Getting Started in Your Import Export Business

By Jennifer Henczel, Import Export Coach

How are you doing this week? Have you started your import export business yet? You know what...you can do it! YOU are taking the first step by learning these import export tips. Exploring global markets is an important step in ensuring that your company stays well informed on your industry and in business in general. Below are some tips for getting started in your import export venture.

If you are just starting out, you can set up your business as a sole proprietorship where you are solely responsible for all activities of your venture. Or, you can form a partnership, if you have a business partner. A corporation is the best way to go, but it can be a complicated and costly procedure, and it may not be needed right away for the type of business you want to start.

The laws in every region, state/province, and country vary on this issue, but choosing a business name is not difficult. You may be required to do a name search before registering your name. In some cases, if you choose to simply do business under your own name it does not need to be registered. If you select a trade name, ABC Imports for example, the name must be registered with your state. You will be required to have a business license and perhaps pay sales tax. See your local, state and federal government agencies for complete information on license requirements in your area.

Selecting a banker is a critical step. For best results, pick a bank that has some import/export experience. Open a checking account and make your initial deposit.

The least costliest way to open an office is to create an office area in your home. In the beginning you won't need employees. But you'll need a computer for correspondence with foreign firms. And, a fax machine. A home office may be tax deductible, so check with your accountant.

Another important starting step is to set up an easy-to-use record keeping system. You must keep accurate records of your income and expenses.

There's lots more to learn, so be sure to explore many other exclusive reports available through your membership.

Jennifer Henczel
Import Export Coach
www.importexportcoach.com