Import Export Business Plan: Everything You Need to Know
Making an import export business plan requires funds, time, and determination, but it's worth the effort.3 min read
Making an import export business plan requires funds, time, and determination, but it's worth the effort. Especially, an export business plan is the key to success.
If you have an import-export business, it's essential to understand how to make an import-export business plan. You can work with your team to create an import-export business plan. You can also use online software to make a business plan for you automatically. However, you must know your requirements.
You should know your company well in order to align your resources and objectives with your business goals.
Things to Consider Before Writing an Import-Export Business Plan
1. Advertise Online
Almost all businesses must have a quality website. It's impossible to attract foreign customers without having an online presence. Set up a website with information about your offerings.
If you are planning to sell your products in another country, your website must be targeted at foreign clients. Have a working contact form on your website to make yourself reachable to the prospective customers. You may have to spend several hours online responding to inquiries, but it's worth it.
2. Conduct Market Research
It's important to know your target market before you start selling. Conduct a market research to understand your commercial environment. Find out whether there are any entry barriers.
Know the standards and specifications of your target market to increase your profits. Estimate the size of the market, and know your major competitors. If you conclude that you don't have any competitors, you might have done your research wrong.
It's a good idea to offer something that your local competitors don't. A little but serious research can help you identify and exploit the opportunities present in the market.
You can find most of the information online. Reading marketing books can also provide some helpful insights. Consider building up a team of co-workers so different members can specialize in different fields to complement one another.
3. Create a Package
The look of your product can make all the difference between success and failure. However good your product is, you will struggle to sell it without good packaging and marketing.
Have attractive packaging for your product, and come up with special offers. Try to make your package notably different from your competitors. Remember that originality is an essential aspect of packaging.
4. Adjust to the Foreign Market
Position your product according to the demand of the foreign market. Your offering should meet the expectations of your customers. You may have to create special products for different countries. It may mean making additional investment, but it can be an important factor contributing to your success. You will also need to adapt your business policies to go with the regulations of the new market.
5. Stay Connected With Your Customers
In the end, your financial success depends upon your customers. Hence, you must be aware of their expectations and preferences. Keeping in touch with your customers is the best way to understand their requirements.
Consider adding a chat application on your website. Include your personal information such as email, address, and phone number. You may want to adjust the information depending upon your method of communication.
It's a good idea to visit your customers regularly, or at least connect virtually through Skype calls. Personalize your relationship with your customers; you should be yielding and compromising when required.
6. Make Necessary Investments
- You will need money to make more money.
- You will have to invest in quality products to grow your sales.
- You will also need to invest in promotion and advertisement.
- Have necessary allocations in your budget for different types of investments.
- Be sure to update and fine-tune your budget every month.
- You should always be on the lookout for investment opportunities to develop and strengthen your business.
- Make use of cost-effective tools and programs for lead generation.
- Consider placing ads on search engines (Google, Bing, etc.) and social media platforms (Facebook, Twitter, LinkedIn, etc.).
7. Participate in Trade Shows
It's a good way to get known to international customers, especially if your product is difficult to sell or such that the customers need to see it before buying.
8. Know Your Product
- Know your product well. Respond to customer inquiries swiftly and accurately.
- Give information about your production facilities, capacity, product quality, price, and shipping.
- In case of a service, provide information such as your field of expertise, portfolio, clients served, fee structure, turnaround time, etc.
If you need help with an import export business plan, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.