Essential Things to Know Before Starting an Import/Export Business

Got awesome selling skills and want to start a business of your own? Now is the perfect time to start an import/export business. Thanks to the Internet, it has never been easy to source and sell products. Wherever you may be, with the right products, you can easily sell to the rest of the world!

There are, however, some things that you ought to know before you jump into this business. Let’s take a look at some of them, shall we?

Select your product, or range of products.

You might be able to sell rice in China, but you still need to have a focus. Needless to say, some market research will be necessary if you want to succeed. Ideally, what you choose will be something you like AND will make you money.

It might be tempting to go for the hottest things at the moment, but it is also a good idea to look deeper into the market. What might be hot right now may not be good sellers a few months down the road. What you want is to sell products that will benefit you in the long run.

Choose the right partners.

If you’re going to import products, then you have to find the right sources. Quality, quantity, and price – those are the three things that you need to consider and find the sweet spot. The same applies if you’re going to export. You need to partner up with people who can buy your products from you.

Additionally, it is crucial that you find the most appropriate freight forwarding partner. There is no shortage of European Freight Forwarders, but they have different offerings and terms and conditions. To make sure your products get where they are supposed to be at the right time, at the least possible cost, and in one piece, partnering up with the right freight forwarders is essential.

Don’t discount marketing.

Some marketers may have added to the negative image some people have of the sector, but any businessman will attest to the fact that marketing is a critical part of business. While you may be running your import/export business online, it is still paramount that you stay competitive by engaging in marketing activities. You will certainly not be alone in your niche, and you want to make sure that customers – existing and potential – will know what you’re up to. So, from the get go, make allowances for marketing, both in terms of funds, manpower, and time.

Image via BLS

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