Import/Export Business

Discussion in 'Growing and Managing a Business' started by jamesq, May 17, 2011.

  1. jamesq

    jamesq
    uix_expand uix_collapse
    New Member

    Joined:
    May 17, 2011
    Messages:
    2
    Likes Received:
    0
    I was speaking to my cousin the other day about how I'd like to eventually run my own business one day but was unsure of the kind of business. He's a recruitment agent and, knowing that I'd just returned from seeing friends in Italy, told me how valuable it is to have reliable and trust-worthy friends in foreign countries. He therefore suggested I do some research into setting up an imports business. I liked the idea straight away, especially given how I live in a big port city, and so started doing some research yesterday.

    I found this article:
    It sounds perfect... which makes me skeptical.

    Could I really make money doing this without any initial investment?

    Any advice appriciated. Thanks.
     
  2. firstchoicecar

    firstchoicecar
    uix_expand uix_collapse
    Member

    Joined:
    Mar 17, 2010
    Messages:
    713
    Likes Received:
    29
    I think that business is also good,But there are many restrictions in formulating International Marketing like paying tariffs in your imported products.
     
  3. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    Welcome to Business Advice Forum jamesq, thanks for joining!

    I didn't read that article in full, but from what I did read it looks pretty general in nature. The import export business model is one that is working successfully for many people. To make it work for you, you obviously will need to have clients and to offer a service to those clients that they are prepared to pay for. Are you clear as to who your potential clients will be and how you will be able to offer them something of value?
     
  4. jamesq

    jamesq
    uix_expand uix_collapse
    New Member

    Joined:
    May 17, 2011
    Messages:
    2
    Likes Received:
    0
    Thanks for your responses.

    Fergal, I'm not clear on anything at this stage. There is a v.good government-run free advice centre in the UK for people looking to start a new business, I'm currently doing as much online research before contacting them. I know I can find people in Italy wanting to import to the UK. What I'm unsure about is who I'm supposed to contact in the UK. My assumption is that restaurants, like pubs, are contracted to be supplied by a single supplier. Is this wrong? Last night I discovered that Italian balsamic vinegar can sell for as much as €2k a bottle, but who would I contact in the UK???

    I don't expect you to know (although it'd obv be awesome if you did.) What I'm looking for is an assurance from you experienced people that this is a valid enough idea to arrange an appointment at my local advice centre (I don't want to look like an idiot whose fallen for some online con.)

    Since my first post I've managed to find a company that has apparantly being running courses on this for decades. I can't add a link. Please Google: Wade World Trade. Any comments appriciated.
     
  5. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    Are you referring to the Local Enterprise Agencies? I worked with their equivalent in Ireland for a few years and we were always happy to meet with people who were at the very beginning stages of developing their business idea. Perhaps your local enterprise agency are the same and they might be able to give you some helpful pointers and advice even at this stage. There would probably no harm in calling them, giving them a brief outline of what you are doing and what stage you are at, and then asking them when would be the most appropriate time for you to make contact with them again. Perhaps they may even run Start Your Own Business courses that could be very helpful to you.

    A good place to start would be with the companies that would supply you, ask them about the kinds of businesses that sell their products in other countries. They should have a good knowledge as to the channels their product goes through before it gets to their final customers and if they are considering doing business with you they should be happy to share some of this info with you.

    Saying that you don't want to sound as if you have no knowledge at all of the industry when you speak to them. So do some online research on the particular products and see who is selling them in the UK. This info should be easy to come across because many of the companies selling any type of product will be promoting that fact online.

    Some of the larger restaurant chains e.g. McDonalds will have a single supplier. However, most of the smaller independent restaurants and pubs will purchase from a variety of suppliers including local farmers and producers.

    Apologies but I have no knowledge or experience of Wade World Trade, what I'd suggest is that you try to get in contact with some of their previous course participants and ask them if the courses helped them and were worth the time and investment required.
     
  6. lccglobals

    lccglobals
    uix_expand uix_collapse
    New Member

    Joined:
    May 31, 2011
    Messages:
    7
    Likes Received:
    0
    Its quite difficult to read out full article here but anyway import export business is one of most favorite and profitable business ever. but you should have good number of clients and strong strength over market you are targeting. its one of very risky business but return is always been attractive. get an advice of business assistance providers they will give you god idea with enough market knowledge.
     
  7. ecombiz1

    ecombiz1
    uix_expand uix_collapse
    Banned

    Joined:
    Apr 29, 2011
    Messages:
    75
    Likes Received:
    4
    I think deal with foreign friend is really very tough. If you do your business through online b2b platforms then it will trustworthy. You can use b2b platform like dir.indiamart.com/foreignimporters/ and hellotrade.com
     
  8. MJsusan

    MJsusan
    uix_expand uix_collapse
    Banned

    Joined:
    Jun 1, 2011
    Messages:
    10
    Likes Received:
    0
    it is really so long. I also think the business is not bad. if you can devote yourself, you will be sucessful
     
  9. ieintelligence

    ieintelligence
    uix_expand uix_collapse
    New Member

    Joined:
    Mar 29, 2011
    Messages:
    9
    Likes Received:
    0
    To much my regret, didn't finish reading the long "perfect" article.. But I wanna say that import export business is good ,also diffcult. its important to decide which industry to step into, difficult to find reliable suppliers abroad, duty, tariff, etc Be well prepared, do enough searches online first

    Best of luck!
     
  10. marrie

    marrie
    uix_expand uix_collapse
    Member

    Joined:
    Jun 16, 2011
    Messages:
    35
    Likes Received:
    0
    We have experienced the great services of star distribution system. This company is not only depending on common carriers or transportations services, Warehousing facilities, pool distribution, LTL also included with its services.
     
  11. newbodylife

    newbodylife
    uix_expand uix_collapse
    Member

    Joined:
    Apr 20, 2012
    Messages:
    51
    Likes Received:
    2
    Good luck!
     
  12. Navida

    Navida
    uix_expand uix_collapse
    Member

    Joined:
    Nov 22, 2011
    Messages:
    165
    Likes Received:
    8
    Import-Export Business is one of the best, but toughest businesses. There is more risk in this business as you have to trust on other party, with whom you are dealing. If you have trust worthy party then no doubt there is nothing more profitable than import-export business.
     

Share This Page