Import Export Business Opportunities in India
With the growing economy, increasing demand and consumption of goods in India, import export business in India is also reaching heights. This is a great time for businessmen and entrepreneurs in India to explore the foreign trading market. India has become a major exporter and importer of goods & services in the last few decades, which presents some extraordinary opportunities to those who desire to go global with their business.
However, wanting to start an export house is not enough. Before you venture into the international trade business, you have to measure the pros and cons of it thoroughly. A detailed research beforehand can present you with a better business plan and help you to strategize your moves while also preparing you for any wrong move.
How to start import export business in India:
If you are wondering how to start import export business in India, you first step is to conduct a detailed research of the market and find the product you want to sell. While most of the products are exportable without any charges, restricted items need to be considered thoughtfully. Understand the need of your target customer, your potential market, its size, requirements, and financial risks and plan accordingly.
- Set up your organization. Consider your options for management pattern and select your most feasible option.
Once the set-up is finished, complete the necessary legal formalities like tax registration, getting a PAN card and IEC issued and so on. After all these formalities are done with, explore your potential buyers and suppliers to ensure the smooth running of business.
- Explore your business opportunities and prepare a sampling department to provide your buyers with customized samples.
Cover your risks as no import export business in India and anywhere else is free of some losses. An export house needs to be able to stabilize itself against the various risk factors that are involved in foreign trading. You can get yourself a suitable policy from the Export Credit Guarantee Corporation Limited against the risk of non-payment due to any possible reasons.
While this is just a brief on how to start import export business in India, there are many other things that you need to study before indulging into it. The best way is to conduct a thorough research and educate yourself on the operating techniques, strategies and risks involved to ensure a successful business venture.
Furthermore, there is a wide variety of business ideas to select your market from. Import from China is an extremely feasible option as China is the major importer of India and the rest of the world. It also hosts various annual trade fairs and conferences to make the interested entrepreneurs aware of the intricacies of import from China. Some of the popular choices would be: coffee import export; bio-chemicals import; copper export import from China, Spain, Germany; Cotton & Fabric export; diamond import export; electronic toys import; essential oils import export; glassware & handicrafts import export; machinery import; constructions & building material import. There are many more products that have a potential of turning into a great business, you just need to identify them and your target consumer’s requirements.