International trade is quite the lucrative industry. The import and export business is always in demand because there are items that only come from certain locations and because when some products come from “exotic” locations, they hold more value and intrigue. Beyond the fetishising of some imported goods, the cost of goods abroad can often be much more affordable. These are just two great reasons to get into importing and exporting, and there are plenty more. If you’re starting in this industry, keep these five things in mind.
1. Understand the Trade Channel
Whether you’re starting an export management company, export trading company or looking to be an import and export merchant, you’ll need customs clearance agent Sydney to help ensure that there are no delays when it comes to sending and receiving goods. A broker is just one of the entities involved in this business. You’ll also need to be familiar with potential distributors, as they are the ones who will be buying your imported products for resale/further distribution. Manufacturer’s representatives are salespersons with very specific knowledge that can provide you with warehousing, technical services and product assistance. And retailers that will be your end of the line.
2. Personality and Work Habits
If you shy away from people or are concerned with being seen as salesy, international trade may not be the best career for you. You will need to be very organised and pay close attention to the details, as they will heavily impact the success and profitability of your company. Being multilingual is a major bonus when doing business with other countries as well. So if you have the discipline and drive, you can certainly be happy in this line of work.
3. Find Your Niche
The more narrow you make your scope, the easier it will be to find the right customers and to hone your skills and expertise. Having a niche is one of the easiest ways to set your business apart from the rest. If finding a niche is giving you trouble, do some market research to uncover which niches are underserved or more in demand.
4. Operations
What you’ll actually do during business hours will depend on how you structure your services. If you’re only a sales rep, you’ll be focused on finding buyers. If you’re a full service provider, you’ll be handling shipping, buying, selling and more. Think about how you’ll organise things to make operations run smoothly. Organisation can make or break your business.
5. Marketing
Depending on what side of the trade you want to be on can make a difference in how you market your business. On the one hand, you’ll need to sell yourself to potential manufacturers to convince them that you’re the one who can usher them into the business of exporting their goods to a U.S. market. On the other hand you’ll be selling the actual products to representatives and distributors. If you are going to be exporting goods or products, or if you’re going to be helping other domestic producers find international sales channels, then you’ll need to convince international buyers to purchase from you.
Switching career paths or finding a segue into a related profession can be scary, but when you’re prepared and plan well, there’s a lot less to fear. Jumping into the import-export business can be very profitable and give you a chance to use interpersonal skills, explore new cultures, and a lot more.