As a prospective importer/exporter thirsty of how to begin, dreaming of where and with how much to start, kindly take your time to read through and get insight from this article.
Starting a business is not all about huge budgeting on resources but knowledge of the dreamt business. It is not impossible to start a business with zero naira when adequate knowledge is inculcated but impossible to start a business even with huge money in the absence of idea and its knowledge. A step advances toward establishing a firm is an element of your insight about the business.
Over the years, importation and exportation is a recognized, legal and profitable business that sustained international relations. It is an act of sending goods from one country to another.
Marketing is not limited to local transaction. It has breaks its status quo and the market has transcend to a global room on the pillar of technology that ensures connectivity from any part of the world to your desired destination. It now takes days to make order of goods across borders.
In lieu of this, Valuerhandlers limited is providing you six preliminary stages to join the leagues of importer/exporter.
Stages of Starting Importation and Exportation Business
1. Get Your Business Basics in Order: Anyone starting a business in the 21st century needs to cover certain bases, such as creating a website as well as social media channels like Facebook, Twitter, and a host of others. Register your business with the state in which your headquarters will be located, registering a domain name and get any business licenses you need to legally operate.
2. Pick a Product to Import or Export: The next step in starting an import/export business is to find a product or industry you are passionate to explore and think could sell in international markets. Once you find your product, you also need to identify the right market for it. This is where your trend-spotting skills come into play. The best products for an import/export business are products that are just starting to become popular, or show some promise to being so in the future.
3. Source Your Suppliers: Once you have a product to trade internationally, the next step is to find a local manufacturer or other producer that makes your product and can lead to a strong partnership. A good relationship with a supplier is crucial to long-running success in an imports/exports business.
4. Price Your Product: Now that you know what product you want to work with and have identified your target market, next, is to figure out how much to charge. Typically, the business model on imports/exports business includes two key understandings: The volume of units sold, and the commission made on that volume.
Be sure to price your product such that your markup on the product (what ends up being your commission) does not exceed what a customer is willing to pay. But you don’t want to make it too low such that you are will not make profit.
In the imports/exports industry, importers and exporters typically take 10% to 15% markup above what the manufacturer charges you when you buy the raw product.
5. Find Your Customers: Deciding on a market is not the same as finding your customers. You can’t just send your products to the Port of New York and start selling your wares on the docks to whoever walks by. You usually need to find distributors and clients who will take on your product and sell to others.
If you have a quality website that includes digital marketing campaigns, your customers may end up finding you. But to get started, Valuehandlers suggests doing things the old-fashioned way—by cold-calling. Check with any local contacts you have in the area, contact the area’s Chamber of Commerce, trade consulates, embassies, and so on. These entities might be able to give you a local contact list that could be vital help in starting a imports/exports business.
6. Get the Logistics Down: Perhaps the most complex aspect of importing and exporting is the logistics of taking a product created somewhere and selling it somewhere else. How does the product make transport from India to Nigeria for example?
This is where we come-in. Valuehandlers International Limited is a palace of experts, capable and responsive personnel to ensure your reception of and transportation of your expected goods or transportation of your goods abroad respectively.
Written and posted by:
VHI Cargo
9, Akilo Road,
Cocoa bus stop,
Off Oba-Akran Avenue, Ikeja
Email: Customercare@valuehandlers.com
Phones: 8:30am- 5:00pm 08032241768, 08182072412 (WhatsApp)
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