International Business is a multi-billion dollar industry in the United Kingdom alone and international trade is increasing by the year. If you think your future lies in the international trade industry, here are some tips to help you establish your own international business successfully.
The first step towards doing international business is deciding on what you want to do. You will need to decide on what product or item you are going to trade in and the countries you want to trade with. If you are not sure about these two things, contact the embassies and consulates of different countries and research the trade that takes place between your country and theirs to help you identify the commodity that is most in demand. Most consulates will be based in the capital city of most nations, but you are also likely to find information you need on their website online.
Research your own governmental laws to ensure that there are no trading restrictions with the country you are interested to trade with. Should there be restrictions make sure that your plans comply with them. Study your country's licensing requirements, if any. A number of commodities require a license to trade, and depending upon the product that you have chosen, this may apply to you as well. You should also be well informed on the tax procedure involved for your international business and may have to contact your country's taxation department for any registration requirement they may have for an international import-export business.
Once you are aware of the regulations and licensing requirements involved in your international business, evaluate payment methods that you would need to use to transact financially and ensure that you choose a payment method convenient for both you and your international partners. Ensure that you understand exactly how they work and the risks involved.
Consider using a custom broker. Ideally, issues that may arise at country borders are best handled by experts who know the local authorities and the procedure involved. If you are considering an export business, you may also want to consider using a freight forwarding service. The service provided by freight forwarding agents include shipping and custom of goods exported to other countries.
Lastly, participate in international trade forums, use resources like the International Chamber Of Commerce website and locate and use other resources online that will come in handy in international import-export trade. Study the business culture of the country that you wish to transact for better business relations.
Get sufficient insurance coverage for your goods involved in international trade. Finally, remember that you need to be patient. International trade does not yield results immediately. Once you have set up the basic infrastructure and established contacts on both sides, it may even take you months to earn your first dollar from international import-export trade.