Certainly, it is the goal of any country to export products to other countries in the world. Aside from the fact that this endeavor boosts up economy, it is also a way of promoting the country. Some of the most successful economies in the world can be attributed to a successful trading venture, covering both exports and imports. However, being in an import and export business takes a lot of skills and qualities that are essentially important for the success of the business.
Yes, there may be a lot of potential products for export, but knowing this is not enough. For trading to be optimum, it is advisable to involve in import as well. Although starting an export import business may not be that easy, there are a number of tips that could help you in getting started.
One of the first things that need to be done in setting up an import export business is to check industry directories from foreign countries for possible import export activities. Usually, consulates and embassies have a list of manufacturers and industries of all kinds and types. Thus, these are good places to start.
In importing goods, you need to communicate with the particular country's consulate in your own country to establish the products that you want from their country. If you are not yet certain of the particular products that you would want to import from a specific country, you can always ask for a list of their products to help you in deciding which ones to choose.
After identifying the products that you want to import, you should consult your country's taxation department about acquiring a registration number and complying with other requirements that are necessary of an import export business in your country. Requirements may vary from country to country, as well as with the rules, that is why it is advisable to seek the advice of your local taxation department for these. Moreover, a license might be needed for certain products that you are planning to import or export. Thus, it is also important to inquire about licensing requirements.
After ironing things out with the taxation and licensing departments, it is essential to check the trading relationship between your country and the particular countries that you have identified. This is important because there some embargoes that are set up against other countries. When this is the case, there can be some restrictions against goods from your country, and vice versa.
Participating in local Chambers of Commerce also helps in setting up an import export business. Aside from the fact that you can establish networking by participating in these chambers, you can also have access to libraries and other sources for good trading information.
Employing custom brokers also helps in getting started. Whether you like it or not, small businesses that do their own paperworks may run into delays at borders. Thus in order to avoid delays and mistakes which might result into fines, it is advisable to use custom brokers.
Finally, in the import export business, no specific shipping and customs handling work for all situations; thus, you should be prepared for diversions and detours that might happen along the way. Being adept with Incoterms definitely helps you understand standard definitions and custom.
