By China Importwala
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.
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.
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?
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.
– 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
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.
– 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.
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.
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.