Import is when we bring something to a country and export is when we send something out of a country. An import in the receiving country is an export from the sending country. This all is included in transactions made in international trade and if you have got some capital to invest with yourself in one such business, you can soon turn yourself into an entrepreneur making money like anything. Let us discuss how.
How to Make Money from Importing and Exporting
1. Think about the Availability:-
In order to start an import/export business, first of all you should think about the availability of products in your own country. Think about the products which are available in a large amount in your area and think about the products which are available in a low amount. Now categorize these products in terms of the less availability and think about the areas or countries/towns from where these products can be exported.
2. Find Your Product:-
Make a perfect choice for yourself by choosing the product which is needed by a large number of people and also which is not easily available in your region. Now think about the place which has got this product in abundance. Find the contacts of manufacturing companies at that place now.
3. Deal with the Foreign Company:-
Now when you have made a list of companies who manufacture the chosen product along with their contacts, you can easily manage to have a talk with the concerned authorities of those companies to have a contract signed with them. If one of the managing directors does not entertain you, you can manage to talk with someone else amongst the board members.
4. Get registered As a Firm:-
Afterwards, when the company has agreed to make a contract with you, you can get registered in your area as an import/export firm. You can manage to deal with the transport unions and drivers to work for you or you can even manage to have contracts with cargo and shipping companies to bring that product in your area.
5. Start working With the Connected Partners:-
After the concerned product reaches your place, you can have a tie-up with the distributors, middlemen for the sales of that product. You can also start exporting the products which are available in your area in abundance to the areas where that product is available scarcely. This will need you just good transportation/shipping facilities and a good management. Stay connected with a person who knows laws of that specific area to keep on getting guided by him.
6. Follow the Norms:-
There are certain laws associated with every firm and same is the case with import/export business as well. You should follow the norms and rules everywhere you go in order to do business. Greater your business gets expended, the greater will be the number of contacts that you have and this will also increase the number of import and export contracts that you have. All what you will need is a lot of hard work from your side and a better management from your team.