The import/export business is tough. Few survive. But, for those that do, it’s incredibly rewarding, not to mention exciting. If you’re thinking of breaking into this lucrative industry, here’s what you need to know to get started.
Register On Export.gov
Register on Export.gov to get started. You must create an account and complete a questionnaire to determine if your business is ready to begin exporting. You will also get advice for how to break into new markets.
Get Training
You’ll probably need training if you’ve never done this before. The federal government offers free in-person counseling to help small business owners, like you, get started. You may be eligible for financing and help through U.S. Export Assistance Centers.
These centers are located in major metropolitan areas all over the U.S., providing small and medium-sized companies with local and personalized assistance. Professionals from the U.S. Small Business Administration and the Department of Commerce, as well as the U.S. Export-Import Bank are there to help you.
Another organization that might be able to help you is a Trade Specialist from the U.S. Commercial Service. Trade Specialists are professionals that provide free counseling and numerous services to import-export businesses.
The U.S. Trade and Development Agency provides a database of companies and individuals. Unlike the U.S. Commercial Service, this agency charges a fee for consulting services.
There is an online training course on exporting too, to help you determine if exporting is a good business strategy for you.
Create A Business Plan
Like any other business, you need a plan. Creating a plan is important for your company’s long-term success. Lean how to develop an export plan with professionals from various government and local market specialists. Identify the problems and challenges you face as well as how others have overcome them.
Do Market Research
Use Trade Stats Express to identify target markets, and the Market Research Library to get the latest information on foreign trade.
Find Buyers
Finding buyers is perhaps one of the most important and challenging aspects to importing and exporting. It’s how companies like ISO Stainless became successful though, earning both the coveted E and E-Star Award for excellence in exports.
You can also attend U.S. trade shows or sign up for a foreign trade mission or various trade shows overseas. These trade shows are similar to trade shows you’ve probably already been to in the U.S. It’s a marketing strategy.
The idea is to show off your business, products, and services, and entice foreign buyers with your wares. Earn contracts with buyers and establish yourself as a business in another country.
Get Financing
You might also find it difficult to get financing for your business activities. Most new small businesses do. But, if you become familiar with the SBA’s export loan programs, or other federal government lending and insurance and grant programs, getting the money you need shouldn’t be too difficult.
Steve Smith is the manager of a small import-export business. He likes to write about the industry online. His articles are available mostly on business and industry sites.
