Import/Export Business – Everything You Need to Know about How to Be Successful at It

Import/Export businesses have been around since the beginning of trading. Merchants travelled the world to bring goods from faraway lands and took local goods with them so they could sell them to foreigners. Back in the ancient times, this type of business was only reserved for the richest.

Today, things are quite a bit different. Even though there are a lot more regulations when it comes to trading, an import/export business has become substantially more accessible. You don’t have to be a rich prince in order to start your own trading company, you just need to know a couple of things. And that is precisely why we are here. Let us tell you exactly what is required to start your own import/export business so that one day you too can sell your goods to the world.

Research the market

As with any type of business, you will first need to research the market. You can’t just go and open an export/import company, there needs to be a lot of planning and preparations beforehand. Start with the market. See what’s trending at the moment or try to predict what the next trend could be.

When dealing with international trade, you want to have as big of a head start as possible, so that you can dictate the flow. We are not saying that you should build a monopoly, frankly that would be illegal, but if you are among the first to import the next big thing, your profits will skyrocket.

Set up shop

Once you have a product in mind, the next logical step is to set up shop, and by this, we mean you should open up a website or any other online platform. Today, an online presence is everything. You don’t need a fancy office space, even though it would help, to have a successful trading business. Simply, create a website from which you can reach your clients and potential customers. The Internet is the main reason why international trading has become so accessible. A person can buy your product from across the continent with just a few clicks and all you’ll need to do is ship it to them.

Focus on one thing

The import/export trading is unlike any other type of trading. Trading companies usually focus on one type of product. This allows them to get the best possible deal, but it also leaves them vulnerable if the product doesn’t sell that good. That is why our first step is very important. Of course, we are not saying that you should import/export one model of socks – that would be insane. Instead, try to get as many different variations and designs as you can, so that your customers have plenty of choices.

Hire help

In most cases, the import/export is done on a large scale. This means that a lot of goods will arrive or be shipped at short notice. Most people can’t handle a business on such a scale, so the go-to option is to hire someone to help you with the logistics. Companies like CTS offer such services; they can ship the goods from your warehouse storage in Sydney to anywhere you like, both internationally and locally. These types of companies will save you a lot of money and time, especially if you are new in this sort of business.

Be transparent

Lastly, we would like to mention the importance of transparency. It goes without saying that your import/export business should be completely legal. Be transparent with your customers and don’t deal with shady practices, even if you could potentially profit from them. Also, acquire every permit that is necessary, so you don’t end up in any legal troubles. The best way to go about this is to hire a lawyer that specialises in this area.

And that is about it. There are a couple extra things here and there, but we’ve covered the essentials. Remember that the import/export business is more complicated than the regular trade, so be prepared to invest much more time and effort into it.

About the author

Diana Smith is a full time mom of two beautiful girls and a business coach. She is interested in topics related to marketing and advertising.

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