{"id":4851,"date":"2019-05-02T10:47:44","date_gmt":"2019-05-02T10:47:44","guid":{"rendered":"https:\/\/www.b2bexportimportacademy.com\/?p=4851"},"modified":"2021-06-24T11:07:50","modified_gmt":"2021-06-24T11:07:50","slug":"before-you-start-an-import-export-business","status":"publish","type":"post","link":"https:\/\/b2bexportimportacademy.com\/blog\/before-you-start-an-import-export-business\/","title":{"rendered":"Before You Start an Import\/Export Business"},"content":{"rendered":"

Before You Start an Import\/Export Business<\/a><\/strong><\/em><\/h2>\n

So you have a great product ready to import or export. Now all you need to do is get it in the hands of a few good customers, and you are off to international trade. Wait, not so fast. How do you know the product will sell? Will you make money selling it? How should you price the product? All importers and exporters must face these questions at some point if they want to achieve success in the global marketplace.<\/p>\n

Have a Quality Product or Service<\/strong><\/h3>\n

Start with a product or service that you know will sell\u2014if not everywhere, at least somewhere. You will improve your odds of picking a winner if you cultivate a knack for tracking trends, spotting potential trends or even creating game-changing trends.<\/p>\n

Remember the popular line of stuffed animals called Beanie Babies or the Cabbage Patch dolls? Had you realized those products\u2019 export potential early on before they became best-selling products, you would have made yourself a millionaire four times over in a very short period.<\/p>\n

Track Your Financials<\/strong><\/h3>\n

No matter what form of business you run, you don\u2019t want to wait until you get to the end of your calendar year to find out where you stand in terms of profit and loss. It\u2019s best to prepare monthly financial\u2014income statements, balance sheets, and cash flow statements\u2014as you go.<\/p>\n

If you haven\u2019t made a sale yet, you are probably asking yourself at this point why you need to keep these detailed financial records. It\u2019s simple: Even though you may have minimal sales, or none at all, in the first few months, you are still spending money. You have expenses. And sooner or later, every business needs working capital to grow.<\/p>\n

Develop Competitive Pricing<\/strong><\/h3>\n

Whether you are importing or exporting, you must develop competitive pricing that includes your profit margin or commission, whatever the case may be. Consider the following criteria to determine just how high or low you can go on your markup:<\/p>\n