Considering branching out into the world of imports and exports? Before you do, it’s worth understanding exactly how it all works and more importantly, what could go wrong.
When done correctly, imports and exports can significantly boost income streams and help you expand on a more global level. When done incorrectly however, they could cost you your business. So, let’s look at some of the best tips to ensure you get it right.
Create an in-depth business plan
As with anything, the key to success when dealing with imports and exports is planning. It’s highly recommended you come up with a business plan which highlights exactly where there’s a market for your product, how much it’s going to cost and how much profit you can expect to make.
A well-constructed business plan will really help to simplify the process; particularly if you’re branching out into new markets.
Get yourself an affordable yet reliable courier
Cost isn’t the only factor you need to consider when choosing a courier. The delivery service provider you choose is going to have a huge impact on your business regardless of whether you’re importing or exporting. You need to know you can rely upon the courier to deliver your products in a timely and efficient, as well as a cost-effective way.
If you take the time to shop around, you’ll find there are some great quality courier services which come at a surprisingly affordable cost such as InXpress
Understand the full costs involved
This is something you’ll typically include in your business plan if you choose to create one. One of the biggest mistakes made by businesses when they start out with imports and exports is underestimating the true costs involved.
Remember, you don’t just have to consider the cost of the product itself. You also need to think about the cost of shipping, including any taxes and fees which might occur, along with the time it takes you to provide the service. There are a lot of potentially hidden costs to be aware of and these needs to be considered so you don’t end up losing out.
Overall, importing and exporting can be a lot more complicated and costly than you might think. Having a good understanding of your target market and creating a thorough business plan will really help get you started. Of course, it’s also important to familiarise yourself with the legalities of importing and exporting too. Take your time to research properly before starting out and that will increase your chances of success.