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how do i start import/export business?
I live in Toronto, canada. I am new to this place- frankly dont have any contacts here who are in business or soemthing.
I need advice on how to start ijmport/export buisness. I want to be a trader or something. I have contactsin other countries for wines, and other stuff..
my question is how do I find buyers in north amaerica? What magazines, websites coudl help me.
Thanks
Rose
3 Answers
- Kelvin CLv 51 decade agoFavorite Answer
I do not know of any one place online that you can go and get all the details that you will need to start your business. What follows is just a list of my thoughts, you may find them helpful.
1. importing/exporting is just buying and selling. Your goods just come from another country or go to another country. So all the same rules apply for this business as with most types of retail / sells businesses.
2. If you intend to buy from your local area and export that to other countries you will need to make local business connections.
3. Qualifying suppliers is a big part of what you will be doing. You have to locate distributors or manufacturers who can sell you the items that you will sell.
If your suppliers are in other countries, this will be more difficult as you may have to travel to these remote locations to see, test, qualify and make decisions about the merchandise.
4. There are many skills needed to make a business like this work;
a. knowledge about shipping (shipping will probably be one of your major expenses). By this I mean how to ship, which carrier to use (postal service, UPS, FEDEX, etc).
b. knowledge of the regulations of customs for the various items that you ship. Different countries have different laws governing what can and can not be shipped in and out of their countries.
c. knowledge about various markets, the markets in the place you want to buy from and knowledge about the market you want to sell in. Most business people to both in the same market, importers and exporters do it on a larger scale.
5. One place to start as far as magazines, websites and the like are concerned is to start with the manufactures of the things you want to sell. You mentioned wine, look up the web site of the wine maker. Find out what is the cost to have the wine shipped to you. Get an understanding of how much it will cost to ship the wine to your customers. And you will have to do this for each and ever product that you sell.
- 5 years ago
First of all, think if you have a really clear understanding of what you're going to export/import. If you aren't careful, it may happen that you'll end up with an absurd amount of worthless product you will never sell.
Here are some steps to follow:
- find a good product which is high-demanded;
- find a good supplier - there are a lot websites where you can find great suppliers;
- sell and build - after you have a good product, and a good supplier, you just have to start selling it (if you want to sell your products easier, find customers and partners worldwide use various e-commerce sites such as Export Portal, Global Trade, Trade Zone, etc.)
Some "not to do" tips:
- don't buy in bulk from a factory until you have their samples in your hands and you verify their quality;
- don't let any supplier convince you they can't ship single samples, they are trying to scam you;
- don't pay with any other method but PayPal for the first 6 months with your supplier, this eliminates a ton of risk;
- don't buy a lot of inventory in the beginning;
- don't give these suppliers your personal email.
Good luck!
- kraackLv 45 years ago
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