Steps Towards Developing And Import/Export Business

When it comes to starting an import/export business, the opportunities out there are more than ever. If you’re a young Canadian entrepreneurs, looking to establish a successful import/export business, here are the first steps you need to take.

1. Get a great name for your company, that is representative for the business you want to run, but that is also easy to pronounce and remember, register it and apply for a business number. You can do this by contacting the Canada Customs and Revenue Agency. Find a location for your office, get a telephone, fax, internet access, a nice professional letterhead and open a bank account for your company. Once you start getting into contact with other businesses, you will need to have everything set up and be able to offer complete information about your company.

2. Establish a clear path you want to follow. Do you want to import or export? Or both? If you’re new to the business, it’s better to only export or import. Start off by doing only one thing, and once your business gets strong you can start trading in both directions.

3. Decide on the products you want to import or export. When doing this, think about the trading regulations and licensing for different products, and also think about the target customers. Think about the price you are going to ask for your product and see if it will be competitive. Analyze the market and decide whether there is place for you in it, or if you should choose another product that would be easier to sell. Go for the easy solutions at first, at least till you learn more about the business.

4. Find business partners in other countries. You can do this by doing some research on the internet, by contacting local trade associations or by contacting embassies and consulates. No matter how you do it, make sure you do your research before singing a business agreement.

5. Once you found a few suppliers that you’d like to work with ask for product samples. Never make a big order, before seeing what you’re going to get. You will have to spend some money on samples, but it will be a little amount, compared to the investment you put in a big order.

6. Be well informed about trading regulations in your country and have all the necessary paperwork ready. A customs broker can take care of the paperwork, while a freight forwarder can handle the shipping.