How to Start an Importing Business ~ Become an Importer



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Breaking Into and Succeeding as An Import Business Owner
Becoming An Import Business Owner
Starting An Import Business

Importing in A Nutshell

Many people who are drawn to importing have a strong sense of adventure. They are drawn to new experiences, cultures, challenges and opportunities. Importing often evokes images of rugged travelers haggling with Middle Eastern vendors, passing through small South American villages or hopping from bus to plane to hitching a ride on a pickup.

For some, these images aren’t too far from the reality of importing. For most, though, importing is now more about business skills, customs forms and great communication. That doesn’t mean, though, that the heart of importing has changed. It is for those who have a sense of adventure, who thrive on cultural diversity, on finding the next greatest product, on meeting the next challenge.

This eGuide will help you to better understand the imports business as it is played out in the real world. Through the information provided as well as the additional resources made available to you, you will be able to better determine if this is the career path for you. Let this eguide serve as a map on your new, professional journey. It will be your first resource, your primer and your inspiration.

Although customs regulations and other logistics are quite rigid, importing itself is filled with possibility and potential. You can import virtually any product that you fancy. You can do it from virtually any country that appeals to you. You can tap into your talents, strengths and interests to create a business that fits who you are, who you want to be and what you want to share with your own culture to make the world a little smaller and little friendlier. Importing is about helping others to have access to the thing that most move you and fulfilling your own professional dream at the same time.

A Brief History of International Trade

People have traded as long as human history has been recorded. It’s one of the oldest and most timeless professions around. Trade via land and sea routes connected the first civilizations in Mesopotamia and the Mediterranean. There is record that the Phoenicians traded overseas as early as 3000 BC.

One of the most important and most well known trade routes was the Silk Road which connected the East and West, namely China with the Roman Empire. Spices, silks, perfumes and other goods traveled along this route from 300 BC onwards. The European part of this route was first controlled by Constantinople and later by major cities in northern Italy, namely Venice.

In the 15th and 16th centuries, the Spanish and Portuguese began to use the waterways to explore new trading opportunities in Africa and Asia. Through these new trading posts, Europeans began to import rare spices, foods and other exotic goods. Europeans began to set up trading posts throughout the world, which later developed into colonies.
During the 18th and 19th centuries, the Industrial Revolution was having a strong effect on worldwide economies, especially the British economy. Factories, such as cotton factories, throughout Britain were quite lucrative and needed raw materials imported to be able to keep these factories supplied.

Thus, Great Britain became the leading nation in international trade. Then, with the introduction of railways and steam ships, trade was booming. North America and most of Europe were industrialized nations by the 20th century. After the 20th century, trade was no longer dominated by primary products, but also secondary and tertiary products.

Today, trade is even more complex. Developed nations often set up their factories in developing nations where the costs of labor and manufacturing are much cheaper. Trade agreements abound and new regulations and restrictions are being introduced at an alarming rte due to security threats, whether perceived or real. International trade continues to change and adapt to the current global context. This may be your opportunity to become part of a continuum that is both historical and promising to the future of the planet.

Even though international trade has been around for centuries, in this globalized, technologically advanced age, it is bigger and more lucrative than ever. According to the U.S. Department of Commerce, importing brings in a whopping $1.2 trillion in goods annually. The outlook is favorable for small startups like yours, as they dominate the market rather than the large corporations.

So why are consumers so eager to buy imports? It may because of availability. That is, there are many items that you just can’t find in your area. Maybe we’re talking about mangoes in New Mexico or lobsters in Kansas. Often, it has to do with the image. It’s much more romantic to buy French perfume, Indian textiles, or Egyptian cotton. Sometimes, it’s for economical reasons. Production costs are much less in countries like Taiwan and Mexico. Many businesses take advantage of this to provide their customers with lower priced items.

Keep in mind, though, that importing is not for the faint at heart. To succeed in this field, you need to thrive on getting the sale. You need to enjoy the art of negotiation, follow up, marketing and have a strong propensity for organization. You need to be a people person and definitely not shirk at the idea of dealing with people from other cultural backgrounds.

I have never started a business before and importing sounds complicated. Can I?

You absolutely can start your own importing business. Like any new adventure, it takes time, research and initiative. People do it every day and you can too. This eGuide will serve as the first step toward opening your own importing business. Here you will find a wealth of information and resources to better prepare you for your new career path. Be sure to check out the final section on success profiles for a little real life inspiration.

What are the steps of importing?

Importing can be a little complicated at first, no doubt about it. However, with a little preparation and guidance you can be an import expert in no time. Here are the basic steps taken in importing. The entire process is discussed more in depth later in the text.

1. Planning: Define your product and how its market. Create business and marketing plans. This is when you will also look into government regulations, tariffs, and restrictions that may affect your product of choice.

2. Logistics: Developing a logistics plan means devising a plan for physically importing the merchandise. This is also when you need to decide to go it alone or to hire an imports agent or a customs broker.

3. Foreign sourcing: In this step you will find and assess your potential foreign sources, that is, where you will get your product. While some people prefer to go abroad and meet their suppliers face to face, others use the World Wide Web for their globe trotting needs.

4. Financing: Here you will negotiate the business terms with your supplier or source. There is much to consider here and you will do well to be as prepared as possible before entering the negotiations process.

5. Security: Homeland Security now plays an important role in trade regulations. Be sure to be aware of how these regulations and restrictions can affect you and your merchandise.

If I import stuff from overseas, how do I market them? Are there distributors who will be interested in selling them to customers? Or, should I distribute them by myself?

As an importer, you have a range of decisions to make. You can be completely independent from the time you locate your supplier, through distribution or even selling directly to customers. You can also hire people along the way to make your job that much easier.

Imports agents and customs brokers can help you locate reliable sources, clear the way through customs, obtain the appropriate insurance package and take your goods all the way to their final destination. It is just a matter of assessing all of your options and determining what suits your business goals best.

How do I know about the quality of items imported? I’m not an experienced quality checker.

How you determine the quality of your product depends, in a large part, on what product you want to import, from which country and how you will locate the supplier. If you hire an import agent, this person will be able to help you find a reputable source and will do most of the legwork necessary to insure its quality. If you go to the country and locate the supplier, there are a number of things to look for in their business history.

I’d like to import things from China, but I heard the business people there are rather hard to negotiate with. Do I need to bring my own interpreter or do I need a partner who is familiar with Chinese culture and business customs?

When you are doing business with a different country, it is always a good idea to know as much as you can about that country and its inhabitants. There are a number of resources out there, many of which are listed in this guide, that can help you to better understand a country’s norms and business practices.

If you are planning on going to China to find your products, it is a good idea to have support. Do your homework beforehand to locate potential suppliers. If you do not want to bring an interpreter, you will need to find people who speak English. If after researching business practices in China you feel that you need the extra support, do not hesitate to find someone who can provide you with the help you need.

I don’t have any business line of credit. How do I start one and build my credit credibility fast?

To establish a business line of credit, you need to be able to show creditors that your business has a steady revenue that will allow you to profit and repay debts in a timely fashion. You can start one as soon as you start your business.

How much I can expect to earn as a new importer?

The products you import, how you distribute them, and how much time and money you can invest in your business is what will ultimately determine how much money you can make. It is estimated, though, that importers make anywhere between $30,000 to more than $200,000. The average income is around $75,000.

A few very successful importers may earn into millions of dollars annually. The sky is the limit.

About the Authors

Jennie S. Bev is THE fashion, image and fun careers expert, whose reputation has been acknowledged by prestigious media internationally. She has been profiled and mentioned in Entrepreneur, Teen People, Canadian Business, Home Business, Dong (France), San Francisco Chronicle, The Independent, Daily Southtown, The Arizona Republic, Chic (UK/Asia), Fit (Asia), Femina (Asia) and Dewi (Asia).

Editor-in-Chief Jennie S. Bev was named an EPPIE Award finalist in Non-Fiction How To category for excellence in electronic publishing. She has published over 70 books and 1,000 articles in the United States, United Kingdom, Canada, France, Germany and Southeast Asia. She is also a college professor based in San Francisco Bay Area.

Co-author Kristina Morris-Heredia‘s academic background is in Anthropology and Latin American Studies. However, she has found her career as a freelance writer and translator. She has conducted ethnographic research on a Gypsy community in southern Mexico, has written numerous articles, eBooks, and web content and has written for the likes of Mothering Magazine and Woman’s Health Network.

She goes back and forth between the United States and Mexico but currently lives in Xalapa, Veracruz with her husband and her two kids.

This 83-page instantly downloadable StyleCareer.com eGuide Breaking Into and Succeeding as An Import Business Owner brings you valuable insider tips, advice and suggestions not available elsewhere to help you embark on this highly lucrative but highly misunderstood career path.

TABLE OF CONTENTS

The Myths, the Realities, and the Basics
I have never started a business before and importing sounds complicated. Can I?
What are the steps of importing?
If I import stuff from overseas, how do I market them? Are there distributors who will be interested in selling them to customers? Or, should I distribute them by myself?
How do I know about the quality of items imported? I’m not an experienced quality checker.
I’d like to import things from China, but I heard the business people there are rather hard to negotiate with. Do I need to bring my own interpreter or do I need a partner who is familiar with Chinese culture and business customs?
I don’t have any business line of credit. How do I start one and build my credit credibility fast?
How much I can expect to earn as a new importer?

Importing in A Nutshell
A Brief History of International Trade
The Basics
Key Players
But How Much Can I Make?
Statistics
Baby Steps
Step One
Step Two
Step Three
Step Four
Step Five
Step Six
Step Seven

Getting Started
Don’t Forget the Maps
Business Plan
Capitan’s Summary
Market Analysis or Testing the Waters
Company’s Description
Organization and Management
Marketing and Sales Strategy
Service or Product Line
Funding
Prospective Financial Data
The Marketing Plan
Getting Ready
Market Situation
Threats and Opportunities
Goal
Do Look Back
Summing It All Up
Financing
Playing By the Rules
Picking A Location
Insurance
Pricing
How to Build a Website

Locating Products to Import
Directories
Suppliers, Agents and Brokers
The Supplier
Customs Brokers
Import Agents

Lingoes, What They Mean and How They Affect You
What are INCO Terms?

Bewares
Quotas
Particular Products from Particular Countries
Embargo
Letters of Credit
Cross-Cultural Communication

Distributing Products
Wholesalers
Distributers
Direct Sale

Being Successful
Imports Inc.?
Useful Resources
International Trade Insurance
Importing Resources
Blogs, Podcasts and Forums
A Few Things to Remember

Success Profiles

This eGuide literally saves you hundreds of dollars spent on professional workshops and training and hundreds of hours of research. It will help you break into the career of your dream faster without having to repeat the same mistakes that most newcomers do.

You can have this exclusive eGuide right away by instant download for only $39.95, which you will earn many times over with your first paid job. This special low discount price is reserved for today, Friday, September 05, 2008 only. (Regular price: $49.95)

Breaking Into and Succeeding
as An Import Business Owner
87 Pages
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