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In fact, in this day and age, you might even think of it as crazy, especially if you have a full-time job that you can count on day after day. But there is nothing quite so fulfilling as setting your own hours, building your own brand, and being in charge of your own destiny. If you are excited about such ideas, then maybe you should consider a business for export-import. It could be your ticket to financial freedom! But if you're going to make a go of it, you should keep these five essentials in mind: Research what's selling and what it's selling for: Check with your country's embassy in the country where you are hoping to export or import. They should have a good idea about what products are in demand. From here, you can use the available information to help you in the next step, which is: Locate a reputable supplier: This is perhaps the most important obstacle you will face in setting up shop for a successful export-import business. Having good business partnerships means that you will be in a better position to pass cost savings along to potential customers. Taking this portion of building your own import-export business for granted may spell doom for your company. Obtain a letter of credit: You will need a form of payment that you can trust. While many business transactions are conducted with reputable payment systems such as Paypal, it is always safer to seek a letter of credit from a financial institution for the transfer of goods and services. A letter of credit is proof that products have been shipped and received in good faith, and that the funds are adequately transferred to the necessary parties. Look for and show transparency in your business relationship: Transparency, like in a marriage, is a great way to build trust. And while trust is somewhat of an intangible when it comes to any kind of relationship, it is vital to your success. You should both strive to be "see-through" about the way you do business. Back up what you say. Be honest and upfront about every aspect of your business transactions as well as what sells best, and what products to shy away from and you will have a long-term bond of profitability rather than a quick buck that doesn't last. Stand by your products: In every export-import business, there comes a time when fulfillment is less than perfect. Whether the product is something tangible, or provided services, make sure you stand behind it. Be willing to put your money where your mouth is and deliver if expectations ever fall short. An export-import business is one of the best ways to make money in a troubled global economy. Put these essentials to work for you and avoid the doom and gloom! Article Tags: Five Essentials, Export-import Business
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