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