Post by Trade facilitator on Jul 8, 2015 16:17:24 GMT 1
Starting your own export business isn’t all that different from starting any other business. There are more details and headaches when you’re dealing internationally, but the same could be said about certain domestic industries and even certain companies!
You cannot export just about anything into other country - because you can run foul of the law if you do not exercise caution in your export business.
Therefore, before you embark on any export business, you must ensure that it is not a contraband item and that you can legally export it to other country.
The following are strategies to help you start a successful export business.
Focus On You
The most important factor of success in an export business - indeed, in any business - is you. You must be willing to take on all of the various facets of starting a business. As a business owner, you will be responsible for bookkeeping, inventory tracking, etc. You can always hire people to help you, but at the end of the day, the company is your responsibility. Therefore, make sure you are passionate about the products you are planning to export! This will only help you with your new business. Passion is the key element to success in any business.
Focus On The Business
Make sure that you are choosing products that people want to buy! Before you start exporting, make sure you do your homework and research whether there is a need in the marketplace for your type of product.
One easy way to research is to go online and search how many potential competitors there are in your marketplace. If everyone is selling your product online, you know you have a problem! Bottom line--before you invest time and money into any export business, make sure that you have a unique product that people are willing to buy.
Focus On The Market
Focusing on your customers specific interests will ensure that you are not only supplying your customer the right product, but also that you’re supplying exactly the right kind of product that fits your customers needs!
For instance, is your market more concerned with quality or price? Is there a certain feature that dominates their purchasing decision? Is colour and size an issue? The more you focus in on what matters to your customer, the more successful your export business will be!
Focus On The Source
Now that you’ve done your research, you are now ready to start looking across the waters (or, at least, the border. Just as if you were sourcing domestically, there are a number of ways to find someone who will buy exactly what you are selling. You can directly contact the company, find a regional sales representative, find a distributor or deal with a retailer, etc.
There is no right or wrong answer - it mostly depends on you and your marketplace. For instance, if your client relationships are time-intensive, you may want to use a middleman to sell your products for you, or let the export agent handle all the delivery details.
Focus On The Relationship
Once you’ve found a good buyer, maintain that relationship like you would any other. Be professional, keep your commitments, and hold them to theirs. Once you’ve established a reputation with the company, you may be able to get advance payment terms, suggest other line of products, and receive preferential treatment that can give you an edge in the marketplace.
Again, starting an export business isn’t much different from starting any other business domestically. Make sure you’re ready, make sure your business is ready, know your market, know your buyer or agent - then go for it!
You cannot export just about anything into other country - because you can run foul of the law if you do not exercise caution in your export business.
Therefore, before you embark on any export business, you must ensure that it is not a contraband item and that you can legally export it to other country.
The following are strategies to help you start a successful export business.
Focus On You
The most important factor of success in an export business - indeed, in any business - is you. You must be willing to take on all of the various facets of starting a business. As a business owner, you will be responsible for bookkeeping, inventory tracking, etc. You can always hire people to help you, but at the end of the day, the company is your responsibility. Therefore, make sure you are passionate about the products you are planning to export! This will only help you with your new business. Passion is the key element to success in any business.
Focus On The Business
Make sure that you are choosing products that people want to buy! Before you start exporting, make sure you do your homework and research whether there is a need in the marketplace for your type of product.
One easy way to research is to go online and search how many potential competitors there are in your marketplace. If everyone is selling your product online, you know you have a problem! Bottom line--before you invest time and money into any export business, make sure that you have a unique product that people are willing to buy.
Focus On The Market
Focusing on your customers specific interests will ensure that you are not only supplying your customer the right product, but also that you’re supplying exactly the right kind of product that fits your customers needs!
For instance, is your market more concerned with quality or price? Is there a certain feature that dominates their purchasing decision? Is colour and size an issue? The more you focus in on what matters to your customer, the more successful your export business will be!
Focus On The Source
Now that you’ve done your research, you are now ready to start looking across the waters (or, at least, the border. Just as if you were sourcing domestically, there are a number of ways to find someone who will buy exactly what you are selling. You can directly contact the company, find a regional sales representative, find a distributor or deal with a retailer, etc.
There is no right or wrong answer - it mostly depends on you and your marketplace. For instance, if your client relationships are time-intensive, you may want to use a middleman to sell your products for you, or let the export agent handle all the delivery details.
Focus On The Relationship
Once you’ve found a good buyer, maintain that relationship like you would any other. Be professional, keep your commitments, and hold them to theirs. Once you’ve established a reputation with the company, you may be able to get advance payment terms, suggest other line of products, and receive preferential treatment that can give you an edge in the marketplace.
Again, starting an export business isn’t much different from starting any other business domestically. Make sure you’re ready, make sure your business is ready, know your market, know your buyer or agent - then go for it!
