Being successful in Import/export in 10 lessons

If you are planning to start an Import/export business, these guidelines would be extremely useful:

1. Learn as much as possible about your market before you start your Import/export business. The particular niche is which you want to start your Import/export business should have high demand and low competition for you to get high profits.

2. Know more about your Import/export business partners before you enter into a contract with them. A good partnership with Import/export businesses would stand you in good stead. A weak partnership on the other hand would prove to be a major burden in the future.

3. Use a reputed business service provider to help you forge profitable business relationships in your Import/export business. Leverage their experience and contacts in the Import/export business to your advantage as much as possible.

4. When starting an Import/export business, make sure that your business contracts are clear and free from legal complications. Since your Import/export business would have to conform to business laws of more than one country, you need to be extra careful.

5. Use secure forms of payment for your Import/export business. Using an LC as a standard form of collecting payments from your business contacts would safeguard your Import/export business.

6. Even when using an LC for your Import/export business, make sure to check the LC number, the name of the bank issuing the LC and its address, the shipping date, the opening date and a whole lot of other relevant particulars. Checking these details would ensure the validity of the LC for your Import/export business.

7. Try as much as possible to avoid wire transfer payments for your Import/export business. A service like Western Union may not allow you to track you other party involved in your Import/export business especially when you are paying.

8. Never send or expect free samples when doing an Import/export business. All samples that are sent in an Import/export business need to be adequately compensated.

9. When buying products from abroad for your Import/export business, do a thorough pre-shipment inspection of the products. Be aware of on-line fraud in Import/export business especially in countries like Nigeria, Colombia, Macedonia and a few others.

10. If an offer is too good to be true, it probably is, so be wary of such offers in your Import/export business. Always move forward only when you are sure that the Import/export business deal looks genuine.