People have been trading across borders and seas for millennia; the only difference between then and now is that we now have paperwork, rules, and regulations, which takes much less time.
The products that you can import or export are vast; you can find almost anything online. One of the things you will need before you get into it seriously is import and export training from Colbea. Make sure that you get everything you need to make it a success.
This industry is interesting because only about 4% of the import/export business is from huge companies. The vast majority are smaller companies – just like yours will be.
Imagine if we never purchased anything from other countries – imagine how little we would have, and also the impact that would have on the manufacturing industry too. Every country is rich with people with many skills, tools, trades, and materials. To access them and use the import/export is essential.
Countries like China have a highly-functioning import/export industry and sell many products all over the world. Innovations, technology, and more also arrive in different countries at different rates – import is essential for access to those things.
Equally, export is essential for other countries to have access to what you have.
The first thing you will need to consider when you start your import/export business is the product. Of course, registering your business, the name, and ensuring you understand all the regulations and rules.
Make sure that you have the capital needed for your first purchase, but also ensure that you can run the business effectively until you make a profit.
Do a small test run to see how the market reacts to your products; you can learn a lot from doing small tests.
The more information you have about it, the more likely it is that you will have a successful larger trial run. Once you have data to work on, you can refine your process and then expand what you do.
As soon as you narrow in on a product you want to import or export, you must make sure that you choose reputable suppliers. If you want to skip a lot of the hassle, Global Sources and Alibaba tend to offer more than enough to get people started.
If the product that you deal with can be purchased cheaper (including P&P), then you are not going to make many sales. It helps if you have either some exclusivity; in general, the markup might not be high – but it should be high enough to see a continual profit. Even if you run into a time where your product isn’t selling, try not to be tempted to sell them at a loss – as that can have a lasting impact.
Most import/export business is profitable, but it relies heavily on research and a deep understanding of your intended market. Here is how to plan your business to perfection: How to Set Your Business Up for Success from Day One.