The following is a list of Questions from someone who was considering the Import and Export business and my answers to those questions (NOTE: the questions are numbered and my answers are preceded by several asteriks)- one point of reference - I refer to "absolutes" quite a bit - giving an an "absolute" is an impossibility when it comes to starting and succeeding in a business:
AS i'm doing my due diligence search i have some questions about the import and export Business.
1. Between import and export, which one will give me a quicker result? I understand it might be up to my speed and learning ability, but give me an average: which one of the two gives better and quicker result, i know i cannot do both at the same time, i'm trying to see which one of the two that i should try first.
**** Your first absolute which I cannot provide - each business is different - each person entering these two businesses are different and bring with them different personalities, backgrounds, abilities, and resources. Personally, I feel (not an absolute) that there are more opportunities within the exporting business, especially right now with the US dollar being at historic lows - this makes our (USA) goods less expensive to buy by foreign importers.
The exporting business also offers (in my opinion) more opportunities to work it indirectly, i.e., without buying the product with your own funds or legal financial obligations. Both the course publisher and I recommend that you start out working as an export agent or broker where you match buyers to sellers, after you have an agreement with the seller to pay you a commission. In my many (almost 20) years in this business, I have not seen many (if any) similar opportunities to work the importing business as an agent or broker.
Most often in importing, you have to put money out for the goods and be totally responsible for their shipment, then the marketing, sale and shipping of those products.
2. Once i order the import or the export package for the price listed on importexporthelp.com websites, is there any other money that will come out of my pocket soon or later. I'm trying to keep up with my budget, i don't want to order either package, then later i find out that i cannot keep up with the business because i'm short on cash.
**** There is only one other resource that we offer that I recommend - a subscription to the online Export Leads service as described here: http://www.importexporthelp.com/trderl4.htm
I think you should have a dedicated fax number but that does not mean you need an extra phone line - as a bonus when you order the Exporters Master Package - I send you some agreement formats, a letterhead format and some information on resources I use in my own business, such as a dedicated fax number that emails me my faxes and only costs $34 a year (not month, a year). Beyond that would be your phone bill and I can give you the name of my long distance service if you like - I have been with them for about 8 or 9 years now because they have the best domestic and international rates I have found.
3. i'll be willing to do whatever it takes for that business to work, i have tried so many other online businesses, they were not working for me, but this one will: That's why i'm doing all the possible research before i get deeper to it. Would you tell me about how much time i will need to spend on the business (weekly).
**** Another absolute - sorry but I simply cannot give you an answer - no one can and if they do, get it in writing, signed and dated.
4. how guarantee is the business for everybody who do what they suppose to do, including research and all that. Does this Business requires for you to have luck.
**** Another word for guarantee - absolute - patience, persistence, perseverance, tenacity - all go into your ability to succeed in this business or any business - I am quite frank here, if you are looking for guarantees and absolutes, then you probably should never go into business for yourself.
5. How many transactions can you hit in a month after you get used to the business? Can you do more than one transactions at the same time?
**** Working the business as an agent or broker, I would encourage you to be working on several possible deals (if you have the time) not every (for that matter, not most) deal will come to fruition. I live in the Pennsylvania dutch area and they have a saying around here - "dont put all of your eggs in one basket" - the same goes for starting out and building your business - dont get so focused on one deal that you ignore other potentials, but by the same token, don't get spread too thin by trying to do too many. How many is too many, when you do not have time to follow up with what you need to do to see even one come to fruition.
6. is it going to take me 3 to 6 months to learn the material or is ti going to take me 3 to 6 months before i make my first cash.
**** Sorry, another absolute - too many variables are in play - you, the marketplace(s) you choose to pursue, your ability to communicate, whether over the phone or in writing or possibly in person. How can I be a judge of that? Sorry, but I will say that minimally, if you were successful on your very first deal, you would still be looking at 3-6 months before you would collect your commission from the manufacturer - simply, it takes that long for everything to process through, i.e., shipping, negotiation, customs, payment by the buyer, etc..
7. I know i'm going to have to reinvest some of my profits into the business, how would i be able to do that?
**** Working the export business as an agent or broker really does not require a lot of reinvestment - a phone, fax (which you can do with software in your computer) , fast internet connection, these are the basic tools, except for maybe this - I do recommend that if you get a manufacturer to sign you on as their export agent/broker (one of the hardest parts of the business actually) - then I recommend that you use every means possible to promote the manufacturer's products, but in a generic manner so the potential buyer(s) have to come through you to learn more. I strongly recommend you develop a web site that promotes these various products in a generic manner, under your name or your business name and use either search engine optimization or pay per click advertising to promote their products. Most manufacturers allow you to use their product pictures, etc on your web site since you are helping to promote their products, even though generically.
Hope the above Q & A's will help you make a more informed decision about the Import Export business and whether you are ready to make the investment of time and money required to get started.
Coble International Business Services
Labels: exporting, import export business, importing