Starting an import and export company is one of the latest trends in the business landscape these days. Over the past few years, import-export businesses have sprung everywhere like mushrooms – and for good reasons. With a variety of goods that one can sell inside and outside the country, it can be said that this type of business offers big and unlimited opportunities for those who are smart and skilled enough to sell items that are in demand.
With that being said, running an import and export business is not, by any means, an easy endeavour. The road to success is littered with challenges, which if you are not aware of, can virtually affect everything from your operations to your customer service. So before you even embark on your journey in the international trade landscape, it is important that you familiarize yourself with the common mistakes that can cost you your start-up import-export company.
One such mistake, which is often overseen even by veteran importers and exporters, is not investing in cargo insurance. Many importers treat cargo insurance as an unnecessary expense but considering the unlimited number of risks present while transporting the goods, this should be treated as an investment to protect the business from potential financial havoc and wrecked reputation.
Another common pitfall in the import-export industry, in many countries, is using the service of an unreliable customs broker. Customs clearance is one of the most critical areas of running an import business, yet many importers hire the services of those without any experience for the sake of saving money.
Regardless of the impact these mistakes can lead to, the good news is that you can avoid them by educating yourself and by partnering with reliable freight forwarders and customs brokers. Learn more about the common mistakes in import and export business that you should avoid by checking this infographic from Excelsior Worldwide Freight Logistics.
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