There are a few things which are necessary when starting an import export business. Five important steps to start your business are:
The market research
In starting an import and export business is conducting thorough market research. Doing this research will tell you whether the product you are going to be manufacturing, selling , importing, exporting etc will be successful or not.
A business plan
Second step is to have a proper export and import business plan. This plan will be a map of your company, your company’s structure and how you will run and grow your company. Let’s take Japan for an example. Japan is the market leader for manufacturing cars and car parts. The brand names like Toyota, Honda, Suzuki and many more are all Japanese brands. They had a business plan and beautifully executed it. This led to building a successful export and import business and a good brand name. PL Global Impex Pte Ltd will guide you further if you are thinking of starting an import export business.
Funding your business
Starting an import export business does require you to invest a lot in your business fund. Even with minimum funding starting an import export business is possible. This initial investment in your business is your capital. This capital is a liability. It is a business liability to pay this capital back to the owner. But one doesn’t always need high investment to start an export and import business. You can start an import export business with minimum investments too. For securing a funding, you can loan it from a bank or from any investors of your business. Alternatively, you can also borrow money from your family or relatives.
Picking a suitable business location
Picking a suitable business location can change the game for your business. Let’s take an example. Your business is a restaurant whose menu consists of very high end Italian pasta and European cuisines. The price of the food is also on the higher end. But you choose a location away from the city center in a dodgy alley. Would this business succeed? It may succeed with a stroke of luck. But a business should be based on surety and solid planning.
Opening a business bank account and registering your business
A business needs a bank account where all the transactions happen from. You also need an account for the legal taxes. For a business you need to open a current bank account. It’s pretty easy to open a bank account especially if you have the right paperwork for it.
Are you stuck and need more professional help while starting an import export business? You can visit our website P.L Global Impex Pte Ltd and find the perfect solution to your business needs.
Foreign Trade
Just like the name suggests, Foreign trade is an exchange of goods which happen mutually. This exchange is between International regions and borders. In this trade there are varieties ie; Import and Export. These concepts are necessary for the national economy. All the country’s goals are in line with these concepts.
The foreign trade policy consists of decisions, measures and many other things which are implemented by the countries in order to attain their goals. The foreign trade policy is very old but still remains one of the most important forms of international division of labor.
To explain foreign trade in simple terms, a country engages in foreign trade to fulfill requirements. We can take the example of India. India needs to meet its crude oil requirements. So, in order to fulfill this requirement, India imports crude oil from foreign countries like Russia, Saudi Arabia and other middle eastern countries. Similarly, India is the biggest exporter of Petroleum. India’s biggest trading partners are China, United states, United Arab Emirates (UAE), Netherlands among many others.
Import and Export are very important aspects of Foreign trade. Some of the major exporting companies in India are Tata steel, Tata motors, Reliance Industries etc. One can start their own import and export business following a few steps.
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