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Growing Your Import Business

Growing Your Import BusinessOnce you have completed a few sales transactions and established yourself in the import business, you’ll want to promote the business to get more clients. It will help to join organizations of commerce and foreign trade associations to develop more contacts. It will help you extend your territory. Talk to others in the import/export business and learn from their mistakes.

The quantity of the goods traded is where the profit is in the import/export business. The higher the cost of the products, the higher you profit from the percentage you receive. Having more sales on a regular basis will add to your profit. Here are a few ways you might do to expand your business:

  • Send Regular Mailings—Send these to your original list of contacts and follow up leads. As you obtain more clients, you will develop a sales approach, and you may convince the bigger companies by the reputation you receive.
  • Contact Manufacturers and Distributors—You’ll want to contact as many of both as you can, and then solidify the contacts. If possible, you might want to arrange a business trip and meet the various companies personally.
  • Get Good Information on Selling Products—You’ll want in-depth information about what is selling now. You should know why the products are so successful. You might want to consider if the products need to be better made or the price reduced in order to sell more.

The import/export trade is a high-profit business. You generally have a low overhead, so most of the money you earn on commission is yours. You must obtain a good knowledge of the business and be truly dedicated to have a profitable business. You’ll need a lot of contacts who know and respect you that can recommend your work. You’ll want to have agents both here and abroad that are good and can help you with delivering the goods. You’ll also need a good working relationship with your bank.

Don’t get in a hurry with orders. You’ll want to research the manufacturers and distributors thoroughly to make sure they are reputable. Look at the shipping and manufacturing particulars from foreign countries. Remember, cultures vary, and you should get to know the culture of the people you’re dealing with.

Everyone is not cut out for the import/export business. It is, however, a business that you can run by yourself. You don’t have to answer to anyone. You will find there are rewards of excitement, a touch of exotic, and great profit potential when negotiating in a foreign country. If you can make all the right contacts, follow through with reputable manufacturers, have reliable shipping companies and responsible distributors, you’ll have it made.

It is recommended that you hire a professional if you don’t specialize in legal advice. The rules and regulations in the import/export business are strictly enforced, and you want to make sure you handle them properly and build a good reputation.

You can make an import/export business succeed if you are willing to put in the time. Just start making inquiries and contacts and before you know it, you’ll have a successful business.

 

 
 
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