How Can I Start Up My Own Import Business

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The main job of an import export business is to connect the domestic and international buyers and suppliers. Usually these companies work with low overhead costs along with lean business models. This way they can have higher profits with smaller investments.

First step

The first thing that you have to do is to decide what kind of company you would like to have. You could have an export management company if you want to work with domestic customers shipping to foreign buyers. The export trading companies work with foreign customers shipping to domestic companies. You could also be an import export merchant if you buy the goods on your own and then resell them to foreign or domestic companies.

Second step

Once you make your mind up you will have to register the company and get the required permits and licenses. Don’t forget that the documentary letters of credit will speed the process up. The good news is that in the majority of the products there is no need for government licensing.

Third step

While you are still at the beginnings you should find a niche to focus on. Since there are a lot of fields that you could work with, the best thing for a small company is to find a niche and specialize in it. As a result you can gain experience and you can build good reputation for yourself.

Contacts

Some people say that the success of your business lies in the people that you know. It is a fact that it is important to have good connections with the people working in your niche. It is possible that at first building new connections will be quite time consuming.

The best thing that you could do is to come up with a list of companies working in your niche and start with direct marketing and direct approach. You have to send emails, make calls and sent marketing materials directly to the managers and wait for them to contact you.

Fifth step

You have to determine the offerings and needs of your contacts and then start making the connections. Again, make a list of all the companies that contacted you and talk to their sales managers to find out about the products that they have for sale or about the products that they would need from the foreign market, as well as the price that they are willing to pay.

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