Globalization has opened previously closed or unknown markets to the world. For the many with entrepreneurial spirits, this presents vast opportunities for business. Whether for expansion or diversification, importing and exporting goods, an import/export business if done right, can boost your income.
However, the complexities of the IMEX (Import and Export) industries and the many rules and regulations imposed for consumer safety in addition to the protective stance of many governments for their local industries could keep potential entrepreneurs from pursuing what could be a profitable IMEX venture.
While the IMEX industry has its own unique market forces that influence movements and trends, it is basically an industry with parallel concepts and similar factors coming into play. As in any other industry, the risk-return trade-off rule applies here and the challenge is not to eliminate but to minimize risk and reap maximum benefits.
How do you get started? What do you need to know? Here are ten tips that would help you get into the portal of the IMEX industry:
1. Write a Business Plan: There is no substitute to planning. Many people fail because they neglect to plan their ventures. True, you can not plan for everything, but a plan helps you clarify your goals and helps you get there. A business plan is a great tool that gives your business a sense of direction and a good yardstick to measure performance.
2. Execute your plan accordingly: A business plan is not merely a requirement that needs to be complied with for whatever purpose it was required. A plan is of no use unless it is executed and executed well at that.
3. Provide contingent measures: No plan is fool-proof. A sound business plan should provide for unforeseen events and a sound remedy for each. Contingencies are essential parts of a sound plan.
4. Check regulations and tax rules in your country: The IMEX industry is regulated and there are special rules and regulations that affect players in this market. Pay close attention to, and stay ahead of these government policies to avoid adverse effects in the future.
5. Know your product: know your market: You will be able to sell effectively only if you know your product well and if you know your market well.
6. Identify a supply chain: You don't want to miss an opportunity to sell. It is thus very important to have available stocks when and where your customer wants it. Identifying and keeping good business relations with a supply chain ensures timely product delivery.
7. Position your products well: Strategic planning calls for product positioning that allow deliveries as quickly as possible. You don't want to make a customer wait or wait too long.
8. Establish a good customer feedback mechanism: The most successful businesses are also those who put a premium to customer service. In today's market, it is most likely to find a number of sellers for the same product. Customers would normally choose providers that listen and respond to their needs.
9. Take advantage of the Internet: It is the fastest, safest and surest way to reach your customers. It's a cost-effective tool to facilitate sales, deliveries and feedback.
10. Evaluate your performance regularly: Use your plan to gauge perform
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