Things to Consider While Starting an Import Export Business in India

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An import export business is an opportunity for the keen business opportunists, who are willing to join this International industry for tremendous growth. Friends, yesterday we scheduled a live video on import export business seminar on YouTube, Instagram and Facebook to talk with the Indian Youth and knowing their doubts and questions regarding this big international industry. The import export business in India is having a higher scope for the business owners because slowly and gradually the Indian import-export trade is increasing and this also enhances our country’s GDP growth.

Import Export Business Before a Decade

There is a wide difference in the field of import export business in India about a decade ago and now. Friends, earlier the internet was not a super medium for all the connections and business alliances and trade. Earlier the import export business in India was strong enough on the grounds of products but we faced a lot of difficulties in terms of connection, medium and exposure.

 

Figure 1 Number of IEC issued in last one decade

Source: https://dgft.gov.in

Import Export Business in India – Now

Today, the world of import export revolves around the internet. Now, finding buyers, potential suppliers and talking with the agent is quite easy with the medium of the internet. A single platform has bound us all across the world via social media, websites and trading platforms. Also, now – the international exhibitions that take place across the globe are increasing the scope of product manufacturers, distributors, retailers as well as buyers. A good deal is estimated over these exhibitions and such events are helpful for different countries for increasing their commercial exposure.

Now, the question and confusion about starting your own import export business in India must be clear. So, let us start with the things that are must to consider while starting your EXIM business.

 

 

Firstly, let us discuss why import export business and not any other business for your dream startup in India? A startup is a medium for a small scale business owner in India to invest his savings and start a business that guarantees growth and engagement. If you call me personally and discuss your startup in Import Export Business, I would give you a very minimal budget plan to kick-start business in this industry. Yes, you can start your import export business without a huge investment plan. Friends, you can just think about this business today and start preparing for it tomorrow for gaining huge exposure. Wondering how? Impexperts is your backup for technical, digital and a service set-up in the import export industry.

The benefit of Fewer Competition

Every industry in India has major competition, and hence, the scope of earnings become a major issue as there are many other competitors ready to overtake your share. But, when we talk about the import export business in India, you have a higher scope of interest, because the competition level is quite low. The import export business industry has fewer competition because of which many business owners can think about entering this huge industry for gaining a monopoly in importing or exporting a particular product.

Import or Export – Have you made your choice?

Definitely, you need to decide upon one platform for making your obvious choice before entering the industry. Importing has its own benefits and on the other hand, exporting also has various growth factors for the keen business owner in India. India is a major export hub for agricultural products including tea, mango, potatoes, guar gum seeds, etc. whereas it is also a major hub for importing electronic items. Recently, the electronic imports of India have marked a record-breaking figure of $56.6 billion.

Benefits of importing products:

• You help to introduce a new product in the market
• You increase the monopoly
• You earn chances of unique selling by reducing costs
• You can become the leader of the market

Benefits of exporting products:

• You can increase the global reach of your product
• You help with enhanced sales potential
• You can earn more profits
• You get the currency exchange benefit

 

A right choice of doing import or export can help you earn success and growth in a short period. Wondering how, click here to read how to get success in import export business in India. So, import or export is one of the major decisions that one needs to make before entering the industry. Impexperts holds a legacy of 38 productive years in the field of import-export industry, and hence, we can always help you to choose the import or export segment and help you clear the air on the same.

The Registration and Licensing

In import export business, IEC registration and licensing play an important role. When you start your import export business procedures, the first few things to do is the IEC registration and licensing for getting the business IEC code for processing your trade. We at Impexperts, help business owners to get their IEC code sitting from home. We help business owners with a simple and quick procedure for IEC code registration that is both immediate and cheap.

Figure 2 License and registration benefits

Source: http://bit.ly/2WFamHM

Choosing the right product

A difficult yet interesting process is choosing the product for starting your import export business. In India, we are lucky to have infinite numbers of product for both import and export as our land and people are versatile. Impexperts trained professionals are very much keen to sort your confusion out by helping you choose the right product for your import export business. We ask you to choose the product as per your technical expertise or field, in order to gain maximum benefit from the trade. For more information on product selection for starting your import export business in India, you can visit our website and request an email info@impexperts.com to talk to our experts.

Check on the genuineness of buyer/supplier

One more thing to consider while starting your import export business is checking on the genuineness while processing your first trade. When as an import export business owner, you are processing your first trade as an importer or exporter; you are excited as well as confused with the opponent party’s creditworthiness.

 

Figure 3 Genuine or fraud buyer-supplier

To know whether the supplier or buyer is fraud or genuine, you can follow the simple tricks. Any buyer or supplier has a history to share or disclose to the party. The government bodies such as ECGC (https://www.ecgc.in) is a platform that helps business owners to know the credit of the buyer or supplier in exchange of fees. Paying a certain amount of fees is always considerable than losing the trade or the amount invested in the trade; what is your opinion?

Conclusion:

There are a lot of things to consider before starting your import export business because every country has a different mindset of population and as a business owner, you need to know your targeted audience before initiating the trade. Email us, talk to us or reach us on social media (www.impexperts.com) for knowing things to consider for import-export business start-up.