How to Start Your Export Business?
In order to start your export business you need to carry out market research. This is a very important aspect of export business. Your market research tasks should include the following:
- The product or service you plan to sell.
- Your aimed end-user or whether your niche group is mass-market consumer, light industry, heavy industry, government, medical or hospital use, business or Professionals.
- The countries you plan to export.
- The trade channel you plan to use it.
Once you find an importer for your goods you need to go about in the following way:
- Give the importer a quote on your merchandise; if necessary you must negotiate.
- Procure the letter of credit from your bank.
- Meet the terms of the letter of credit. This usually includes merchandise manufactured if necessary; taking care of shipping and insurance arrangements; complete packing and transportation.
- Receive shipping documents
- Present shipping documents to your bank.