Tips to Run a Successful Importation Business
In this post, we will give you some proven tips and tricks that will surely help you run a successful importation business today.
- Create Your Website and Start Blogging
One of the most effective ways to find networks, potential investors, and customers is through a website. According to statistics, over 6 billion searches are being made each day, making it the most cost-effective platform you can use to market your business today.
- Make sure to register your new business with the Department of Trade and Industry if it’s a sole proprietorship, and to Securities and Exchange Commission (SEC) if it is a partnership or corporation.
- Get a domain name. While it is very common for businesses to have domain names that are the same as their business names (such as walmart.com), you can pick a domain name to include any text phrase you want as long as it is not already taken.
- Choose a website builder. Website builders are tools that typically allow the construction of websites without manual code editing. To know more about this, check this guide to choosing the right website builder.
- After you build your business website, it’s time to fill your website with content and information relevant to your products and services. Check out this post to learn more about successful business blogging.
- Select a Product to Import
There are a lot of ways to select the product you want to import and sell in your locality. For example, you can import the products which are currently trending in your area but is not fully satisfied yet by the local providers.
You can also create your own product, such as handmade crafts, then source the raw materials from other countries. Whatever it is you want to sell, make sure that there is a viable market for it, and you know exactly the selling points of that product in the market.
- Find the Right Market
After you identified the product you want to sell, you need to pick someplace to sell it. Here are some tips to help you pick the right market for your product:
- Know what you are offering and you will be able to determine who will be buying it.
- Do the right amount of research. By collecting some useful data on the market situations, needs and customer’s profitability you can design marketing strategy which will work in the targeted niche.
- Your business model matters. Running a B2B or B2C business determines the niche strategy you should develop for your import business.
- Find a Reputable Supplier
The easiest way to find a supplier for the product you want to import is to consult some specialized online resources: Alibaba, Global Sources, ThomasNet, Makers Row, and MFG. You can also try searching the internet for specific keywords, for example, “Taiwan, bicycle parts manufacturers” to see what is currently available online. Either way, ensure the following when choosing an overseas supplier:
- Make sure they are a good fit for your company: provides impressive product information, packaging, process, and has a world-class reputation in the industry.
- Make sure they have the capacity to keep up with the demand.
- Make sure you have what it takes to out the import partnership you’re about to make.
- Set the Price of Your Product
Typically, importers use the cost-plus pricing method to price their import goods. In this method, the importer takes a markup percentage over cost – which is the price charged by the overseas supplier to you when you buy from them. That markup becomes your profit or commission.
The goal is to price your product with markup that will not exceed what your target market is willing to spend. The more goods you sell, the more profits you’ll generate.
- Find Customers
As long as your website ranks well in search engines, customers will be able to find you in the online space. However, you should also use other ways to find customers. Check with local contacts, such as trade organizations, Philippine Chamber of Commerce & Industry, embassies and trade consulates.
These organizations can provide you with contact lists specific to your industry and also suggest trade shows that are taking place locally and internationally that might help you connect with potential customers.
You can also use other digital platforms such as social media to connect with your customers in a faster and efficient manner. Facebook, LinkedIn, and Twitter are full of users seeking for products and services, so using these platforms can help you stay relevant and present to potential customers worldwide.
- Select a Trustworthy Freight Forwarder
Your chosen freight forwarder can make or break your import business, so choose one wisely. Excelsior Worldwide Freight Logistics Corp. is a global freight forwarder that can help you transport your import goods to where you will be selling it in an efficient and timely manner.
Our trustworthy and reliable international freight forwarding service has been the backbone of many import business in the Philippines for 16 years. Catering to different industries, our logistics service has saved all our clients a lot of time, effort and anxiety. Not only we help our clients with their transport needs, we also help them prepare all the necessary shipping arrangements to ensure a seamless import process. With our expertise in Philippine importation process, you will be able to ensure a more successful importation business than you could have ever imagined!
These are the proven tips that will help you run a successful importation business in the Philippines. If you want to learn more about our freight forwarding services, Contact Excelsior Worldwide Freight Logistics Corp. today at (+632) 525-9775 or email us at email@example.com.