The import export business has been quite a lucrative business segment from the beginning of time. It gets much more interesting and captivating if one can set up an international business from the comfort of their homes. There are certainly one too many advantages to starting your import export business from home.
The perks of doing your imp exp business at home is that you will have the flexibility to work at your convenience, an opportunity to connect with many people across the globe virtually, spend more time on your strategic planning which can be truly rewarding, and gradually gain experience and move up the ladder.
1. Choose your product
Choosing which product or category you want to import or export is certainly the first and foremost step in any international trading business. Before you embark on your business journey you need to ask yourself a few questions to put your business on the right path.
What is the destination of your product? Where do you want to import from or export your products to? What category is well received among people? Carry out enough market research. Is this product going to be in demand for a long time from now? If yes, well and good. If not, can your product list be upgraded? These are some of the important decision making questions you need to work on.
Once you know your target audience better, you will be able to come to a conclusion as to what kind of products you would like to start your business with. A deep research will create a huge impact on the way you start and run your business as well as the profit levels.
2. Register as an import export company
Once you have figured out the basic plan for your business, the next ideal thing to do is gather documents for registering your company. As many uncertain factors are involved, we cannot estimate the time required to get your registration completed. Decide if it has to be a private limited company, or partnership firm or proprietorship and proceed accordingly.
Start with applying your PAN card, opening a current account with a bank (preferably a private bank as their services as far better), and register your company. It is mandatory to get IEC (Import Export Code) for your company to do any form of import export business.
3. Work on your website
You will now have a lot of time in hand and mind space to think about the next stage of your business which is setting up your website. In today’s day and age, you can’t think of an international business without having a well operating website of its own. It can be rather simple. You can even start with a small blogging site, link them to your social media handles and slowly upgrade to getting your website. But the important thing is to have your footprints virtually.
Websites are the main aspect of your business, as they give life and meaning to your ideas. You can win over your customers or lose them based on the appearance & performance of your website. So, it would be better if you spent some quality time on your website.
4. Grow your global connects
Now making your website visible to your potential customers or buyers is as important as setting up one. If you think import export business is your ultimate goal then you should work strategically on making yourself visible to more relevant people. Think SEO. SEO does a very good job in bringing your page some good views and slowly converting.
Making new contacts and staying in touch with your existing ones is of paramount importance in this business. Be active on all social media handles. Online is the best place to build your connections. Needless to mention, acquiring new connections is as important as retaining one. So, make sure to entice your contacts with exciting updates.
5. Price your products
This can be a tricky thing. But with the right amount of research you will get the hang of it. It is important to price your products with considerable margin. But it is equally important to not lose your customers because of high price points. So the only thing we have to say here is “do your research! Do more of it!”
6. Find the right shipment method for you
Once you have decided every other aspect of your business, the next thing to do would be to figure out the shipment methods for your products. As you know, shipping methods do vary, based on the category of the products. Shipping methods can also be quite nagging, as different countries require different paperwork.
Our suggestion is to not procrastinate on this part until it’s too late. You might end up losing a lot of money, if you make one bad move in shipping. Do your research and be well informed of your entire business.