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From importing exotic fashion to exporting lighting fixtures, an international trade business will take you around the world and into all product niches.
Export And Import Business In Usa
International trade is one of the hot industries of the new millennium. But it is not new. Think Marco Polo. Think of the great caravans of biblical times with their loads of silk and spices. Think further back to prehistoric humans trading shells and salt with distant tribes. Trade exists because one group or country has a supply of some commodity or good that others are interested in. And as the world becomes more technologically advanced, as we shift in subtle and not-so-subtle ways toward a one-world way of thinking, international trade becomes more and more rewarding, both in terms of profit and personal satisfaction.
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Importing isn’t just for the lone traveler type who survive by their wits and the skin of their teeth. It’s big business today–up to $1.2 trillion worth of goods annually, according to the U.S. Department of Commerce. Exporting is just as big. In one year alone, American companies exported $772 billion in goods to more than 150 foreign countries. Everything from beverages to commodities–and a surprising list of other products you might not think of as global goods–are fair game for savvy traders. And these products are bought, sold, represented and distributed somewhere in the world every day.
But the import/export field is not the sole purview of conglomerate corporate traders, according to the U.S. Department of Commerce, the big guys make up only about 4 percent of all exporters. This means that the other 96 percent of exporters–the vast majority are small clothes like you want–at least when you’re new.
Why are business imports so big in the United States and around the world? There are many reasons, but the main three boil down to:
Aside from cache items, countries typically export goods and services they can produce cheaply and import those produced more efficiently elsewhere. What makes one product cheaper for one country to produce than another? Two factors: resources and technology. A country with vast oil resources and refining technology, for example, will export oil but may need to import clothing.
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First, let’s look at the players. Although you have your importer and exporter, there are many variations on the main theme:
Now that you’re familiar with the player, you’ll need to swim the trade channels, how goods move from producers to end users. Manufacturers who use middlemen who resell to consumers are riding in a three-tier distribution channel. A middleman can be a merchant who buys goods and then resells them, or he can be an agent who acts as a broker but does not take ownership of the goods.
Who your fellow swimmers are will depend on how you configured your trading channel, but they can include any of the following:
Not everyone is cut out to be an international trader. This is not, for example, a career for sales phobics. If you’re one of those people who’d rather work in a chain gang than sell Girl Scout cookies, or if you’re thinking of doing a sales pitch, then you don’t want to be in import/export. This is also not a career for the organizationally challenged. If you’re one of those let-the-devil-handle-the-details types whose follow-up ideas are waiting to see what happens next, you should think twice about international trade.
United States China Import Export Trade Stock Illustration 1409207624
If, on the other hand, you are a passionate salesperson, a dynamo in keeping track of things like invoices and delivery receipts, and your idea of heaven is seeing where new ideas and new products will take you, and if, to top it off, you love the thrill of dealing with people from different cultures which is different, then this is the career for you.
It also helps if you already have a background in import/export. Most of the traders we spoke to had experience in the industry before launching their own businesses. Peter P., who founded a Russian trading company, transitioned directly from his college international business major to an operations position with an international frozen meat trading company in Atlanta, which put him in the right place at the right time.
“I speak Russian and Ukrainian fluently,” says Peter. “I’m of Ukrainian descent. I took Russian as a minor in college, initially as an easy grade. Little did I know when I graduated in ’89 that Russia would soon open up to the West.”
According to the U.S. Census Bureau, the top 10 countries with which America trades (in order of largest to smallest dollar imports and exports) are:
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You need not, of course, limit yourself to dealing with importers and exporters in these countries–there are many other interesting possibilities available, including member countries of the Caribbean Basin and the Andean alliance and the new kids in the Eastern Bloc, the former Soviet Union. But as a beginner on the international scene, you should familiarize yourself with our biggest trading partners and see what they have to offer. Then take your best photo, with them or with another country.
Every business needs consumers for its products and services, as Vulcan said so eloquently, to live long and prosper. Now that you know what it takes to run an import/export business, you need to plan, or target, your market, and determine who your potential customers are, the geographic areas you will target, and the specific products or services you will use. will offer to lure them in.
This is a very important phase in the mega-trader construction project. The right market research can help grow your trading company into a true profit center, and the more research you do, the better prepared you are before you officially open your doors, the less likely you are to do so.
Any manufacturer, supplier, carpentry, craftsman, importer, exporter or retailer is fair game. You can pursue companies that deal in heavy construction equipment or fine jewelry, gourmet goods or pet food, telecommunications or toys. The only important requirement is that they want to sell their goods or buy other people’s goods.
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However, this does not mean that your best technique is to stand in the manufacturer’s door, tripping over them as they walk to their car after work every evening. Targeting by definition means targeting a specific group.
If you have prior experience in a particular field, for example, you should seriously consider targeting that market first. You’ll feel comfortable with the jargon and procedures so your sales pitch–and your initial sale–will go smoother and easier. As an added bonus, you may already have contacts in the field who can either be your first clients or refer you to colleagues in the area.
Dan S. targets the technology field–specifically, software solutions for commercial use and computer cables–simply because he has worked in that area for more than 10 years. He knows the field and feels comfortable in it.
Wahib W., too, started in the field he was very familiar with, track and navigation lighting, then went on to other international construction projects, importing railway materials and telephone poles and construction services, as well as other heavy equipment materials.
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OKAY. You have narrowed down the list of products you will target. Now you need to find your niche, the unique angle that will set your business apart from–and above–the competition. This is where you can really let your creativity shine.
You may decide to start as an export management company (EMC, remember?), finding buyers for a domestic manufacturing firm, or as an export trading company (ETC), finding domestic resources ready to export. Or you might want to use the original Trader Sam formula, importing and exporting yourself as an import/export trader.
In Florida, Lloyd D. has positioned his company as EMC and ETC, depending on the needs of his clients. “[As EMC, we] work directly for the manufacturer, or its exclusive distributor/manager for international sales, as a marketing and screening supplier,” Lloyd explains, “and will search and find overseas buyers for resale and/or distributors/representatives qualified sales. [Our] objective is to serve as an extension of [our] primary internal export sales efforts.”
Under his ETC hat, Lloyd says, “[my company] performs similarly to the one previously described, except that the principal relationship is reduced and the business is usually conducted on a case-by-case or ad-hoc basis. It is more of a sourcing function for buyers and sellers. “
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In Germany, Michael R. describes his company’s role this way: “[We] are a worldwide consultant to SMEs (small and medium-sized enterprises) that want to increase their sales and profits by using the available world markets more successfully.”
Here’s a quick overview of your market research assignment. You need to do some in-depth investigation into each of these areas:
One of the catch 22’s in business for yourself is that you need to
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