Importing business takes more effort than just a simple call to place an order and then waiting for the order to arrive. Here are a few tips on how to deal with the factors of an importing business.
Ask yourself, is there enough demand in your local market for resale? As a resource, you can identify targeted customers and distribute a survey to acquire the information. If there is a limited amount of demand, you could have an excess of product that will not be sold. This will lead to a loss on your deal.
Is it legal?
Are the goods you are importing legally able to be exported and imported to your country? You may want to figure this out before you spend the time, effort, and money importing your product.
Is it cost effective?
Once you figure out the cost of your product, figure out how much profit you would be making. There are a lot of additional charges you may not be considering in the process of shipping your product, and you may want to get an accountant to look over your business bank account and make sure you have included all the possible costs that may incur.
Once you have learned to successfully import your business, you need to learn how to properly export and care for the financial obligations there as well. Following are a few tips on exporting for business.
Build business relationships
Sending a post card or a letter to other businesses on special holidays or occasions can go a long way in establishing and maintaining a relationship. Winning buyers is also part of keeping quality service. Speed, sincerity, knowledge, and problem solving are essential in building these relationships with businesses and buyers. Exceed the buyers’ expectations.
Be prepared to meet growing demands
If you take into account the previous issues than you will likely have a thriving business. It is important to consider the demand for your product increasing and how you will be able to meet the demand if it should rise. If you are unable to meet this demand you could risk losing the whole market.
Don’t try to do too much too fast
In the beginning it will likely be hard to find a balance in starting the business. Remember to focus on one market at a time and only move on if you are able to handle the first market and it is succeeding. Wait until the cash flow is good enough to move on. Consider managing and looking out for business finances through joint ventures, franchising, and strategic alliances.