How to Start an Import Export Business from Home
How can I start an import-export business from home? How can I find customers for export business? What should I export? What are the best destinations to export? If all these question keeps roaming around your mind then this article is for you! Here is a comprehensive guide for you on how to start an export business and how to develop the best import export business plan.
The concept of trade is as old as the human civilization. But it goes without saying that the practices employed today are totally different from the ones that worked traditional days. If you are considering to start your own export business and want to develop the best import-export business plan, it is an excellent idea. Exports is one of the most profitable form of business especially in the long run! With Globalization running in our blood, the worldwide markets are more accessible than ever! Export businesses are booming everywhere and this is the right time to look for import export business opportunities.
You don’t have to have a very elaborate import-export business plan, small export businesses are just as profitable if done right. If you are wondering how much money is needed to start an import export business, let me tell you, export businesses does not require extensive funding and thus allow you to have good profit margin. So if you are still pondering “how do I contact importers from all over the world to export products,” this article will give you all the answers you need to get started on your dream of import export business from home.
Step 1 — Decide on a Product:
When planning for export business the first step is to pick a product or products that you want to export. Thousands of products offer immense import export business opportunities. There are many new products that you can introduce to the target market. Or you can study the target market to know what types of products are famous there and then decide. After this you will be able to start on developing your business further. Plus, when you decide on the product, also contemplate whether you will be able to export that product for long time or not? Will it be profitable? Is the competition for that certain product is high or not? These question can make a huge difference to either make or break your business. Stay informed about the demands and trends of the local market and try to expand your business. One more thing, if you want to conquer the market, high quality products are a must.
Step 2 — Source Your Suppliers:
The second most important thing to consider in your import-export business plan are the suppliers. Once you know what products you are going to supply to your target market, the next step is to find the right suppliers for your business who can provide you with high quality products at good rates. Finding and maintaining a good relationship with supplier is important for the success of your business. Finding suppliers is quite a tricky part. Sometimes the products that you want to supply to the target market are not locally available. So what should be the next step? Finding a reliable international supplier is what you must do next. And for that purpose you can use online B2B trade websites. Top B2B websites offer a multitude of import export business opportunities. There are thousands and thousands of online platforms that help the commercial traders to reach the right business partners. Here are some of the best online websites that are used globally to help the traders to start an import export business from home:
Step 3 — Price Your Products:
Now you know what products you are going to sell, your target market, and from where you are going to source them, now the next step is to decide the price you are going to sell your products at. Pricing is crucial to your business. You don’t have to price your product too high that the local people steer clear of them and nor do you want to price it so low that you won’t be making any profits. After all, all your efforts are to make profit. Typically you must look for 10% to 15% markup above the price that you pay to the manufacturer. You need to understand two main points while selecting the price, the volume of the products being sold and the commission that you want to make. Carefully select the price and then move on towards the next step of the business.
Step 4 — Find Customers:
Looks like all is set for you to start you import export business. The one thing that you need to figure out now from your list of “How to start import export business” is how to find foreign importers or genuine buyers. Ever since the concept of commercial trade was introduced in the industry, the exporters have been faced with the challenge of finding the right buyers for their business at the right time. You can’t just send the product to the port and ask the locals to buy your products. You need buyers in advance. At this stage, again B2B platforms came to rescue. These websites won’t only help you to find the suppliers for your business but you can also get connected with the right buyer from your target market through these websites. You can also take the old fashion path and try emailing or cold calling but those techniques are not very reliable.
Step 5 — Get down to the Logistics and Paper work:
Now is the time to take a swim with the logistics and paper work involved with the business. You will have to apply for the trade license or some other additional certificates depending upon the country you chose. Plus, delivering your goods to the customers is also your duty so carefully select your logistic partner. Here finding the one with the lowest rates is not the goal, you need to find the right partner who could deliver your goods on time and without costing you a fortune. This part is sometimes deliberated as one of the most challenging aspect of starting an import export business from home. Getting products that are somewhere and delivering them somewhere else can be tricky but with the right Logistic confrère, it doesn’t have to be that difficult.
Bottom Line:
The questions, how to start an import export business from home or how to find import export business opportunities are hotly debated everywhere. People have different opinions on how to proceed with their import-export business plan, but the above mentioned steps are enough to get you on international business track.
