I would like to start an import export business.?

Question

Hi There,

I would like to start an import export business.
Can you suggest pointers?
FYI, though I am a IT professional, I am open for new ventures.

Cheers,
M_S

Answer 1

Aside from the good advice to be sure you are "wearing your businessman's hat" before beginning, you will want to do some very in-depth research. The market for import and export is saturated in many product lines and markets, with companies of good history and resources to back them up. You will want to avoid getting into a losing situation, by assuring yourself with valid data, that there is a very solid need for the product, in the geographic areas you wish to impact, and that you can absolutely fill the need a a hefty profit. Then, be prepared for much personal sacrifice, and huge time commitment to the venture; one of the many costs of "being the boss."

Answer 2

Building An Import Export Business

Answer 3

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

Associations may be a good avenue to explore. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

* Building an Import/Export Business, 3rd Edition by Kenneth D. Weiss
* Import/Export: How to Get Started in International Trade by Carl A. Nelson
* Start Your Own Import/Export Business (Entrepreneur Magazine's Start Ups) by Entrepreneur Press
* Importing Into the United States: A Guide for Commercial Importers by United States Custom Service

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 4

If you are planning to start a business importing items into the USA, I suggest you read the following US Bureau of Custom's papers

Importing into the United States: A Practical Guide for Commercial Importers http://www.cbp.gov/linkhandler/cgov/toolbox/publications/trade/iius.ctt/iius.pdf -- this is a 200-page document that tells you the eligible items you can import and the invoices required, among other things
How Cargo Flows Securely into the US http://www.cbp.gov/linkhandler/cgov/import/cargo_summary/cargo_flow_map.ctt/cargo_flow_map.pdf
US Embassy (look at the last page as it has a good link of websites for additional info) http://canada.usembassy.gov/content/can_usa/borderissues_brochure.pdf

Other websites worth checking are:

CMTAC Trade Information Database http://latrade.cmtac.org/trade_info/index.cfm
Dont's of Importing http://www.gattiassociates.com/CM/Articles/Articles1277.asp
Flowchart of the export process http://www.export.gov/exportbasics/index.asp
Going Global http://www.going-global.com/articles/

These trade association websites also have loads of information on how to start an export import business:

Federation of International Trade Association http://fita.org/index.html
Professional Association of Exporters and Importers http://www.paei.org/
You may also want to check out the following books:

- Import/Export: How to Get Started in International Trade
- Exporting, Importing, and Beyond : How to 'Go Global' With Your Small Business
- Selling to the World: Your Fast and Easy Guide to Exporting and Importing
- Start and Run a Profitable Exporting Business
- Start Your Own Import/Export Business

Answer 5

HI MS,

Just curious.. have you ever done any business before?

Are you aware of what are the things that bosses should do and how is their mindset different from that of an employee? ;) My hubby was in the marine line and wanted to start his own biz.. failed quite miserably because he did not get his fundementals right and had no one to mentor him.

Well, anyway, I do have a friend.. a very seasoned businessman who is in import export business. If you need and want, I could arrange for you to meet him and maybe you can buy him lunch or something.. ;) And then get him to impart his knowledge to you..

If you are keen, email me and I will try to link you up.. but no promises cos his time is really tight as he flies around often...

Btw, wat kind of new ventures are you interested in? What do you look for in a biz?

Answer 6

check out the link below for the necessary permits and applications you might require to set up your import/export business

http://www.business.gov.sg/EN/BusinessTopic/ImportExport/index.htm

Also i would suggest you research on the items/products that you want to trade in and see who are existing competitors (if any).

Answer 7

I asked this same question 2 times, and not gotten an answer