India is emerging as an export hub all over the world. There has been a noticeable growth in the Indian import and export market. Due to this growth, more and more entrepreneurs are starting up export-import ventures. It is important to decide various things and look into all the pros and cons involved.
One of the major subjects to think about is an investment, instead of laughing at the banks; one should see the capacity and earning he might get through this business. Import and export business is such a business that can easily accommodate anyone without considering the investment size. Starting an import-export business with huge capital can be a nightmare if not done strategically.
There is a big myth that import-export business is possible only if you have a huge budget. For all those who are willing to Start Import Export Business With Less Investment.
Follow the steps to start import export business with less investment
1. Make The Decision
The first step to start import export business with less investment is taking the decision of starting a business in another country is the basic and very first thing. To get success, proper planning and forecasting is a must. There are various things that need to be decided while thinking they start a business so make a checklist of the same and answer it. The product decision would depend on various aspects and one of the major ones is the investment you want to do.
2. Gain The Basic Knowledge
The best way to understand and know the market requirement is to gain knowledge about the product. The best investment would be to gain basic knowledge about the product you wish to market and invest the time in finding the clients/ buyers.
3. Obtain All The Needed Tools
Basic things such as – internet, laptop/PC, stationery, etc should be bought and kept handy when you start working.
4. Decide Your Market And Accordingly Select The Target Product
Before even pondering on starting an export-import business, selection of the target market, and goods is very important. Various aspects such as the type of product, its demand in the prospective country, environmental and legal conditions, rules and regulations, etc. should be considered.
5. Make a Business Plan and Incorporate It By Doing Promotions
Detailed research and planning are necessary for the success of any business and so make a business plan and promote it through various online and offline sources.
6. Develop Relations and Make Contacts
Making contacts is very essential for any business so always try to develop good relations with the buyers.
7. License Clearance
If you follow proper procedure for clearance of licenses, it might not cost huge but if there are loopholes then you might have to pay penalties, which would be costly.
8. Raise Capital
Starting a low capital import-export business means – low risk, average or basic built-up network, less marketing, average or unexpected revenue. For raising capital you can take the help of banks, investors, or family and friends.