It is observed that export and import industry in India has a great potential. This might be a reason why most of the companies especially startups want to start an export and import business in India. however, there are various companies try to get involved into this industry, but only a few could be able to grab desired success. The key reason behind this situation is that they simply ignore a few things while starting an export and import startup business. Are you also going to start such a business? If yes, then first need to determine 8 tips to start import export business in India? So, let’s keep reading this post.
India exports approximately 7500 commodities to about 190 countries, and imports around 6000 commodities from 140 countries
1 - Business Setup Is Needed
If you want to grab success in import and export world in India, you first need to setup a business. Without an established business, you may not be able to make your export and import venture a great success. Business setup is required the legal proper registration with the compliance. for Ex - Import Export Firm required mainly the IEC Code Registration.
2- Products or Services
When it comes to exporting and importing, you have two options to determine i.e. products and services. Yes, you may choose either of the business models. You should first decide whether you want to start a product-based or service-based import export business.
3 – Adequate Capital Needed
Whether you want to start a product-based or service-based business, you aren’t supposed to neglect the importance of capital. Thus, before starting an import and export business in India, you should first find out adequate resources of funding.
4 – Know About Required Legal Documents
Since you are going to start an export and import business in India, you aren’t supposed to ignore the Government’s rules and regulations. Therefore, you first need to know about required business documents. There could be different types of documents needed to kick start a business in India. Some of them are PAN card, income tax details, company registration or trademark registration, business code numbers, and various other things related to taxation and government rules and regulations.
5 – Do You Need Online Presence ?
However, it is true that you are going to start an export and import business in India, but it doesn’t mean that you should overlook the importance of international customers. For this, you need to learn how to grab benefits out of internet. You need to work on expanding your business online.
6 – ROI (Return on Investment)
Return on investment is certainly the most important point. Thus, you should think about it. If you can’t be able to grab desired ROI, you may not be able to make your business a great success.
7 – Are You Ready to Face Loss?
However, you always try to make your business a great success, but despite of all your endeavors, you may still have to cope with big loss. So, before starting a business in India, you should first confirm whether you can afford a business loss or not.
8 – Professional Help
If you want to reduce the risk of starting an import export business in India, you should not forget availing services of a professional business consultant firm. For ex - for the paying custom duty you have to required to hire a agent. apart from this you need professional services regarding the export your goods throughout the ship or any other medium etc.
So Hope this article is really helpful for you to starting your newly Import Export venture. Even now there are many online players who is using import export as dropshipping business through shopfiy.
