In India Export and Import Business possess great potential. That’s why a lot of companies are trending towards import and export business in India. Only a few of them are able to grab success as many of them fail to comply rules and ignore few things which are really important for export and import business. Are you a businessman seeking to seize the opportunity in export business then these tips are for you.
Import export business ideas
1. A lot of countries have consulates and embassies to promote export. Embassy website shows the list of manufacturers and emails so you can use to the source.
2. Your business should be ready to export and should comply all the requirements in India and the proposed country for export. You should have registration numbers or other procedures that you are required to follow which will be used in all important documents. Like in India IEC Code Registration (import-export code) and PAN are required.
3. You should also need to know about licensing requirements. Also, you need to determine the specific product or services which you want to import or export. Some countries do not require a licence but if one is importing or exporting products which are under high risk like chemicals, liquor, pharmaceuticals then you have to require a licence.
4. One should also look into the aspect that there are no trade barriers imposed on trade between India and another country where you want to import or export. Also, see whether there are any restrictions on the goods or services that you wish to export or import.
5. In the initial stages you can hire a customs broker or agent to do your paperwork this will save your time and not result in a delay of shipments. Once you get a hang of it you can do it yourself.
6. You should consult and check all the shipping solutions and custom handling solutions so that you come to know your own set of requirements for the business. You have to do your own research and ask as many questions as you want.
7. You should be familiar with Incoterms, which are trade words used in international trade. They can be seen at International Chamber of Commerce Website (www.iccwbo.org).
8. Also, consult your bank regarding letters of credit as these are the most common method of payment in International trade. It minimizes risks as bank guarantees release of funds to a company which is providing the goods once they are delivered to you.
9. Try the online web portal like alibaba etc to find the right products for the right market.
10. You have also required to hire a custom agent to dispatch your products or importing any type of the products.
These tips can be really helpful for an export business to be successful. One can also grab the benefit using the Internet i.e. by online business. One should also be ready to face the loss or no profit no loss situation. You can also take professional help to start your import and export business.