What is a good way to build up a successful business from nothing and have fun doing it? The import/export business may be your answer. Not only does it require little financial investment to start, but also it offers the prestige of working with clients from all over the world.
You don’t need previous experience in the field, but you should have a good head for organizing. Fulfilling a successful import/export business requires constant attention to little details.
Do you know some local manufacturers looking for ways to increase their market for the goods they make? Or are you planning a trip abroad and want to make some contacts for setting up a business?
If you have ability to sell, and an air of diplomacy, the import/export business might be right for you. All you need is the desire and determination to make it work.
The biggest advantage is the money you’ll make. Once you get the business underway, the commission for setting up sales is very profitable. And after you establish and maintain a number of exclusive accounts, you’ll find the time you spend is highly rewarded with money.
HOW IT WORKS
Of all the manufacturers in the Nigeria, only a small percentage distribute goods outside of West Africa. The goods that do find foreign markets are exports. On the other hand, anything that is manufactured outside the country and brought in for sale is imported.
Although it seems obvious that all manufacturers would want a worldwide market, it is not easy for a company that is limited in its scope and abilities. That’s where you come in.
The market is unlimited and there are hundreds of manufacturers looking for foreign distribution. Processed Foods, Shoes, wares, garments, tools -anything can be readily imported or exported if there is a consumer demand and if you can get the products.
You can start your import/export business at home with a telephone and an internet connection. You’ll need a file system, business cards, and a Computer to browse the internet. Once you get going, you’ll want a Post office Box to receive samples.
ANALYZE THE MARKET
Keep informed. Read everything you can find about world trade. Look at trade publications, international newspapers, newsmagazines, and financial reports. Who is selling what to whom? Although the market for American-made airplanes is sewn up, there are thousands of medium to small sized manufacturers in every state of the union.
WHERE TO FIND HELP
Establish a good business relationship with a local bank that handles international business. Your personal banker will follow through on the actual foreign transactions, and will help keep your credit afloat. In fact, that is one of the best factors about an import/ export business. Aside from office supplies and correspondence, or possible business trips, you need no personal cash outlay. All you need is good credit and a good reputation.
GETTING THE GOODS
There are hundreds of foreign manufacturers with limited distribution looking for an overseas market. Importing their goods is the place to start your business.
You have many selling qualities for convincing the manufacturers to engage you as the sole export agent. You have local contacts and know the demand for specific goods. You will handle the sale, the paperwork, the money, all shipping, customs, and foreign distribution.
TERMS OF SHIPPING
You will become more familiar with the terms of shipping used in quoting prices and delivering goods as you gain experience. Your responsibilities vary with the terms of the agreements and orders. Check with your freight forwarder to be clear about your responsibilities.
After you have completed a few sales transactions to establish yourself, you’ll need to promote your import/ export business to get more clients. The first transactions give you the experience to learn the ropes of the business, and to establish contacts and agents both here and abroad.
EXPANDING THE BUSINESS
The profit of the import/export business is in the quantity of the goods traded. The higher the cost of the merchandise, the higher the profit from your percentage. Since you need to go through all the steps for each transaction, having more sales on a continual basis simply adds to profit.
If you are ready to put in the time, sell yourself. Start making inquiries and contacts. Try it on for size. Does it feel good? Then MAKE IT SUCCEED.