By Kenneth D. Weiss
This bestselling, up to date advisor indicates you ways to begin your individual import/export company, from learning a uncooked inspiration to a winning release to ongoing, ecocnomic company operations. entire with real-life examples from importers and exporters, it is helping you each step of ways, from focusing on a industry and getting ready a marketing strategy to facing foreign currency, transport tactics, customs specifications, and extra. It additionally stocks how you can assist you make the most of NAFTA and different exchange pacts, plus on-line assets that will help you begin and develop what you are promoting.
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Additional resources for Building an Import Export Business, 4th Edition
After you figure out the start-up costs, you should project sales and then project your income and your expenses. The difference between income and expenses is what you will have left to put back into your business and for personal use. Let’s look at two brief examples that will help you understand the financial side of small import and export businesses. IMPORT MERCHANT EXAMPLE Suppose you decide to import a product or products, take title to and possession of them, stock small amounts in your basement or garage, sell them, and ship them to your customers.
All would have been fine except that someone, we’ll never know for certain who, had typed “3/8 inch” instead of “5/8 inch” for the diameter of the cores. The rolls got to the buyer in perfect condition, but he couldn’t use them. Details can be especially critical when they relate to payment. Suppose you are exporting electric motors and getting paid with a letter of credit that specifies 100 boxes each containing 10 motors. If for some reason you ship 10 boxes each containing 100 motors, you will technically be in violation of the terms of the credit, and your payment may be delayed.
You will save a lot of money, but of course there are disadvantages. You will have to find another place for business meetings, and you may suffer from being too close to your spouse and kids, the refrigerator, and the garden tools. Equipping a home office is not difficult, but, of course, there are costs involved. This book will give you some guidance as to the things you should have and those you can do without. You should avoid spending money for that big office and 100-gigabyte computer until there is cash coming in.
Building an Import Export Business, 4th Edition by Kenneth D. Weiss