You have just started your export business and may be a little apprehensive about the future outcome but if you always keep the following in mind your chances of making it into a really successful operation is bound to increase.
- Many a time entrepreneurs in their enthusiasm do and invest too much in the beginning in order to grow fast and end up making losses. It is always prudent to concentrate on one market and achieve a steady cash flow before venturing into another.
- Always be prepared to spend time and money as international markets will be more expensive than domestic ones and will take patience and time to get familiar with.
- Although having and maintaining a cordial relationship with buyers is accepted as an important factor; people fail to understand that even the tiniest gestures of remembering birthdays or sending greetings during festivals etc. can go a long way in the nurturing of a long term business relationship along with delivering quality goods as a rule.
- Do not become the victim of frauds. Always keep your senses alert and do a thorough background check at the slightest doubt. Common frauds are non-payments, samples and complaints. In case of payments secure your payment with the correct choice of payment mode; in case of samples beware if asked for unusually large quantities as sample and to deal with complaints ensure a detailed and strict clause in your contract.
- Never trust only verbal agreements in any trade especially on an international level. Always make sure that smallest request or promise is received in writing before you act on it.
- You cannot afford to run your business without planning. If you think you can just survive with ideas that come to you as you carry on your business then you are mistaken since planning does only help you to do business profitably but prevents or minimizes losses when a sudden unwanted situation arises. Never forget that your competitors will always have a plan to stay a step ahead and so should you.
- The most common reason that successfully running export businesses suddenly run into losses is that they have not kept pace with time. Always remember that every market changes every few years in terms of trends and demands.
