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From importing exotic fashions to exporting lighting, the business of international trade takes you all over the world and all product niches.
Start Import And Export Business
International trade is one of the hot industries of the new millennium. But this is not new. Think of Marco Polo. Think of the great caravans of Bible times with their cargoes of silks and spices. Think further back to prehistoric man trading shells and salt to distant tribes. Trade exists because one group or country has a supply of certain commodities or goods that another demands. And as the world becomes more and more technologically advanced, as we shift from subtle and not-so-subtle ways to a global way of thinking, international trade becomes more and more rewarding, in terms of profit. and personal satisfaction.
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Importing isn’t just for lonesome adventurer types who survive by their wits and the skin of their teeth. It’s big business these days–to the tune of an annual $1.2 trillion in goods, according to the US Department of Commerce. Exports are just as large. In one year alone, American companies exported $772 billion in goods to more than 150 foreign countries. Everything from drinks to commodes–and a staggering list of other products you might not think of as global merchandise–are fair game for the savvy trader. And these products are bought, sold, represented and distributed everywhere in the world every day.
But the field of import / export is not the only purpose of the conglomerate corporate trader, according to the US Department of Commerce, the big people make up only 4 percent of all exporters. Which means that the other 96 percent of exporters – the lion’s share are small outfits like you want – if you are new, at least.
Why is importing such a big business in the United States and around the world? There are many reasons, but the three main reasons are:
Except for cached goods, countries typically export goods and services they can produce cheaply and import those produced more efficiently elsewhere. What makes a product less expensive for one country to produce than another? Two factors: resources and technology. A country with abundant oil resources and the technology of a refinery, for example, will export oil but must import clothing.
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First, let’s look at the players. While you have your importers and your exporters, there are several variations on the main theme:
Now that you are familiar with the players, you need to dive into the trade channel, the way in which goods travel from the manufacturer to the end user. A manufacturer who uses a middleman who resells to the consumer navigates a three-level distribution channel. The middleman may be a merchant who buys the goods and then sells them, or he may be an agent who acts as a seller but does not take title to 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 entrepreneur. This is not, for example, a career for the sales-phobic. If you’re one of those people who’d rather work in a chain gang than sell Girl Scout cookies, or if you’re at a loss at the thought of making a sales pitch, then you don’t want to be in import / export. It 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 idea is waiting to see what happens next, you should think twice about international trade.
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If, on the other hand, you are a passionate seller, a dynamo in tracking things like invoices and delivery receipts, and your idea of heaven is to see where new ideas are and new products will bring you, and if, to add to it, you like the excitement of dealing with people from different cultures, then this is the career for you.
It also helps if you already have an import / export background. Most of the entrepreneurs we spoke to were well versed in the industry before launching their own businesses. Peter P., who founded a trading company in Russia, left directly from his college major in international business to an operations position at an international frozen-meat trading company in Atlanta, that landed him in the right place at the right time.
“I can speak both Russian and Ukrainian fluently,” said Peter. “I’m of Ukrainian descent. I took Russian as a minor in college, at first as an easy grade. Little did I know when I graduated back in ’89 that Russia would open up to the West without soon.”
According to the U.S. Census Bureau, the top 10 countries with which America trades (in order of largest import and export dollars to smallest) are:
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Of course, you don’t have to confine yourself to doing business with importers and exporters in these countries–there are many other interesting possibilities available, including countries that are members of the Caribbean Basin and Andean pacts and the bag -ong children of the Eastern Bloc, the former countries of the Soviet Union. But as a newcomer to the international scene, you should familiarize yourself with our biggest trading partners and see what they have to offer. Then take your best shot, with them or in another country.
Every business needs consumers for its products and services, as the Vulcans say, to survive and thrive. Now that you know what it takes to run an import/export business, you need to plan, or target, your market, and know who your potential clients are. , what geographic areas you can access, and what specific products or services you can access. I will offer to persuade them.
This is an important stage in the mega-trader construction project. Proper market research will help develop your trading company into a real profit center, and the more research you do, the better prepared you will be before you officially open your doors, the less you can do.
Any manufacturer, supplier, crafter, artisan, importer, exporter or retailer is fair game. You can look for companies that deal in heavy construction equipment or delicate jewelry, gourmet goodies or pet food, telecommunications or toys. The only necessary requirement is that they want to sell their goods or buy from others.
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This does not mean, however, that your best approach is to stand at the gates of manufacturers, tripping them as they walk to their cars after work every night. Targeting by definition means going to a specific group.
If you have previous experience in a particular field, for example, you should seriously consider targeting that market first. You’ll feel comfortable with jargon and techniques so your sales pitch–and your initial sale–will be smoother and easier. As an added bonus, you may have contacts in the field who may become your first clients or guide you to partners in that area.
Dan S. focuses on the technology field–specifically, software solutions for commercial use and computer cables–because he has worked in that area for over 10 years. He knows the field and is comfortable in it.
Wahib W., too, started in a field he knew well, runway and navigational lights, 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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It’s ok You’ve narrowed down the list of products you’re targeting. Now you want to find your niche, the unique angle that will set your business apart from – and beyond – the competition. Here you can let your creativity shine.
You can decide to start as an export management company (EMC, remember?), finding buyers for domestic manufacturing companies, or as an export marketing company (ETC), finding local sources ready for export. Or you can continue the original Trader Sam formula, importing and exporting yourself as an import/export trader.
In Florida, Lloyd D. sets up his company as EMC and ETC, depending on the needs of his clients. “[As an EMC, we] work directly for a manufacturer, or his exclusive distributor/manager for international sales, as a marketing and screening provider,” Lloyd explained, “and look for seek overseas buyers-for-sale and/or qualified distributors/sales representatives. [Our] goal is to function as an extension of [our] principal’s in-house export sales efforts.”
Under his ETC hat, Lloyd says, “[my company] operates in a manner similar to that previously described, except the principal relationship is reduced, and business is generally conducted on a case-by-case or ad-hoc basis.” that basis. more of a search function for both the buyer and the seller.”
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In Germany, Michael R. describes his company’s role this way: “[We are] a global consultancy for SMEs (small and medium-sized enterprises) who want to increase their sales and profits through to use the available world markets more successfully.”
Here is a quick overview of your market research tasks. You will want to do an in-depth investigation into each of these areas:
One of the catch-22s of being in business for yourself is that you have to
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