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How to Start an
Import Export Business
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"This is an expanding field! People are needed to help with global trade worldwide."
A Dozen Tips for Starting an Import/Export Business
T I P : World's Largest Database of eCommerce Wholesalers
Find out what products sell best and where to get them. Easy one-stop resource for people selling worldwide. (And they dropship too!)Thinking of starting an import/export business? Jennifer Henzel, a Certified Import/Export Trade Professional offers these tips for getting started:
- Many countries have set up offices (Consulates or Embassies) in foreign countries to promote the exporting of their goods. The Consulates will supply you with industry directories and more. Embassies are located in a nation's capital and Consulates in different cities. In many cases, the Embassy web site will contain directories and manufacturer lists, as well as an email link that you can use for sourcing
- To import goods, communicate with that country's Consulate situated in your own country. If you are uncertain what products the other country wants, you can obtain catalogues and lists of manufacturers.
- Contact your country's taxation department to ask about registration numbers or other procedures that you must follow. For example, if you are Canadian, you will require a Registration Number, issued by Canada Customs and Taxation Agency (CATA). When you inform CCTA of your plans to import or export, they issue an extension to your business number. This number is used on all related documents.
- Find out about licensing requirements, if any. Many countries do not have licensing requirements for most products. However, if you are importing or exporting high-risk products (pharmaceuticals, liquor, chemicals, arms, certain food items and certain articles of apparel), you might need a license. "I strongly recommend that people start out with low risk items that can be easily traded and have fewer barriers like giftware and consumer items," said Henzel. "Certain industries, like dairy, are guarded by lobby groups in some countries. You will be faced with quotas and restrictions."
- Embargoes are trade barriers set up against other countries. Many countries have embargoes against Cuba, for example. First, contact your own government to determine whether there are restrictions or embargoes against the country you are considering. Next, contact that country's Consulate or Embassy to see if there are restrictions against goods from your country.
- Participate in the local Boards of Trades (or Chambers of Commerce if there is no local Board of Trade). In addition to networking, you have access to research libraries and other resources that will offer good trade information.
- Use customs brokers. "Small businesses attempting their own paperwork can run into delays at borders. If you make a mistake, you can be fined," said Henzel. "A custom broker's service is well worth the fee you pay."
- When exporting, understand that there is no one solution to shipping and customs handling that will work in every situation. Every deal is different. Each company and each set of products will require a different set of services, or a combination of services. Engaging the services of a freight forwarder is one possibility. Freight forwarders arrange shipping and customs for goods going to other countries. "You have to shop for these services and do your research," Henzel explained. "Ask a lot of questions. It's no different than buying a piece of furniture. You shop around first."
- Be familiar with Incoterms, as posted to the International Chamber of Commerce Web Site (http://www.iccwbo.org/index_incoterms.asp). Incoterms are standard trade definitions that dictate the shipping and payment responsibilities of each party. The two companies involved negotiate Incoterms for each deal. The best known Incoterms include EXW (Ex works), FOB (Free on Board), CIF (Cost, Insurance and Freight), DDU (Delivered Duty Unpaid), and CPT (Carriage Paid To). "You negotiate according to the Incoterms," Henzel said. "You decide who pays for shipping, who pays for insurance, etc."
- Consult your bank for information about Letters of Credit, the most common form of payment when trading internationally. With a Letter of Credit, you minimize your risk because the banks assure that the goods are delivered before the money is exchanged. As an importer, a Letter of Credit reduces the risk of having to pay in advance for goods, or of paying for goods that are inconsistent with the product description in the Letter. As an exporter, you have the buyer's bank's assurance that you will receive payment provided you ship the goods as specified within an agreed-upon time.
- Participate in Trade Missions. Consult your Board of Trade or local Chamber of Commerce to discover what is available.
- Finally, look to the Web for information about international trade. Many web sites offer an array of information that you can access for no charge, including Henzel's site (www.importexportcoach.com).
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Step 1: Import-Export Business Start-up Guide
Import-Export Complete Home Business Start-up Kit
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Freight Brokerage Service Complete Home Business Start-up Kit
With a computer, phone and fax machine, you can easily set up your own freight brokerage business without having special training or knowledge. By matching shippers and carriers who transport goods throughout the US, you can make a nice income working from home.
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- Business requirements, building carrier relationships
- Operations: shipper & carrier information, quoting rates, documents, invoices...
- What can go wrong and problem resolution
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- Start Today: click here >> Start a Freight Brokerage Business
Advice for Your Import-Export Business...
Browse By Topic:
Apparel
Body Jewelry
Closeouts
Clothing
Dollar Store Items
Dropshippers
DVD
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Handbags
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Knives
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Products
Sunglasses
Wholesale
Step 2: Marketing Advice and Finding Repeat Customers
How to Attract New Customers and Get them to Buy More
No matter what products you import or export, there are certain marketing techniques that will not only find you new customers, but will entice them to buy more products from you and buy more often.
Respected Small Business Marketing Expert David Frey shows you how to implement these strategies without a whole lot of effort. Find out how >> Best Marketing Strategies
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Step 3: Learn the Secrets of Other At-Home Entrepreneurs
Real Life Case Study #6 Scott Elgin
Scott originally started his site as a simple hobby; however, his site of online information resources for those involved in the trucking industry grew quickly to a $30,000 income in his first year online...
And to $40,000 a year after that! Click here to learn how
More Ways You can Save Time & Money:
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Don't underestimate the power of tax knowledge! Small business changes can effect your profit in great ways. Discover over 20 deductions you can take for your business and how to save money getting your taxes done.
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Are you better off forming a C Corporation, or would you be better off in an LLC or Partnership business? Find out here which one will maximize your business profits and how you can get started easily online.
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