How To Make Money Via Internet - A Dozen Tips for Starting an Import/Export Business

A Certified Import/Export Trade Professional offers these tips for getting started: jennifer Henzel, Thinking of starting an import/export business?

As well as an email link that you can use for sourcing the Embassy web site will contain directories and manufacturer lists, in many cases, Embassies are located in a nation's capital and Consulates in different cities. The Consulates will supply you with industry directories and more. Many countries have set up offices (Consulates or Embassies) in foreign countries to promote the exporting of their goods. 1.

You can obtain catalogues and lists of manufacturers, if you are uncertain what products the other country wants. Communicate with that country's Consulate situated in your own country, to import goods. 2.

This number is used on all related documents. They issue an extension to your business number, when you inform CCTA of your plans to import or export. Issued by Canada Customs and Taxation Agency (CATA), you will require a Registration Number, if you are Canadian, for example. Contact your country's taxation department to ask about registration numbers or other procedures that you must follow. 3.

" You will be faced with quotas and restrictions. Are guarded by lobby groups in some countries, like dairy, "Certain industries. " said Henzel; like giftware and consumer items, "I strongly recommend that people start out with low risk items that can be easily traded and have fewer barriers­. You might need a license, certain food items and certain articles of apparel), arms, chemicals, liquor, if you are importing or exporting high-risk products (pharmaceuticals, however. Many countries do not have licensing requirements for most products. If any, find out about licensing requirements. 4.

Contact that country's Consulate or Embassy to see if there are restrictions against goods from your country, next. Contact your own government to determine whether there are restrictions or embargoes against the country you are considering, first. For example, many countries have embargoes against Cuba. Embargoes are trade barriers set up against other countries. 5.

You have access to research libraries and other resources that will offer good trade information, in addition to networking. Participate in the local Boards of Trades (or Chambers of Commerce if there is no local Board of Trade). 6.

" "A custom broker's service is well worth the fee you pay. " said Henzel, you can be fined, if you make a mistake. "Small businesses attempting their own paperwork can run into delays at borders. Use customs brokers. 7.

" You shop around first. It's no different than buying a piece of furniture. "Ask a lot of questions. " Henzel explained, "You have to shop for these services and do your research. Freight forwarders arrange shipping and customs for goods going to other countries. Engaging the services of a freight forwarder is one possibility. Or a combination of services, each company and each set of products will require a different set of services. Every deal is different. Understand that there is no one solution to shipping and customs handling that will work in every situation, when exporting. 8.

" Etc, who pays for insurance, "You decide who pays for shipping. " Henzel said, "You negotiate according to the Incoterms. And CPT (Carriage Paid To), dDU (Delivered Duty Unpaid), insurance and Freight), cIF (Cost, fOB (Free on Board), the best known Incoterms include EXW (Ex works). The two companies involved negotiate Incoterms for each deal. Incoterms are standard trade definitions that dictate the shipping and payment responsibilities of each party. As posted to the International Chamber of Commerce Web Site (http://www.iccwbo.org/index_incoterms.asp), be familiar with Incoterms. 9.

You have the buyer's bank's assurance that you will receive payment provided you ship the goods as specified within an agreed-upon time, as an exporter. Or of paying for goods that are inconsistent with the product description in the Letter, a Letter of Credit reduces the risk of having to pay in advance for goods, as an importer. You minimize your risk because the banks assure that the goods are delivered before the money is exchanged, with a Letter of Credit. The most common form of payment when trading internationally, consult your bank for information about Letters of Credit. 10.

Consult your Board of Trade or local Chamber of Commerce to discover what is available. Participate in Trade Missions. 11.

Including Henzel's site (www.importexportcoach.com), many web sites offer an array of information that you can access for no charge. Look to the Web for information about international trade, finally. 12.