals, you need to get out there and search for clients who have a need for the services you provide. Begin with a list of business companies in the field you would want to specialize in. Then, contact them and find out what their needs are. You'll need to find out who does the purchasing and sales for each business company, and build strong business relationships with them.

For instance, if you're home styling interests you, contact interior designers within your area, then schedule a phone call or meeting with them. Speak to them regarding what they need to purchase, if the taste of their clients seem to follow certain patters, and how you and how you could be of service in a potential business partnership.


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