How to start an Import and Export business from Home

So you want to trade your product with International Market, then you have come to the right place. Import/Export trade has become one of the flourishing businesses across the globe. Many entrepreneurs have started the business from their home to reach the global audience. Import and export business works to trade product in the international market, buying and selling domestic or foreign good etc. to earn a profit.  Any entrepreneur or small business owner can start an import and export business with less sum of money. An Import/export businessman plays an intermediate between the manufacturer and the consumer.

Now the Internet makes the process of setting up an import and export business simple and ridiculously profitable.

Guide to start an import and export business from home

1. Choose your product

To find the product you want to trade with different countries or a specific country, just before ask some questions to yourself:

Which is your target country?

Who will be your target audience?

What is the market value of the product?

How to connect with manufacturers, agent and companies for the product?

Will you be able to do long-term business with this certain product?

These questions not only make the difference between a successful and unsuccessful business but also give ideas to develop your business. Keep finding more opportunities and potential market for your product.

2. Find the Right Market

Picked a product for international trade business, now try to find the right market to sell it. You need to do homework to search potential niche for your business. You may also check the best sources for conducting market research.

In this competition, you need to look for potential competitors who are doing well enough in the market.

3. Connect with Sources

Once you have identified the product and the market, start making contacts with high-quality suppliers, manufacturer, exporters, importers, buyers, wholesalers and trade leads. You need to establish a strong connection with foreign suppliers and relationship to convince local manufactures to work for you.

4. Register your Business

Foremost, you must register your import/export business in India by taking a service tax-registration with an attractive name and logo. After getting registered, go for issuing a PAN card by the Income Tax Department. Open an account by the issued PAN cards and required address proof of the business.

5. Get the import/export code

It is one of the most important steps for importing or exporting goods and services in India. IE code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. Documents required are PAN card, Applicant’s photograph and a copy of canceled cheque from the business current account.

6. Set up a website

You must have an online presence to grow your business. Here the focus is on your goal to maintain communication, selling products online and build a relationship to drive customers.

You can access all your work through a website while sitting at home. But remember to buy a domain name for the business and purchase web hosting for your website. Some of the places to get both domain name and web host are GoDaddy, HostGator or Bigrock etc.

In addition, to develop your website hire a developer or can build on popular platforms such as WordPress, Hubspot or SiteBuilder.com at low prices.

7. Price of the product

Whatever price you set on your product, must not charge more than what your customer is willing to pay.

The Business model of import/export based on two critical elements which are how much you sell within the international market and how much profit you get from those sales.

8. Choose the Shipment method

You must think about different shipment options for your import/export business before opening up. When you set up the shipment method decide on the prices and include them in your budget.

For this, talk with importer or exporter to know the best option for your country of destination. Shipment method is the main concern of any international trading business. If you delay then it can cost a lot.

9. Save the paperwork

You should start taking care of all the important documents. First of all, check all the norms of the country where you can trade with. To complete the legal aspects of the import/export business, you must hire a lawyer who helps to stay alert and informed every time you start trading with your company. Track the required documents and save them on your computer.

In conclusion, these steps are basics to start an import and export business from home or office. It’s the most encouraging and challenging which require tough entrepreneurial skills to get succeed.