Saturday, July 09, 2011

Export Import Business Q & A

You will find this Export Import Business blog contains important information, including many questions and answers to those questions from nearly 23 years in this businesss. This blog has posts going back to February 2006 that contain valuable knowledge for both individual international traders as well as company owners who are seeking to enter or expand their business operations - be sure you visit and read the archived posts listed by Month/Year on the lower right side navigation area of this blog and bookmark them so you may reference later.

Today's export import business question is:

What if I have no formal business education, business experience, and very little sales experience? Does interest in foreign cultures/languages and prior residence overseas help?

My first suggestion for you is to visit our Export Import business blog (this blog) at the link below and spend a day or two or however long it takes to read the posts that are not outright advertising.

Over the past years I have posted most of the best questions that I have received over the past 23 years along with the answers to those questions. You will serve yourself well to spend whatever amount of time necessary to read all those Q&A posts as well as others related to the business. I will try to answer your questions in reverse order.

Does interest in foreign cultures/languages and prior residence overseas help?

Yes, but simply having lived there and simply having an interest in their culture does not guarantee you success in international trade, it merely gives you that advantage in your business over someone who does not have the interest or living experience.

And, by the same token, someone who has the business educations, experience and sales experience is at a disadvantage to you by not having the experience you have. Am I making any sense??

"Business education" is often sold for more than it is worth - most courses that are taught in universities are done so by professors who have 'never' sold a single item of anything, whether into the domestic or foreign market.

Most of your formal courses get into technicalities that simply make the business seem unattainable or at a minimum, incredibly complicated.

What if I have no formal business education, business experience, and very little sales experience?

Some of my answer to this question is posted above but in regards to experience or sales experience let me state that more important than either one of these factors is "your will to succeed" and "your interest in doing so in this business".

The "your interest in doing so in this business" is probably the more important of the two.

The business has to interest you. You cannot focus on the money, you have to have an interest in bringing about business between two parties and getting paid for your efforts and time in doing so.

You need a seller and you need a buyer.

The seller's products has to be needed by a buyer. Their product has to be competitively priced. It has to be a quality product. The buyer may be looking simply for price, quality or both.

I will not get into repeating some of the information that is already posted on our import export business blog but suffice it to say, our self study course teaches you how to export and import. At what level you work in those businesses is your decision and believe me there are MANY levels in which you can work. And yes, it is WORK but it is YOUR work and YOUR business, remember that.

Many people also ask, which business is best to get started right now. Again, this is your decision but in my opinion, exporting is the better of the two to focus your attention on now. You can always get into importing later and it is really better to focus on one and become successful before trying to get into the other.

In closing, I cannot emphasize enough my suggestion that you read all the information (non-advertising) posts in the blog. Do not make a decision about our course until you have read through those posts.

If you have any questions after reading any of the posts, please put them alltogether in one email and send them to me and I will "try" to answer them.

Hope this email and blog will help YOU make a more informed decision about your future in regards to international trade

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Anonymous Anonymous said...

Here is my question. I understand first of all, that yoaure not a CPA. However, since you have been in business for years with this, what would the trade agent or trade broker need in regards to tax forms when time to file?

2:12 PM  
Blogger Ron Coble said...

When you are in business, any business, you have to treat it as such. You have to have separate checking accounts from your personal account, you also need to have an accounting system, whether you do it in a ledger or use a program like Quicken (what I use). You need to file estimated taxes 4 times a year and ultimately the tax forms you need to file depend upon the type of business you operate. Most agent/brokers operate as sole proprietors either under their own social security number or a tax id number they get from the IRS. If you file as a sole proprietor you would need to file the schedule C and all other accompanying forms that may support it. Here again, Quicken and TurboTAx software can help but if you know absolutely nothing about how to use the above programs or are unwilling to learn then you need to pay a CPA or knowledeable bookkeeper to take care of your accounting and required tax filing requirements. I have used Quicken for 14 years for my business accounting and used ledger books prior to that. I studied the IRS forms and books to learn what I needed to do and have also used TurboTax for about 8 years now to file my income tax for my business. That is just my personal take on it, everyone else is different and has different levels of comfort in dealing with these matters.

5:54 PM  
Anonymous Anonymous said...

Thank you. Yes, I do agree with what you are saying.

Also, what I also wanted to know does your course include setting up a business plan for you being a trade agent or broker?

Do you recommend a business plan in the beginning stages of setting up your business or later on as the business is growing?


10:00 AM  
Blogger Ron Coble said...

While it is a good idea to have a business plan for you that will provide direction for your business. Most business plans are developed to solicit funds from a bank. If you go about exporting the way we suggest and provide
for in our training materials at you don't need capital investment.

Your job is finding a supplier and a buyer. Period. Everything else is details (important details, yes, but not the most important!).

5:50 PM  
Anonymous Anonymous said...

Thanks for responding back to me in regards to my quesions. You are amazing. God bless us! My goal is to work on getting your training material. I had watching your site and reading your blogs for some time now.

9:51 AM  

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