The import-export business has been a challenging task since the evolution of humans on this planet. The world has evolved a lot with time, and with the introduction of globalization, there was a new concept of global trading.
With the introduction of the industrial revolution, businesses are forced to explore new areas of import-export. The major fact of the export business is that it has been a support system to various growing economies in the world.
Establishing an export-import business is not an easy task. There are a lot of challenges involved in it. Moreover, the process of exports differs from country to country. And export businesses need to deal with various marketing norms of foreign countries.
If you are planning to establish a foreign trade business or you want to expand your business to more foreign markets, then you should have great knowledge about the various policies of importing countries, trade agreements between the nations, demand for products, etc.
Here, we are providing solutions to entrepreneurs who are planning to initiate an import-export business.
What are the top 5 steps that you must follow to start an export business?
Starting an export business is a step-by-step procedure. This article would act as the best guide for people who are looking for how to start an import-export business from India.
Finalizing the countries
Consumption and demand are two sides of a coin. Therefore, before initiating your journey as an exporter, you have to make a list of all the necessary information. First of all, list down the names of the countries where you believe the demand for the goods that you are going to produce is high.
Moreover, the import-export of the final goods is usually done through customs. As an exporter, it is vital for you to have a very transparent understanding of the customs laws of both countries, then only you will be able to transport the goods in a hassle-free way. Make sure that you also gather information about the local laws of the country where you have your targeted markets.
Develop a very strong team
In order to establish a successful export business, you would need the support of brilliant team members. An export business needs to focus on various areas such as the goods in transit need proper monitoring, checking the compliance with customs duty before shipping, etc. Small silly mistakes may also cause delays, and the export business might have to deal with a massive loss of time and money. Therefore, building a strong and supportive team is very essential for export business. Also, make sure that you partner with great transportation companies for the smooth transit of your goods.
Locate the best routes to the markets
An import-export business includes various players transported from the domestic country to foreign countries during the transportation of goods. There are some fixed routes when it comes to importing and exporting. You can choose at your convenience.
- Partnership with sales agents in the local markets. But, you must be aware of the fact that they work on a commission basis.
- Use various distribution channels to increase sales in various markets.
- Sell your goods directly to consumers through courier services.
- You can also form a joint venture by establishing a partnership with the local companies of your targeted areas.
Marketing
Promotion is the key to achieving success in a business in this era. You can start promoting your business by developing partnerships with local players during the initial stage. Let them know about your products and your business goals in detail.
Also, form good relationships with industry experts who are already in the import-export business. Another great way to promote in this era of technology is digital marketing. Make the best use of this technique to boost your sales. Join various social media groups on platforms like Facebook, Instagram, etc.
Another way through which you can market your business is by developing a lot of funnels to direct the target audience to your official website to get all the further information.
Research about various government initiatives launched for exporters
The Indian government focuses on boosting the sale of Indian exports and promoting Indian goods in foreign markets. The government had launched various initiatives to support the exporters of the country for the continuation of export business.
You must conduct in-depth research about all the schemes introduced by the government such as EPCG Scheme, Advance Authorization Scheme, etc. You will be amazed to know that the Indian government also provides schemes as rewards to Indian exporters. One such scheme is the MEIS License Sale. This is a scheme that was initiated by the government to offer rewards to exporters to compensate for various infrastructural inefficiencies.
Follow the legal norms & guidelines
As an exporter, you must have proper knowledge about the legal norms of the countries where you sell your products. You must follow all the policies and have proper trade documentation for dealing with your business partners in foreign countries.
Make sure to follow export rules and regulations of every country to ensure hassle-free trading. Do all the paperwork required for customs clearance. Also, connect with international law firms to avoid different barriers.
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