Jan 28, 2020 - 12:02 AM
Thanks for your question and our apologies for the delayed response. Let me answer this question for you. The profit of the import/export business is in the quantity of the goods traded. The higher the cost of the merchandise, the higher the profit from your percentage. Here are a few tips to become successful in an import and export business: Procurement: It gives you power over negotiation while closing the end deal. So know your product and the season well for the right time to procure.
- Explore routes to market entry: Develop your intercultural awareness and locate your proposition appropriately to your target audience. Get yourself involved with the international business network to find helpful business connections at home to improve your export sales without the loss.
- Manage finances, payment & risks: Set up the letter of credit to ensure that you get paid for your exports safely. Get help about learning financial transactions and research trade taxation. This can help you adjust your product pricing for the market. It needs a lot of preparation, consideration, research, expertise, and planning.
- Don't kill the golden egg-laying goose at one go. Develop a client so he buys continuously at regular intervals. The same goes for your vendor if you are his good client he will offer better deals every time you purchase.
- Good business = Large profits. Faster execution always counts in Exports or Imports considering the volatility on USD, local market prices, etc. A longer shipment might account for a loss-making project.