A Dozen Tips for Starting an Import/Export Business

1 of 2

Travel Guide & Maps :

http://www.streetdirectory.com/travel_guide/926/business_and_finance/...

Singapore - Indonesia - Malaysia

Business And Finance Resources

eg: Business or ABC Kids or Ocracoke or Nature Art

Travel

Health

Medical

Cars

Technology

Home

Family

Business

Interest

Woman

Editorials Business Resources Business Guide

A Dozen Tips for Starting an Import/Export Business

By: June Campbell
Read Articles

1. Many countries have set up offices (Consulates or Embassies) in foreign countries

to promote the exporting of their goods. The Consulates will supply you with industry
directories and more. Embassies are located in a nation's capital and Consulates in
different cities. In many cases, the Embassy web site will contain directories and
manufacturer lists, as well as an email link that you can use for sourcing
2. To import goods, communicate with that country's Consulate situated in your own
country. If you are uncertain what products the other country wants, you can obtain
catalogues and lists of manufacturers.
3. Contact your country's taxation department to ask about registration numbers or
other procedures that you must follow. For example, if you are Canadian, you will
require a Registration Number, issued by Canada Customs and Taxation Agency
(CATA). When you inform CCTA of your plans to import or export, they issue an
extension to your business number. This number is used on all related documents.

5 Simple Rules for A Great Job

Interview
Business and Finance
A Great Way to Do PR
Speaker Partnership Offers Trade
Show Value
Trading For A Living - Part 2
Real Estate Bankruptcy
What You Must Know When
Marketing Your Business
Your Administration TeamLook
After Them
Promotions That Build Profit
Lifes True ROI

4. Find out about licensing requirements, if any. Many countries do not have licensing
requirements for most products. However, if you are importing or exporting high-risk
products (pharmaceuticals, liquor, chemicals, arms, certain food items and certain
articles of apparel), you might need a license. "I strongly recommend that people
start out with low risk items that can be easily traded and have fewer barriers like
giftware and consumer items," said Henzel. "Certain industries, like dairy, are
guarded by lobby groups in some countries. You will be faced with quotas and
restrictions."

Cant Stand The Heat.

When Do I Need To Hire A
Business Plan Consultant
Low Investment Home Business
Help Your Kids Learn More About
Managing Their Personal Economy
Increase Your Income Through
International Trade

5. Embargoes are trade barriers set up against other countries. Many countries have
embargoes against Cuba, for example. First, contact your own government to
determine whether there are restrictions or embargoes against the country you are
considering. Next, contact that country's Consulate or Embassy to see if there are
restrictions against goods from your country.

Make Your Clients Return

6. Participate in the local Boards of Trades (or Chambers of Commerce if there is no

local Board of Trade). In addition to networking, you have access to research libraries
and other resources that will offer good trade information.

Rules of the Game

7. Use customs brokers. "Small businesses attempting their own paperwork can run
into delays at borders. If you make a mistake, you can be fined," said Henzel. "A
custom broker's service is well worth the fee you pay."

Planning finances:33 Essential

Year-End Financial Tasks

8. When exporting, understand that there is no one solution to shipping and customs
handling that will work in every situation. Every deal is different. Each company and
each set of products will require a different set of services, or a combination of
services. Engaging the services of a freight forwarder is one possibility. Freight
forwarders arrange shipping and customs for goods going to other countries. "You
have to shop for these services and do your research," Henzel explained. "Ask a lot of
questions. It's no different than buying a piece of furniture. You shop around first."
9. Be familiar with Incoterms, as posted to the International Chamber of Commerce
Web Site (http://www.iccwbo.org/index_incoterms.asp). Incoterms are standard
trade definitions that dictate the shipping and payment responsibilities of each party.
The two companies involved negotiate Incoterms for each deal. The best known
Incoterms include EXW (Ex works), FOB (Free on Board), CIF (Cost, Insurance and
Freight), DDU (Delivered Duty Unpaid), and CPT (Carriage Paid To). "You negotiate
according to the Incoterms," Henzel said. "You decide who pays for shipping, who
pays for insurance, etc."
10. Consult your bank for information about Letters of Credit, the most common form
of payment when trading internationally. With a Letter of Credit, you minimize your
risk because the banks assure that the goods are delivered before the money is
exchanged. As an importer, a Letter of Credit reduces the risk of having to pay in
advance for goods, or of paying for goods that are inconsistent with the product
description in the Letter. As an exporter, you have the buyer's bank's assurance that
you will receive payment provided you ship the goods as specified within an
agreed-upon time.

How to Research and Purchase a

Good Investment Property
The 11 Best Money Saving Ideas
of All Time - Part 1
Business Strategies:The Role of
the Business Model and Strategy
for Business

More on Business and Finance

More on SD Editorials?
Family :Tips and Advice on...
Family
Parenting
Kids and
Teens
Hobbies for
the Family
Heartwarming
Stories
Gifts for loved
ones
View All

Back to SD Editorials Mainpage

11. Participate in Trade Missions. Consult your Board of Trade or local Chamber of
Commerce to discover what is available.
12. Finally, look to the Web for information about international trade. Many web sites
offer an array of information that you can access for no charge, including Henzel's
site (www.importexportcoach.com).

12/10/2014 3:17 PM

A Dozen Tips for Starting an Import/Export Business

http://www.streetdirectory.com/travel_guide/926/business_and_finance/...

Share this article :

Users Reading this article are also interested in;
MLM Starting Out Tips, by Daegan Smith
Starting an eBook Tips, by Andrew J. Ruzicho Ii And Eric E. Willison
Import U, by Terry Z. Voster

Top Searches on Business and Finance

Make Your Own Money

How To Start Business

About The Author, June Campbell

How to Write Business Plans, Business Proposals, JV Contracts, Human Resource
Package, More! No-cost ebook "Beginners Guide to Ecommerce". Business Writing by
Nightcats Multimedia Productions
http://www.nightcats.com/

Add Streetdirectory.com to your favourites! - Make Streetdirectory.com your homepage

About Widgets | T&C | Feedback For Businesses Free Ads | Online Advertising | Wall Maps | Text Ads
Hotline : Sales 6474 4005 | Marketing & Business Opportunities : 65942755 | (Mon to Fri, 9am to 6pm)
Streetdirectory.com Business and Finance Guide is an essential for those interested in all facets of business and finance. It doesnt matter what line of
business you are in, the Business and Finance Guide provides in depth information on how to manage your business cash flow, how to market your online
business and many more. Read the success stories from businessmen who have made it big and gather tips on how to make your money work for you. From
public relations to human resource, accounting to management, let us guide you to a more successful business.

Streetdirectory.com

Streetdirectory.co.id

Streetdirectory.com.my

2014 Streetdirectory

2 of 2

12/10/2014 3:17 PM