So you want to sell to the world, but are having issues on taxes, regulations and the overall experience of import – export? You’ve come to the right place. Thanks to the Internet and the help from Boxme Global, setting up an import/export business can be surprisingly simple and very profitable. Here are ways to make it happen.
Before we get into business, however, there are a couple of things that should be set into motion upfront.
Research the Markets
- Pick a Product to Export
As with anything, when it comes to importing and exporting, you can’t possibly please everyone. Decide on something and stick with it. There are two viable reasons for choosing a product to import or export: You know it will sell or you simply like it. Though rarely happens, meeting both criteria makes for an ideal business model.
- Price your Product
The business model of an import/export business, or any business of that matter, is based on two critical elements speaking from a sales’ perspective.
– Volume (number of units sold).
– Commission on that volume.
It doesn’t take a genius to know that the goal here is to price your product in a reasonable way that your commission does not exceed what your customer is willing to pay and offers you a healthy dose of profit.
The more you sell, the more you make. But remember to keep your product pricing separate from logistics because, at some point, you combine the two to determine a landed price per unit. A good company can assist here. Don’t let this transportation part intimidate you!
- Seek a Handler
Once you have a potential import or export product in mind, learn everything there is to know about it. There’s a reason we’re suggesting a ‘handler’, not a ‘manufacturer’, because we’re not talking solely about producing things. If you were to create it, how would you improve it from a mediocre product to something slightly ahead of its time? How are you planning to deal with all the fuss of customs clearance and country-specific regulations without the help of an already on-board legal presence?
The easiest access to a reputable handler might be right in front of you. Yes, there are others, but in the Southeast Asia, Boxme Global can be considered the go-to source of finding high-quality suppliers, manufacturers, exporters, importers, buyers, wholesalers and trade leads.
And that’s not it. Apart from offering to suggest the proper start to an import/export business, we also provide the sales and distribution aspects of establishing one as well, with final details of everything you need with optimized method of transportation and warehousing.
With those things in place, now you are ready to share your business capabilities and sell to the world.
Pick your Marketplace
You’ve had in mind a product; now you must look for someplace to sell it. It’s that simple but not really THAT simple. Importing or exporting certain goods involves matters that require you to understand the grand scheme of things. Legally speaking, will you be able to import these items into your country or export them to the target destination? Are you financially ready to do so and speaking of this, are you fully aware of the cost that you’ll have to pay (i.e. transport, insurance, storage, customs duties, finance charges and many other hidden expenses)?
Do the math and research the market beforehand so as to locate the best potential foreign market for your product. You can substantially improve your odds of picking a winner if you cultivate a knack for tracking trends or even spotting potential trends. Getting in right off the bat and importing or exporting a product before it becomes a super-seller in a country could be the business breakthrough of a lifetime!
One simpler way of doing this is to look for an expert in the field, who can constantly govern/estimate the trends of all import/export related matters. With helpful research tools and an experienced consultant team, Boxme Global is glad to be of service. Let us know your needs and we’ll provide professional advices on products we find best fitted with your business. Our resources are helpful for determining where in the world – especially in the Southeast Asia – products are moving to and from, and why and how to jump into the flow of action.
Transport Your Products
The next thing you should be focusing on is logistics — transporting the product to where you will be selling it. By now, after all the initial steps, chances are you have located a customer who loves your product, solidified the terms of the sale with them and established a means of payment. Now you must deliver your product to them.
Here, we are talking about probably the trickiest part of it all: Finding the right partner. You are walking on thin ice seeing how you are looking for someone who will not only always deliver in time, but in terms agreed upon as well (quality, package, etc.) and most importantly someone who won’t disappear overnight with your money. To make things even more complicated, dealing with overseas suppliers has its own difficulties starting with language and cultural barrier.
Try to hire a global freight forwarder (or one who cooperates with such a company) who serves as an all-around transport agent for moving cargos. Their service will spare you loads of time, effort and anxiety for a very reasonable fee. Based on information you provide upfront on your cargo and your needs, they will take care of all shipping arrangements, which includes but is not limited to handling documentation & duties, arranging insurance (if requested), and determining necessary licenses, permits, quotas, tariffs and restrictions (country regulations), which, as stated, can be one of the most complicated aspects of importing/exporting for a newbie international trader.
Two well-known companies in the field that are eager to work with SMEs are UPS and TNT. Know what’s cool? Boxme Global happens to be partnering with both of them! Capture your delivery needs on competitive discounts like no other sellers in the global market!
Congratulations! You have officially grasped the fundamentals of establishing an import/export business!
At Boxme, we have all your problems solved from taxes & duties, customs clearance to sales support that cover all your cross-border business needs. Start referring to our SOLUTION and go make the world your booming playground!