Thinking about Importing and Exporting Goods?
Here are 5 key tips if you are thinking about Importing and Exporting Goods:
5 Key Tips for Importing:
1. Market Research
The very first step when thinking of importing is to know about the potential market, its size, trend, competitors, pricing level, credit terms etc. What is the true potential for acceptance of your product /brand in the new market?
2. Prospecting suppliers/Partners
When selecting right partners it is important to know if that organization selected fits with your company’s values and able to provide you with products/ service to your required standard and terms and conditions.
3. Legal Requirements
It is important to identify country specific legal requirements to ensure that your products meet legislative requirements including manufacturing and/or hygiene standards etc.
4. Logistic and Delivery
It is particularly important to know about shipping/logistic, time and paperwork relating to the receipt of goods. Arrangement of this is vital to ensure that the goods are transported properly and arrive at your required destination on time and with appropriate documentations
5. Importance of communication
It is vital to communications regularly with your with suppliers/partners both verbal and written. To avoid language barriers it is important to establish clear and concise flow of written communication as this will avoid frustration, ambiguity and build a strong partnership which benefits all parties.
Tips Tips for Successful Exporting:
1. Research your market
Just thinking there is a demand for the product is not enough. You need to research and get secondary data to back your gut feeling, to know about the competitors, products and prices.
2. Learn about your customer
Knowing about how the customers buy similar products will enable you to tailor your offerings to the foreign customers needs.
3. Know and identify the challenges of the new market
It is very important to acknowledge the challenges of the new market and build an achievable strategy to meet the demands.
4. Importance of communication
Two way communications is vital both with customers and suppliers/partners. To avoid language barriers it is important to establish clear and concise written communication as this will help to avoid frustration, ambiguity and allow you to build a strong partnership which benefits all parties.
5. Prospect well and Select right partner
When selecting right partners it is important to know if that organization selected fits with your company’s values and your range of services or products.