If you ask me how to start an Import-Export business, your company must have the ability, resources and management to deliver a marketable product or service on a global scale at a competitive price. The trick is to determine whether it is true of your enterprise — and if it isn’t, make it happen. My Enterprise is too small to be successful in importing and exporting. To triumph in international markets, you don’t have to be a market leader. Check the following as a starting point:
- Hopes –
Do you have clear and achievable import- export aims? · a realistic idea of what importing and exporting involves and the timelines for results? · a receptivity to new ways of doing business? · an understanding of what is needed to succeed in the global market. - Human resources & Demand Handling-
Do you have the ability to handle the extra demand associated with your business? · a management team committed to importing and exporting? · adept ways of responding efficiently to customer queries? · personnel with exceptional marketing skills? · ways of dealing with language and cultural barriers? - Monetary and legal resources –
Can you obtain adequate capital or lines of credit to produce the desired product or service for new orders? · locate people to guide you on the legal and tax implications of importing and exporting? · deal efficiently with different monetary systems and ensure protection of your intellectual property? - The Passion to compete –
Do you have a product or service that is highly competitive in the market and trend? · resources to conduct market research on the exportability of your product or service? · proven market-entry methods?
Can your products or services find a worthy market demand outside of India? When you analyze the export potential of your products/goods or services, you may want to account for the following considerations:
i. Customer Usage : Who is using your product or service? ·Is your product or service in broad, general use or restricted to a particular group? Is the product or service well liked and used by a certain age group?
ii. Product Alterations :Are modifications necessary to make your product attract foreign and exotic clients and customers? · What is the shelf life of your products· Can packaging be easily modified to cater to the demands of foreign clients and customers ?
iii. Transportation : How easily can you transport your product? Would transportation costs make competitive pricing a problem by any means? How efficiently does the target market process incoming shipments?
iv. Marketing & Promotion: Do you require marketing executives or any other local representation? · Do your products require technical sophistication? · Is after-sales service needed for the product? If so, is it available locally or do you have to provide it?
v. Standout services: What is so unique or special about your exporting services, them and what makes them stand apart? · Are your services considered to be top-notch and world-class? · How would you like to plan to deliver your services: in person, or with a local partner or by electronic means such as the Internet?
An export plan should contain the following:
- Business & Growth
- Organizational goals.
- Global market aims
- short- and medium-term objectives for exporting
- Ownership & Management
- Management Staffing
- Staffing & Services
- Exporting and domestic operation Relations
- Planning alliances
- Products and services description
- Unique features that define your product/services from those in the target market
- Production of products and services
- Future products pipeline
- Target market(s)
- Description of key competitors
- Analysis of competitive position
- Pricing strategy
- Terms of sales
- Distribution strategy
- Intellectual property protection
- Modes of transportation and cargo insurance
- Trade documentation
- Trade service providers
- Revenues or sources of funding
- Sales Cost
- Marketing and promotion costs
To Know more about the service ⬇
Stage 1. Location of potential markets: Collect statistics that show your sector’s product or service exports to various countries. Identify five to ten large and fast-growing markets for your products and services. Look at their performance over the past three to five years. Has market growth been consistent with the passage of time?
Stage 2. Assess the target markets: Observe trends that can effect demand for your product or service. Find out the sum consumption of products or services. Keep a tab on the competition, both domestic and international. For marketing purposes, become familiar with distribution channels, cultural differences and business practices. Identify any foreign barriers (tariff or non-tariff) for the product or service being imported into the country, as well as any other domestic barriers (such as export controls) affecting the exports.
Organisations to Support Exporters
In India there are a number of organisations and agencies that provides various types of support to the exporters from time to time. These export organisations provide market research in the area of foreign trade, dissemination of information arising from its activities relating to research and market studies. So, exporter can contact them for the necessary assistance.
- Directorate General of Foreign Trade (DGFT): Directorate General of Foreign Trade (DGFT) organisation is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign Trade. This organization has been essentially involved in the regulation and promotion of foreign trade through regulation. Helpdesk No. Toll Free No: 1800-111-550 OR Dial 011-23061562 Email: [email protected]
- Export Promotion Councils (EPC): Export Promotion Councils are registered as non-profit organisations under the Indian Companies Act.
Federation of Indian Export Organizations (FIEO) – Apex body of all Export Promotion Councils/Commodity Boards/Export Development Authorities (Export Promotion Councils) in India. The following are the major EPCs
- Project Exports Promotion Council of India
- Export Promotion Council for EOUS and SEZ Units
- Basic Chemicals Pharmaceuticals & Cosmetic Export Promotion
- Carpet Export Promotion Council
- Cashew Export Promotion Council of India
- Electronics & Computer Software Export Promotion Council
- The Plastics Export Promotion Council
- Telecom Equipment and Services Export Promotion Council
- Council for Leather Exports
- Jute Products Development and Export Promotion Council