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From importing exotic fashion to exporting lighting fixtures, an international trade business will take you all over the world and into all niches.
Import Export Business For Sale In Usa
International trade is one of the most popular industries of the new millennium. But this is not new. Think Marco Polo. Think of the great caravans of the biblical era with loads of silk and spices. Remember even that prehistoric man traded shells and salt with distant tribes. Trade exists because one group or country has a supply of certain goods or goods that are in demand in another. And as the world becomes more and more technologically advanced, as we shift in subtle and not-so-subtle ways to a one-world mindset, international trade becomes ever more rewarding, both in terms of profit and personal satisfaction.
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Imports aren’t just for those lone adventurers who survive by wits and teeth. These days, it’s big business, accounting for $1.2 trillion in annual sales, according to the U.S. Department of Commerce. Exports are just as large. In just one year, American companies exported $772 billion worth of goods to more than 150 foreign countries. Everything from drinks to chests of drawers – and a staggering list of other products you’d never think of as global goods – are fair game for the savvy shopper. And these products are bought, sold, presented and distributed somewhere in the world on a daily basis.
But the import/export business is not the sole purview of the corporate trader conglomerate, with the big boys accounting for only about 4 percent of all exporters, according to the US Department of Commerce. That means the other 96 percent of exporters—the lion’s share—are small outfits like yours—at least if you’re a beginner.
Why has importing become such a big business in the United States and around the world? There are many reasons, but three main ones boil down to:
Besides basic goods, countries usually export goods and services that they can produce cheaply and import those that are more efficiently produced elsewhere. What makes one product less expensive for a nation to produce than another? Two factors: resources and technology. For example, a country with extensive oil resources and refinery technology will export oil, but may need to import clothing.
International Trade Databases For Import Export Businesses
First, let’s look at the players. While you have importers and exporters, there are many variations on the basic theme:
Now that you are familiar with the players, you will need to look at the trade channel, the method by which goods move from the manufacturer to the end user. A manufacturer who uses an intermediary who resells to the consumer follows a three-level distribution channel. A middleman may be a merchant who purchases goods and then resells them, or he may 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 set up your sales channel, but they can include any of the following:
Not everyone is capable of being an international trader. This, for example, is not a career for sales geeks. If you’re one of those people who would rather work in a chain gang than sell Girl Scout cookies, or if you turn white at the thought of selling, then you don’t want to be in the import/export business. It’s also not a career for people with organizational issues. If you are one of those people who leave the devil in the details and wait for the next step, you should think twice about international trade.
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On the other hand, if you’re an enthusiastic salesperson who knows how to keep track of things like invoices and delivery receipts, your idea of heaven is to see where new ideas and new products lead you, and when, in addition , you enjoy the thrill of interacting with people from different cultures, then this is the career for you.
It also helps if you already have import/export experience. Most of the traders we spoke to were very familiar with the industry before starting their own business. Peter P., who founded a Russian trading company, went directly from an international business major in college to an operations position at an international frozen meat company in Atlanta, which put him in the right place at the right time.
“I speak Russian and Ukrainian fluently,” says Peter. “I have Ukrainian origin. I studied Russian in college, first as an easy study. When I graduated in 1989, I didn’t know 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 from largest dollar imports and exports to smallest):
Steps To Starting An Import/export Business
You certainly don’t have to limit yourself to trading with importers and exporters in these countries – there are plenty of other exciting opportunities, including Caribbean and Andean Pact nations and the new kids in the Eastern Bloc, the former Soviet Union. But as a newcomer to the international arena, you should check out our biggest trading partners and see what they have to offer. Then take the best shot with them or another country.
Every business needs consumers for its products and services to, as the Vulcans eloquently put it, live long and prosper. Now that you know what is involved in running an import-export business, you need to plan or target your market and determine who your potential customers will be, which geographic regions you will serve from, and which specific products or services you will use. I suggest to attract them.
This is a very important stage in the project of creating a mega-trader. The right market research can help turn your trading company into a real 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 flounder.
Any manufacturer, supplier, craftsman, artisan, importer, exporter or retailer is fair game. You can look for companies that deal in heavy construction equipment or delicate jewelry, fine candy or pet food, telecommunications or toys. The only essential requirement is that they want to sell their goods or buy someone else’s.
Chart: Where America’s Used Vehicles Get Exported To
However, this does not mean that your best technique is to stand at the gate of the producers, tripping them as they walk to their cars after work every evening. Targeting by definition means targeting a specific group.
For example, if you have previous experience in a certain field, you should seriously consider targeting that market. You’ll feel comfortable with the jargon and procedures, so your presentation – and your initial sales pitch – will go more smoothly and easily. As an added bonus, you may already have contacts in the field who can become your first clients or refer you to colleagues in the field.
Dan S. has targeted the technology field – specifically commercial software solutions and computer cables – simply because he has been in the field for over 10 years. He knows the field and feels comfortable in it.
Wahib V. also started in a field he knew well, runway and navigation lights, then moved on to other international construction projects, importing materials for railway and telephone poles and construction services, as well as other heavy equipment materials.
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GOOD. You have narrowed down the list of products you will target. Now you’ll want to find your niche, a unique angle that will set your business apart from — and above — the competition. Here you can really express your creativity.
You can start as an Export Management Company (EMC, remember?), finding buyers for domestic manufacturing firms, or as an Export Trading Company (ETC), finding domestic sources willing to export. Or you can follow the original Trader Sam formula by importing and exporting yourself as an import/export merchant.
In Florida, Lloyd D. positioned his company as both EMC and ETC, depending on the needs of his clients. “[As EMC, we] work directly for the manufacturer or their exclusive distributor/international sales manager as a marketing and verification provider,” Lloyd explains, “and will seek and find overseas buyers for resale and/or qualified distributors / trade representatives. [Our] goal is to function as an extension of [our] principal’s domestic export sales efforts.”
Under the ETC hat, Lloyd says, “[my company] operates in the same way as previously described, with the exception of a reduction in core relationships, and business is generally conducted on a one-to-one or one-to-one basis. more of a search function for the buyer and the seller.”
Import/export Business Plan
In Germany, Michael R. describes his company’s role as follows: “[W]e are a global consultancy for small and medium-sized enterprises (SMEs) that want to increase their sales and profits by making more successful use of the available global markets.”
Here’s a quick overview of your market research tasks. You’ll want to do some in-depth research into each of these areas:
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