5 Tips to Grow Your Import and Export Business

2022-10-09 15:30


The next step to starting an import/export business is finding a product or sector you are passionate about that you feel can be sold to international markets. Once you have done the market research for your import/export business, the next step is to consider how you are going to market and sell the product.

1. First, you will need a business plan, products that are eligible for import and export, and suppliers that you can potentially partner with. Now that you know what it takes to start a sourcing/exporting business, you will need to plan, or target, your markets, determining who your prospective customers would be, which geographical areas you would be reaching out to, and which specific products or services you would offer to attract them.

2. Whether you are planning on exporting or importing, prepare a marketing plan for pitching to your prospects. When you have found a product/market fit that is promising, back it up with a market study and tests before starting import/export. Now that you have found a source for the product, received samples, and done the research which has proven positive, you might feel you are ready to jump in, launch an importing/exporting venture, and begin approaching buyers and retailers, asking for orders.

3. Find out consumption/import figures for products like yours, as well as the economic growth rates for potential new markets. To choose what products would be profitable for the Indian export business, do thorough market research on products and what is the demand. For export business in India, this may lead to problems, therefore, analyze product potentialities before initiating the documentation process with a customer or importer.

4. More importantly, before the product is imported & export, it is always good practice to book samples to make sure that the products are up to your expectations, specifications, and quality standards. You should figure out how to get the products from the right suppliers on the right terms. The primary objective, the reason why importing/exporting can be profitable, is if you can sell your product at a higher price than what you are paying to your supplier or supplier, then you make a profit.

5. You might want to consider buying products from a country that has a free-trade agreement with the importer so that you do not need to pay any tariffs or duties. For example, if India has a sufficient manufacturing capacity of fruits and vegetables, and has sufficient quantities of those products, the United States, and Iran would prefer India to any other country to conduct their import-export trade. Hiring global forwarders is usually a good idea for all import-export businesses because they will act as transportation agents to move your goods - saving you lots of time and hassle in getting your products from the factory to the warehouse. You will have to figure out the logistics of moving your supplier's products from their local warehouses or manufacturing facilities to another, potentially across the globe, and convince your suppliers about the benefits of entering the US market (or the other market that you plan on selling to).

Reach out to us if you want o start your own import and export business. Email: info@bedealers.com

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