Building an Import / Export Business

This bestselling, up-to-date guide shows you how to start your own import/export business, from researching a raw idea to a successful launch to ongoing, profitable business operations. Complete with real-life examples from importers and exporters, it helps you every step of the way, from targeting a market and preparing a business plan to dealing with foreign currencies, shipping procedures, customs requirements, and more. It also shares tips to help you take advantage of NAFTA and other trade pacts, plus online resources to help you start and grow your business.

This bestselling, up-to-date guide shows you how to start your own import/export business, from researching a raw idea to a successful launch to ongoing, profitable business operations. Complete with real-life examples from importers and exporters, it helps you every step of the way, from targeting a market and preparing a business plan to dealing with foreign currencies, shipping procedures, customs requirements, and more. It also shares tips to help you take advantage of NAFTA and other trade pacts, plus online resources to help you start and grow your business.

Acknowledgments xiIntroduction 11 Your Big Idea: Is It Any Good? 5Importing Handicrafts from Ecuador 5Exporting Hardware 6Importing "World Clocks" 7Exporting Printer Paper 10Brokering Computer Equipment 12Sources of Information and Help 122 Is This Business for You? 14Have You Failed Yet? 14How Is Your Financial Situation? 15Interest in and Knowledge of the World 15Familiarity with Foreign Cultures and Languages 16Persistence, Patience, and Judgment 17Attention to Detail 18Contacts with Buyers or the Ability to Make Them 19Twenty Important Questions 19Import Merchant Example 26Export Agent Example 27Sources of Information and Help 283 Setting Up Your Business 30Forms of Organization 30Your Trade Name and Logo 34Opening a Bank Account 36Setting Up Your Office 37Stationery and Printing Needs 38Accounting and Taxation 39Obtaining Financing 41Sources of Information and Help 434 Beginning with a Buyer 45Why Someone Would Buy from You 45What Value Means to Your Customers 46Attracting Customers--Some Examples 47Finding Buyers as an Importer 49Finding Buyers as an Exporter 50Sources of Information and Help 545 Choosing Products and Suppliers 56Finding Products to Import 56Getting Product Samples 60Testing Products in the U.S. Market 61Finding Foreign Suppliers 63Finding Products to Export 68Lining Up Suppliers 73The Formal Supply Agreement 75Protecting Your Interest 80Sources of Information and Help 816 Marketing in the United States and Abroad 86What Is Marketing? 86Marketing Imports 87Marketing Exports 100Sources of Information and Help 1047 Money Matters 108Credit Decisions on Suppliers and Customers 109Methods of Payment in International Trade 112Export Credit and Credit Insurance 124Foreign Currency Transactions 126Countertrade 128Sources of Information and Help 1308 Packing, Shipping, and Insurance 133Packing for International Shipment 134International Transportation 141Shipping Terms 150Marine Insurance 153Brokers and Forwarders 155Sources of Information and Help 1609 Oh,Those Lovely Documents Contents 164Commercial Documents 165Banking Documents 173Transportation and Insurance Documents 176Government Formalities Documents 182A Few More Thoughts on Documents 187Sources of Information and Help 18810 The Regulation of Foreign Trade 191U.S. Customs and Border Protection 191Getting Deeper into Customs 200Other Federal Regulations 207State and Local Regulations 217Regulation of Exports 218Sources of Information and Help 22411 NAFTA, GATT, and Other Trade Pacts 229Trade Agreements 229Preferential Arrangements 239Sources of Information and Help 243Epilogue 247Appendix A: Sample Market Study Outline 249Appendix B: Guidelines for Business Planning 253Appendix C: Possible Sources of Financing for Your Business 257Appendix D: Sample Supply Agreements 261Appendix E: U.S. Export Assistance Centers 279Appendix F:Avoiding Import/Export Scams 283Appendix G: Letters from Store Owners 289Index 297