All businesses have a degree of risk. About 50% of new businesses fold within the first year of trading. In other words, only 50% of start up businesses are SUCCESSFUL. What factors contribute to their success? We can start with a raw skill set such as determination, self belief, a desire to succeed together with the desire to determine your own future as well as the will to build your own business. 100% of start up business owners have these attributes so what makes only 50% successful?
As well as these qualities, it’s vital to have the right knowledge of the industry. Offering the right product, having the right product knowledge, having the ability to foresee potential problems and make suitable provisions and have the ability to understand the details of your business as well as understanding finance and cash flow and of course the ability to ‘balance the books’.
You’ll need all the above raw skills plus the specialised knowledge particular to an export import business.
This knowledge is a requirement before you start trading. Learning on the job is fatal, as too many mistakes will put you out of business very quickly. You must have these skills BEFORE you start up your Export Import business or you’ll find yourself as part of the 50% of unsuccessful businesses very quickly.
So what knowledge is needed? Let’s look at just a few of the international trading terms and subjects you will need to understand:
- Understanding terms of delivery
- Ability to prepare a contract
- Ability to understand customs procedures
- Sourcing worldwide
- Shipping procedures
- Market research
- Methods of payment
Remember, this is just a part of the knowledge you must learn and understand BEFORE you start trading. They are the tip of the iceberg.
ABTS Training will be holding a FREE webinar on Friday 26th June which will address some of the problems associated with starting up your Import Export business. The webinar will also identify and explain some of the points above that you will need to understand to help you kick start your business.
Sign up now and get a kick start to starting your business.