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From importing foreign fashions to exporting light fixtures, an international trade business takes you around the world and to all manufacturing locations.
Start Import Export Business In India
International business is one of the hottest industries of the new millennium. But this is not new. Consider Marco Polo. Think of the great caravans of biblical times with cargoes of silk and spices. Think more about prehistoric man trading shells and salt with distant tribes. Trade exists because one group or country supplies some good or commodity that another group demands. And as the world becomes more and more technologically advanced, we don’t shift in subtle and subtle ways toward one-world modes of thought, international business becomes more and more rewarding in terms of both profit and personal satisfaction.
The Top Importers And Exporters Of The World’s 18 Most Traded Goods
Importing isn’t just for the lone footloose adventure types who live by their wits and the skin of their teeth. It’s big business these days, to the tune of $1.2 trillion in goods annually, according to the U.S. Department of Commerce. Exports are also huge. In just one year, US companies exported $772 billion worth of goods to more than 150 foreign countries. From beverages to commodes–and a bewildering list of other products you’d never imagine as global merchandise–are fair game for the savvy trader. And these products are bought, sold, represented and distributed somewhere in the world on a daily basis.
But the import/export sector is not the only area of conglomerate corporate traders, according to the U.S. Department of Commerce, with large individuals making up only about 4 percent of all exporters. Which means that the other 96 percent of exporters–the lion’s share are small outfits like yours–when you’re new, at least.
Why is importing such a big business in the United States and around the world? There are many reasons, but three main reasons boil down to:
Except for cachet goods, countries generally export goods and services that they can produce more cheaply and import those goods that can be produced more efficiently. What is less expensive for one 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 have to import textiles.
How To Start An Import Export Business In India?
First, let’s look at the players. When you’ve got your importers and your exporters, there are several variations on the main theme:
Now that you are familiar with the players, you need to swim in the trade channel, through which merchandise goes from the manufacturer to the end user. A manufacturer who uses an intermediary who resells to a consumer is paddling around in a three-level channel of distribution. A middleman may be a merchant who buys goods and then resells them, or he may be an agent who acts as a broker but does not take title to the goods.
Who your fellow swimmers are will depend on how you configure your trade channel, but they can include any of the following:
Not everyone is cut out to be an international trader. This, for example, is not a career for the sales-phobic. If you’re one of those people who would rather work in a chain gang than sell Girl Scout cookies, or if you blanch 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 business.
Starting An Import And Export Business In India: A Step By Step Guide
If, on the other hand, you’re an enthusiastic salesperson, a dynamo for tracking things like invoices and shipping receipts, and your idea of heaven is seeing where new ideas and new products take you, and if, to top it off, you love different cultures. If you love the excitement of dealing with people, 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 were well versed in the industry before starting their own businesses. Peter P., who founded a Russian trading company, went directly from his college major in international business 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 both 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 the U.S. trades with (largest imports and smallest exports in dollars) are:
Import Export Services Sample Proposal
Of course, you don’t have to limit yourself to doing business with importers and exporters in these countries–there are other interesting possibilities available, including member states of the Caribbean Basin and Andean Pact and the new kids in the Eastern Bloc. , former Soviet Union countries. But as a newbie to the international scene, you should familiarize yourself with our biggest business partners and see what they have to offer. Then take your best shot, with them or with another country.
Every business needs consumers for its products and services, as the Vulcans clearly put it, to survive and prosper. Now that you know what to do with an import/export business, you need to plan your market, or target, and who your potential customers will be, which geographic areas you will attract, and what specific products or services you will ‘attract’ them to. will propose to do.
This is a very important step in the mega-trader construction project. Proper market research can help grow your business 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 fail.
Any manufacturer, supplier, craftsman, artisan, importer, exporter or retailer is fair game. You can go after companies that deal in heavy construction equipment or delicate jewelry, gourmet goods or pet food, telecommunications or toys. The only requirement is that they want to sell their merchandise or buy someone else’s.
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However, that doesn’t mean your best tech is standing at the door of the manufacturers, tripping them up as you walk to your car every evening after work. Targeting by definition means homing in on 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 the jargon and procedures so that your sales pitch – and your initial sale – will be smooth and easy. As an added bonus, you may already have contacts in the field who can either become your first client or lead you to colleagues in the field.
Dan S. targeted the field of technology – specifically, software solutions for commercial use and computer cables – simply because he has worked in that field for over 10 years. He knows the field and is comfortable with it.
Wahib W., too, began in a field he knew well, runways and navigational lights, then moved on to other international construction projects, importing railroad and telephone pole materials and construction services, as well as other heavy-equipment materials.
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Ok You have narrowed down the list of target products. Now you want 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 through.
You may decide to work as an Export Management Company (EMC, remember that?), finding buyers for domestic manufacturing firms, or as an Export Trading Company (ETC), finding domestic sources willing to export. Or you want to stick with the original Trader Sam formula, import and export on your own as an import/export trader.
In Florida, Lloyd D. has positioned his company as both an EMC and ETC to meet the needs of his clients. “[As an EMC, we] act directly as a marketing and screening provider for a manufacturer, or his exclusive distributor/manager for international sales,” Lloyd explains, “and will search and locate for-sale overseas buyers and/or qualified distributors/ Sales Representatives. [Our] purpose is to act as an extension of [our] principal’s internal export sales efforts.”
Under its ETC cap, Lloyd says, “[my company] performs in the same fashion as previously described, except for reduced key relationships, and business is generally conducted on a case-by-case or ad-hoc basis. Additional sourcing functionality for buyers and sellers .”
How To Start Import And Export Business In India
In Germany, Michael R. He describes his company’s role as follows: “[We] are a global consultancy for SMEs (small and medium-sized enterprises) who want to increase their sales and profits by more successfully using the available global markets.”
Here’s a quick-fire overview of your market research tasks. You’ll want to do some in-depth research in each of these areas:
One of the catch-22s of being in business for yourself is what you need
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