Occasional Exporters
When you get on the international trading, there are many aspects to consider as an exporter. You need to be informed when it comes to the local norms in your country and the norms in the country you aim to export to. Legal norms are crucial when it comes to international trading, and they can ease or complicate the process. But besides these norms and the entire legal aspect, there are other details to consider as well. The problems faced by exporters are challenging and can delay the exporting process a lot.
When you start exporting goods or products, you have a real chance to reach a significant profit and success. And if all goes well, your company will reach a new level of benefits in no-time, so it is well worth the investment! But you need to keep your business safe just as you need to take care of your products. Here are the main difficulties that exporters face when trading internationally and the best approach to have on them!
1. Geography and transportation
One of the first exporting challenges that you might have to deal with is the distance. If you are planning to export your goods to a country that is far away from your location, the process can get a bit complicated. Especially if the country is in a different continent and therefore, a different system can be utilized. And the longer the distance gets, the more complex transportation gets.
Assuming your goods will have to travel to several other countries to reach their destination, you should check the norms for those countries as well. It will help you avoid problems and shipping delays. Also, if your goods will travel over the sea or ocean, you might need to consider a different form of transportation such as a ship instead of an airplane. Prices vary as well for different shipping methods and so does the time which is why you need to pay attention to such details!
The good idea is to invest in some shipment insurance that will protect your products. You can find many companies on this matter, but it can get tricky when you are looking for a company that offers insurance internationally. Some exporters use more insurance companies to have all the possibilities covered. You will have to check if your insurance company is covering all the countries that get in contact with your goods. And of course, the main countries are your country and the final destination of the package. Prices might vary here depending on factors like total quantity that you want to ship and method of transportation.
2. Payment methods
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The payment method is very important when it comes to international trading. Some countries might not share the same fiscal system with your country. And you will need help and assistance when trading with such countries. There are also some international forms of payment that will cover such situations, but they need to be present in both countries. There are several ways to reach one of these payment methods, and with proper research, you should identify them. An accountant will also help you make the best choice.
Consider the different currencies and potential money loss along the way, so you don’t waste your funds. It is especially important if you are trading with a country that doesn’t use euro or USD currencies! Keep in mind that exchange rates change on a daily basis, so time is an important factor when you make a payment. Good communication with a trusted importer will ease your job a lot and save you from unexpected issues that might occur.
3. Different legal norms
When it comes to possible problems of exporting goods, the legal systems is an important one. It also implies the safety system of a certain country that you want to trade with. You should stay informed regarding government laws for goods safety, especially when you export foods. Some regulations might delay the export-import process and create issues for both you and the local importer. The most important problems of import and export come from a bad legal system in one country or another. You might be restricted when it comes to advertising your goods or the quantity that you want to export. A good lawyer specialized in international trading can help you overcome such issues and establish a quality business.
Some countries have a complex bureaucratic system that requires a variety of documents and certificates. You might need to obtain certain licenses and permits when you export to certain countries for the first time. While most of them are a one time deal, some will need to be renewed. It all depends on the system the country of destination has. You will need certain export documents just to be able to get the goods out of your country, separated from the documents you need to import them into another country. All these documents can delay your export-import process and even block it if you don’t know the legal norms. This is why having an expert on the matter can be crucial.
4. Language barriers
Language barriers can be a real issue when trading internationally. If your importer doesn’t speak the same language things might be lost in the translation. The main trading language can be used in English. However, many countries don’t have English as their national language, so importers might use different translation programs to communicate with you. You can still make a deal as long as you keep the language simple and as standard as possible. Hiring a translator will save you from a lot of struggle when it comes to communication problems. And it is an investment worth making because no one needs misunderstandings when there’s a lot of money involved!
You can hire a translator that speaks the local language of the country of destination. But then, you will have to do the same for every country that uses a different language! At the end of this article, you will find an easier way to deal with all these issues so keep reading! No one said that international trade issues are easy to overcome, but they are worth for the positive outcome that this trading brings to your company. However, experienced importers will be familiar enough with using English so you shouldn’t have many issues. And if one of your importers has significant problems with it, this should be a red flag on its own!
5. Finding the right importer
Maybe the most important part to take care of as an international trader is finding the right importer. Your important will be your partner in the entire process, and they can become a blessing or a curse for you. Always pay attention when you decide to do business with an importer or another and do your best to avoid possible local scams. The risk of scams is present in every country that you want to deal with, but you can still avoid it. Your lawyer can also help you with finding a trustful importer by researching their past activity. Check the comments and reviews that your importer might have from other exporters to get a general idea.
Also, once you end up with a good importer that helps you with the import-export process; do your best to keep them. A long-term business relationship is important in the international trading market. And good contacts can be hard to find, so it is wise to develop the good relationships you already have in the matter. You can also find a good importer based on some other exporters’ recommendations. There are many forums dedicated to exporters where you can talk with others in similar situations.
Sometimes, these forums will expose potential scammers, so you know to keep your business away from them. And remember that if something sounds too good to be true, it probably is! Stay away from offers that sound too much to your advantage because real importers will never make an offer that doesn’t benefit them. Also, don’t send free samples because these can be resold without you even knowing.
6. Different customs and cultures
When you are exporting into a new country, you need to consider their culture and traditions. It may happen especially if you are exporting goods like food or even clothes. For instance, certain types of meat might not be allowed to some countries due to cultural limitations. Or some clothes might not be allowed, especially when it comes to women. It is crucial to do your research on local traditions and adapt your export-import process to that.
Besides these differences between cultures, you should also consider what the country needs.
Some countries in Africa will always welcome rice imports because the demand is high. While they will not be so interested in cotton imports, they can produce that more locally. It is a great idea to start the import-export process by trading with a country that you are familiar with. Analyse their local market and demands to identify their needs better and work with that kind of data.
You can increase your potential for profit also by exporting items that don’t exist at all on the local market. For instance, new gadgets and electronics have no competition. It will bring you profit, and you will also become a “trendsetter” for that particular industry. As long as you know and respect local traditions, you have a high rate of success in any foreign market!
Why Should You Get Into International Trading?
International business can be a great step for you and your company. And with all these problems of international business, you might wonder if it is worth it or not. The simple answer is yes, for so many reasons! First of all, you will reach new levels of professional development, and you will access new opportunities.
International trading is a great way to increase your profit and add some diversity to your products. Considering that you will not export small quantities, you will be able to make a big profit with only one successful export process. Most exporters and importers concentrate on trading with tones of goods in only one shipment. A great tip is to import basic goods such as rice or flour and identify the countries that need them the most.
Beside this reasons for international trade, the entire process brings you a lot of knowledge about international commerce. Also, you reach clients worldwide which in time translates into an increased level of brand awareness. As a businessman, you know how important it is to get known abroad and the impact that this can bring to your company.
Once you identify the best ways to do export-import business with foreign countries, you are on a new path to success. The next step is to get familiar with different regulations and create valuable contacts to rely on. Remember that international trading is somewhat about teamwork. You as an exporter will be on the same team with the importer. And your goals will be to make a profit by introducing your goods on the local market.
Adapt Your Company for International Trading
Before you make your first export, you need to adapt your business to this type of trading. Having the right team will help you during the process and will limit your risks in the long run. Include a lawyer and an accountant that are specialists on international trading which will be different than local commerce. You can also have a research department to keep you informed when it comes to customs and traditions of certain countries. If you spit responsibilities well, you will have time to concentrate on providing a quality product to your clients abroad.
One of the main things to improve is your advertising. Think that no one will know you in the country that you plan to export into. And to sell your goods, you will need to advertise them severely. You can incorporate this into your marketing department and come up with a PR strategy that suits the market needs. The more you advertise your brand, the more sells you will make.
The importer might help you here as well because they also want to sell your products and make a generous income. A good PR strategy should be able to reach masses of people with a great slogan and some banners. But since you might not be familiar with the local regulations, you will need help from some PR specialists.
Online awareness is also important. The internet does miracles nowadays, and you can use it in your favor a lot! Add to your website the fact that you are trading internationally. Access forums and portals can give you information on the matter also. You might need a complete IT department for these type of tasks, and for maintaining quality and updated website.
Remember that your website is the first thing your clients see about you, and it can have an impact on your importer as well. Add your special offers on your website and adapt it to international currencies. Some people might also place orders directly on your website, so it is important to give them that possibility. Not having a quality website will just make you lose important clients in the long run.
So, to be successful on international trading, you might need to invest in your company first. Once you make a profit, these investments will line up and not feel like a financial struggle. But it is equally true that “it takes money to make money,” and you will benefit from it in the long term.
Occasional And Perennial Exporters
Your Solution Might Be Waystocap
Occasional Exporters Furniture
As challenging as international trading might seem to you as a beginner, there is a solution to it all: Waystocap! This system will offer you valuable assistance when it comes to exporting and importing goods on foreign markets such as Africa. You can enjoy consulting regarding the legal aspect of the process as well as shipping procedures and options. Waystocap brings you the information you need, but it also puts you in contact with trusted importers. You will be able to break into the market faster and safer by using this innovative system! Through Waystocap services, you can also add insurance to your goods and make sure that your clients get exactly what you want them to get.
All you have to do is get in touch with Waystocap representatives and let them know details about your business. Depending on the type of goods that you want to export and the quantity, you will be guided through the entire process. Plus, any additional issues that might appear will also be covered by Waystocap. There is no risk of getting scammed by local importers or missing a document that you need for your export. And with Waystocap your goods will reach their destination in the proper time and optimum condition.