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:
-
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?
