Questions to Ask before Starting Your Import/Export Business
Part of the Import/Export Kit For Dummies Cheat Sheet
If you're considering entering the world of global trade by starting your own import/export business, ask yourself these important questions to see if ready to commit your time and money to the venture:
Why are you thinking of starting a business, and what makes you think you'll be successful?
How much money will you invest and how much will you earn?
Will you be starting part time or full time?
Do you plan to import, export, or both?
Will you work as an agent or a merchant?
What will be your company name and form of organization?
Where will your base of operations be? Where will you locate your office?
What will be your business telephone number, mailing address, and fax number?
What type of products will you choose to deal in?
Who will be your suppliers? What companies will you deal with? In what countries?
Who will be the consumers/users and buyers of your products?
How will you handle distribution? Set prices? Promote yourself and your products?
Which method(s) of international payment will you use?
Which means of international transportation and insurance will you use? Which shipping terms?
Who will be your bank? Your insurance company? Your Customs broker? Your freight forwarder?
Which U.S. and foreign government regulations will you be concerned with?
What sources of information and assistance are available as you begin and as your business grows?