The United States remains Australia's top import partner. Australia imports nearly $17.8 billion in merchandise from America each year. In terms of exports, Australia sends $8.2 billion in merchandise to the United States annually.
In terms of goods sent to America, the most popular products include meat, wine, iron, steel, scientific, medical, and hospital equipment.
Running a successful business in this industry depends largely on which niche in which you choose to specialize.
Import Export Business
When first beginning your company, you will want to determine who your customer base will be. Developing these relationships on your own may be easier than establishing them after you find an import export business for sale.
You will also want to know which geographic areas you will want to get products from. It is also important to know which geographic areas you will be targeting to sell at.
It may be best to work with products you find interesting or useful. That way, you will know all the technical jargon and procedures. And, you'll know how to sell them better.
Once you've identified a product you would like to sell, then you'll need to identify a niche. What value will your product provide customers that similar products don't?
Now that you've done the necessary research, it's to locate financing. Startup costs can range from very small to the very large. You can start from home if you want.
You won't need to purchase much inventory, and you don't need employees early on. You basically only need a computer, printer, and fax machine.
Your greatest asset will be your ability to develop trusted relationships with suppliers.
The potential growth for this industry, even if you work from home, is nearly unlimited.
One of the greatest challenges is finding the right pricing structure. If you go too low to undercut competition, you will price yourself into bankruptcy. If you go too high, you will upset your customers who will in turn look to other companies.
You will have to decide whether pricing your services on a commission or retainer basis works best. If sales come easy, go with the commission method. If sales will be difficult, request a retainer.
If you're considering buying an import export business, keep these tips in mind for success. If you don't, you may end up selling an import export business.