You must bear in mind that the business will move at a slow pace at first, and that you will need to make contacts and sell yourself in order to make profits. Using Nigeria as a case study, it has been established that the local industries cannot meet the demand of consumers; thus the need to import goods other countries to complement local production.
Check with your freight forwarder to be clear about your responsibilities. The letter of credit states the terms and conditions to make it legal and negotiable into money, usually holding for proof of shipment of the goods. Market your Business Another important thing to remember when starting an import export business is to begin a mailing campaign so that you can market your business to your foreign contacts.
American companies spend a large sum of money in international trade, importing products from other countries.
Use the foreign contacts you have established as a selling point to get the manufacturer to make you their sole export agent.
Your personal banker will follow through on the actual foreign transactions, and will import export agent business plan keep your credit afloat. Exporting their goods is the place to start your business. If you get this information on time, you will be able to quickly shift some of your resources accordingly.
Send the letter and price quotation by registered mail to be certain of its delivery. Review your local export laws-: Customs duties and unloading need to be followed through from the American port. Freight forwarders prepare documentation, contract shipping insurance, route cargo with the lowest customs charges, and arrange storage.
If you are an exporter, you must agree with the buyer and provide the goods upon receiving the money. You might go over the price quotation with your freight forwarder to be sure nothing is overlooked.
You have foreign contacts and know the demand for specific goods. So, they work on both ends of import-export deals—that of the origin and that of the destination. Start a large mailing campaign.
Check out the particulars of shipping and manufacturing from the foreign country. Aside that this business can accommodate anyone regardless of the size of their investment capital, it also offers the prestige of working with suppliers from all over the world.
When you produced a price quotation for the goods, you had to go through all the steps the merchandise will follow. You have many selling qualities for convincing the manufacturers to engage you as the sole export agent.
Read everything you can find about world trade. To do this, shipping schedules must be established and communicated with customers, deliverers and ports to verify that every step of the process is going smoothly. Define your market and select target product One of the most important factors you must consider before even pondering on how to start an import export business is to select the target goods.
If you are starting your own business, you need to acquire an initial operating fund and secure office space. You also need to check with the custom agency and Chamber of commerce to ensure that trade barriers and embargoes are not present in the countries you wish to do business with.
You must have all these because import-export brokerage is a risky business that you need to understand before plunging into.
This will minimize your risk of trading, as banks will protect the goods prior to exchanging money. An agent specializing in Shanghai, for example, who cannot speak Chinese and knows little about Communist Party policy in international trade is worse than useless.
There is no guarantee that all the documents in your field will be in English. Talk to people in the business.This explains why your first step towards becoming a successful import-export agent or broker is to get a relevant degree or diploma in international economics or any other discipline that focuses on international business.
HOW TO START AND OPERATE YOUR OWN PROFITABLE IMPORT / EXPORT BUSINESS AT HOME An import/export agent is a matchmaker. Manufacturers of domestic goods seek foreign distribution; foreign manufacturers want a United States market. and you'll need to plan your moves, make contacts and SELL YOURSELF.
IMPORT – EXPORT BUSINESS PLAN, Case: Kenko Oy LAHTI UNIVERSITY OF APPLIED SCIENCES Degree Programme in International Business. Sep 16, · The average salary for a Import/Export Agent is $43, Visit PayScale to research Import/Export Agent salaries by city, experience, skill, employer, and more.
Plan your career path. Drag job. Do you need a business plan to start an online import export business at home? If YES, here's how to start an import export business without investment/money Starting an Import Export Business Without Investment.
1. Make the Decision. As an agent, you can ask for a 10% commission fee from a product’s sales price. Learn the career profile, education requirements and potential salary for an Import/Export agent, one many exciting careers in international business.
Import/Export Agent Career and Salary Profile. Career Categories.Download