By Kenneth D. Weiss
This bestselling, updated consultant indicates you the way to begin your individual import/export company, from getting to know a uncooked thought to a winning release to ongoing, ecocnomic enterprise operations. entire with real-life examples from importers and exporters, it is helping you each step of how, from concentrating on a marketplace and getting ready a marketing strategy to facing foreign exchange, transport methods, customs requisites, and extra. It additionally stocks easy methods to assist you benefit from NAFTA and different exchange pacts, plus on-line assets that will help you begin and develop what you are promoting.
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Extra resources for Building an Import Export Business, 4th Edition
Also, export merchants, and importers who sell at retail, must have sales tax numbers. You can probably apply online. us/taxpermit. OBTAINING FINANCING You should try to figure out at the beginning how much money you will need to start your business. qxp 10/10/07 42 4:20 PM Page 42 Building an Import/Export Business and on business planning will tell you how to do this. If you have enough money to meet all your needs, and are willing to risk it, you will not need to look for more money. If you are short of funds, however, you will have to look for either debt or equity financing.
You can consider various kinds of loans as well as capital investment by friends and relatives. A later chapter will look at these options. 20. What is your income and profit potential? After you figure out the start-up costs, you should project sales and then project your income and your expenses. The difference between income and expenses is what you will have left to put back into your business and for personal use. Let’s look at two brief examples that will help you understand the financial side of small import and export businesses.
It means that instead of paying interest on a loan, you will be sharing the profit. This kind of financing is usually not available to small start-ups because it tends to be complicated and expensive. Venture capital is a form of equity financing, but I’ve never heard of a start-up import or export business that could qualify for it. These investors will take large risks, but they expect large returns in just a few years. qxp 10/10/07 4:20 PM Page 43 Setting Up Your Business 43 SOURCES OF INFORMATION AND HELP There are many books on how to get started in business, and your state, county, or city probably has a relevant publication and Web site.