Import business is a growing phenomenon in the global market. What with the use of the Internet for all business activities, the scope of import business has also grown, including, and especially so of the small scale import business ventures. It is comparatively very easy for business people to start an importing venture than in the days when there was no internet. Because the information is so easily accessible these days, import business can be started with little money and sound business instinct.
There are however things you should keep in mind while venturing into import business – be it big or small. Import business can start low scale with minimum investment – as low as a few thousand dollars. You can import goods in low quantity and sell it to an agent. If you do not go into the selling of the product yourself, you will save a lot on infrastructure, man power and other details, saving a lot in the original seed investment money in the process. On the other hand you can start with a bang, putting in a large amount of money – amounting to a couple of hundred thousand dollars, and start a full fledged import company. You can import the goods and start selling directly to retailers or though wholesale dealers. The amount of money you invest also decides the turn around time for you business, the more you invest the longer it takes to break-even. However, the return of profit will also be high in the long run for the big business investment.
It is global business these days. Therefore no matter how competent a country is in terms of producing the products it consumes, there will always be imports. Therefore you have to capitalize in the phenomenon and not only import the goods from other countries, but you can also re-export the same goods to some other countries.
One important aspect of import business in the regulations in the countries you are dealing with. Because of the global nature of the business, you have to be careful about not violating the regulations of these countries. These regulations can also change from time to time without any warnings. It is therefore very important for you to keep yourself updated with the changes in regulations. In the same context, choosing a right product is also crucial because some products are more safe that other products to deal with.
While you start your import business, you will find that some products take time to really do well. However, you have to be patient and be ready when it really does take off. The trick of the business to ‘make hay while the sun shines’, and while you wait for the sun shine, prepare yourself by doing all necessary ground work. Making assumptions is a fatal error in business, do you research well to be sure about the prospect of the business. Be sure about the regulations of your own country, so that you don’t get stuck with a large quantity of imported goods when it’s time to sell. Also, be clear about the payment mode of the goods you are buying from other countries, not all countries like to be paid in dollars.