The world is open for trading, and there is a lot of money to be made in the imports and exports business. What’s more, foreign trade is much easier nowadays – so easy that you can start and run one from home.
How to Start an Import Export Business
Here are five tips to get you started:
Image Credit: Pexels
1. Pick Your Products
The best thing about foreign trade is that you have a ready supply and market for any product. As such, you have a long list of product inventory to choose from. However, it is advisable to limit your choices to products that satisfy the following categories:
- Products within your expertise
- Products with ready demand in your target markets
- Products with a good profit margin
As such, check all the boxes and do comprehensive research on each of your picks. Additionally, do research on every aspect of your target market, including your customers’ demographics. Research is an integral part of any business, so consider investing in professional research to avoid any nasty surprises down the road.
2. Get the Paperwork in Order
The world is open for trading, but it is not entirely free trade. You will be required to get approval from authorities in your import and export markets. For example, you need a license for your business and permits to deal with foreign traders.
Additionally, some products may require special regulations and permits. A lawyer will take care of all your paperwork without making any costly mistakes or omissions.
3. Create an Online Store
International trade is especially easy today because of the ease of communication and growth of e-commerce. To this end, all you need to connect and communicate with suppliers and customers all over the world is a website.
Ideally, your website should be designed as an online store. It should also be appealing to your customers, as e-commerce is incredibly competitive.
4. Market & Connect
Trillions of dollars exchange hands in international trade daily. And, as mentioned, e-commerce – the main platform for international trade – is incredibly competitive. Consider this for perspective: there are billions of websites on the internet, but 99% of internet users only visit the top-three on their browsers’ search results pages.
As such, you need to market your brand to appeal to Google and your target market. Invest in quality search engine optimization (SEO) and general marketing services to rank at the top of search results pages and make your brand more visible.
5. Know Your Shipping Routes
Receiving and dispatching your products is the primary aspect of your imports and exports business. It is also the most complex, as the orders have to be transported across thousands of miles via sea, air, or road.
However, it will not be as complex once you know and establish reliable shipping routes. Most importantly, get a customs broker to ensure that your products pass through customs quickly and safely.
There is an unlimited market for international trade, and it is unbelievably easy. You can do it all through a website from the comfort of your home. These expert tips will help you get started without making costly mistakes that will set you back months.