by Jennifer Henczel
ISSN 1916-2332
With each issue of Import Export Coach Ezine you will receive helpful import export business start-up tips, tools, information, links, and articles that will help you with your plans for going global. It all starts with research...
Research pays off and it's easier than you may thinkA small import/export business can easily be started from a home-based office. Beginning slowly at home will help you to keep the start-up costs relatively low. The earning potential for the import/export business can range from a few hundred dollars per week to many thousands of dollars per week. There are a number of insider secrets that you'll need to know in order to successfully begin this enterprise. "Research" can sometimes be an intimidating word. Really, it just means making a lot of phone calls, doing searches online, and making the right contacts. Be sure to research all aspects of your trade venture, including but not limited to:
- Market potential. Don't just import items because YOU like them, find out if there is a genuine need for the product.
- Legal considerations. You can save money by doing a substantial amount of legal research. Ideally, you should have a knowledgeable international trade lawyer in your corner
- Financial viability. You must calculate all the expenses and potential profit of your venture. Many times, doing a cash flow analysis to the best of your ability up front will identify areas of concern and determine if the venture is viable, only then should you proceed with your import export idea.
- Staff and production capabilities. Ask yourself: If importing, so you have the sales and management abilities and staff to sell the products in a timely manner to make a profit? If exporting, do you have the staff, facilities, and manufacturing capabilities to meet the demands of large international orders?
Here is the rule I live by...
Increased Research = Decreased Risk
It is important to remember that if you et the urge to skip some steps or get tired of investigating all the aspects of your import export venture; you must eliminate as much risk as possible. It is the only way to determine if you venture is viable or not.
Use your research to find and market products properly. Effective marketing is the only way to let buyers know about your products and services.In your research, you may find that there are actually few barriers to importing common gift merchandise and consumer goods into the United States. You can buy from overseas all kinds of quality made products such as computers, radios, clocks, stereos, shoes, and so forth. Future issues will provide information on restrictions and regulations.Clothing is the exception as there are high duties and low quotas on apparel in most countries, however for this industry this is where your research will really pay off. By making phone calls and researching the industry that interests you most, you will be able to determine if any venture is worthy your continued efforts. You must ask yourself if the profit margins are big enough, and this can only be answered through research. Research is the most important part of any import/export business.
There are many more aspects we will cover in future issues, such as restrictions and regulations.
My recommendation: In the meantime, learn as much as you can about import and export by researching any question that comes to mind. Visit my site to get started with your research today http://www.importexportcoach.com/.
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Jennifer Henczel
The Import Export Coach
http://www.importexportcoach.com/
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