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How To begin Import-Export Business

How To begin Import-Export Business

1. Select Your Business Name and Set up a Website and Blog

Without a website or blog, you can’t have a networked import/export business. Get yourself a platform that allows you to develop a presence online and grow your business beyond your wildest imagination. The goal is to balance the flow of communications, sell products online (or offline) and build your customer base to drive profits for your international business.

2. Pick a Product to Import or Export

When it comes to importing and exporting, you cannot be all things to all customers. Decide on something and stick with it.

You have two viable reasons for choosing a product to import or export: you know it will sell or you like it. Hopefully, you can meet both criteria. That’s an ideal business model. Would you buy it if you saw it in another part of the world? Then you are on to something!

3. Find the Right Market

You’ve selected product; now you must look for someplace to sell it! You will improve your odds of picking a winner if you cultivate a knack for tracking trends or even spotting potential trends. Getting in on the ground floor and importing or exporting a product before it becomes a super-seller in a country could be the business breakthrough of a lifetime!

4. Source a Supplier

Once you have a likely import or export product in mind, learn everything there is to know about it. If you were its creator, how would you improve it? Go to a manufacturer and suggest product improvements to turn a mediocre product into something slightly ahead of its time. Your suggestions might mean the difference between a Sony Walkman and an Apple iPod.

5. Price the Product

The business model for an import/export business is based on two critical elements within the international sales operation.

• Volume (number of units sold).
• Commission on that volume.

The goal is to price your product in such a way that your commission (markup on the product to customers) does not exceed what your customer is willing to pay and offers you a healthy profit. Typically, importers and exporters take a 10% to 15% markup over cost, which is the price a manufacturer charges you when you buy a product from them.

6. Find Customers

Provided you have done a good job with search engine optimization on your blog or website, customers will find you. But don’t rely on it. You should also go hunting for customers! Check with local contacts, such as trade organizations, Chambers of Commerce, embassies and trade consulates. They generally have a good sense of who’s doing what in the international marketplace. They can offer contact lists specific to your industry and also suggest trade shows that are taking place locally and internationally that might help you connect with customers in a faster and more efficient manner.

7. Transport Your Products

Your next step is to focus on logistics — transporting the product to where you will be selling it. By now, you have located a customer who loves your product, solidified the terms of the sale with them and established a means for getting paid. Now you must move your product.

8. Provide Great Global Customer Service

The relationship between you and your overseas customer shouldn’t end when a sale is made. If anything, it requires more of your attention.

Think of your after-sales follow-up on your import/export business as part of your product or service offering. The first step is to say, wholeheartedly — whether in person, via Skype, by email or telephone. Source: liveabout

Procedure for importing products

Electronic import formalities (E-Import) when goods arrive in Thailand The importer must submit a consignment note and relevant documents for importation to the customs officer at the port of entry. after the goods Arrived at the port and had already paid the duty and tax. The importer is responsible for preparing the goods for inspection. and release goods from customs custody In addition, in some cases The importer must also apply for a permit to import for the goods. depending on the product type Some products require import authorization from the relevant authorities prior to importation.

Documents required to submit customs clearance for import include:

1. Import Entry Declaration
2. Bill of Lading (B/L)
3. Invoice
4. Packing List
5. License or authorization letter for imported goods (License)
6. Certificate of Origin in case of request for a reduction or exemption of the import duty rate
7. Other documents such as catalogs, document showing ingredients, etc.

Ceremonial procedures

Under the electronic import system The importer or the relevant agent is not required to submit documents that are
Paper Since all data is transferred electronically from the importer’s computer system to the Customs Department’s computer system by VAN system or the Internet, generally, the process of importing goods has 4 steps as follows.

1. Transfer and/or Submission of Declaration Information : The first step of the import formalities is to declare the importation information and submit it to the Customs Department. for the company or the exporting agent to send the ship information Product inventory and packing details account to the Customs Department’s computer system If no error is found The computer system will reply to that company or agent. When the goods arrive at the port or place of import The importer or its agent must submit the declaration information to the Customs Department’s computer system.
2. Verification of the Declaration of Information : The second step is to verify the declaration of information and all relevant documents submitted by the importer. At this stage, the department’s system will separate the goods declaration into 2 types, which are the goods for inspection and the declaration for exemption from inspection. The importer can proceed with the payment of relevant duties and taxes immediately. If his/her entry is an exemption from the inspection
3. Payment of import duties : The 3rd step is payment of duties and related insurance. Currently, there are 3 ways to pay: pay at the Customs Department. electronic payment and pay at the bank
4. Inspection and release of goods: The final step is the inspection and release of goods from customs custody. An importer submits a declaration With the warehouse receipt for the release of goods, at this stage the information of the goods is checked. Detailed accuracy to indicate that such goods must pass inspection or exemption from inspection if it is a bill of lading. except for examination It will take very little time. After that, the status of the product release will be transmitted electronically. to both the port and the importer or agent However, in the event that the product has to go through a formal inspection The port will move the goods for inspection by customs officials before releasing the goods from customs custody.

Export procedure For those who want to export products

Preparing and finding information

Entrepreneurs who want to export They must know that their goods comply with the Customs Tariff System (HS Code). And this item is a regulated product or not. However, you must also study which Thai agency is responsible and what laws or regulations govern this product. As for the agency that can give advice, namely the “Ministry of Commerce”, entrepreneurs must also study the details of importing goods of the country they want to export. What are the laws that control what you want? When there is complete information, it can offer sales to customers. At this stage, you may need to start looking. Logistics service provider To assess the initial cost of sales to offer to customers.

Start an export business

This is a commercial registration process. Which is divided into sub-steps as follows:

1. Entrepreneurs must register commercially as a juristic person. at the Department of Business Development Ministry of Commerce
2. Tax (VAT) registration at the Revenue Department Ministry of Finance
3. Registration as an importer and exporter at the Customs Department
4. Registration according to the regulations related to trade Depending on the type of products sold, for example

If entrepreneurs want to export fresh or frozen fruit, they must register at the Department of Agriculture. Ministry of Agriculture and Cooperatives

Customs clearance

Customs formalities are procedures for bringing goods out of the country. as required by law

by using the services of a “Customs Export Agent” to perform duties of exporting goods abroad. The procedures for customs clearance are as follows:

1. Requesting a certificate for safety and product standards

2. Requesting a Certificate of Origin from the Department of Foreign Trade Ministry of Commerce in order for the importer to receive a reduction in customs duties at the time of import

3. Contact to reserve a tanker or plane in case of transportation Ready to do product insurance

4. Plan to arrange export according to the conditions specified by the buyer in the purchase order, called L/C or Letter of Credit, to be correct.

5. Prepare documents for customs clearance which must have the following documents

– Export declaration

– Invoice

– Packing List

– License of state agency in case of regulated goods