PBA Commissioners Cup 2017 Official list of imports
On the import exotic modes export lighting, the sector of international trade will take you anywhere in the world and in all product niches.
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Editor's Note This article was extracted from our Import Export Start Guide available from the Library entrepreneur.
International trade is one of the hot industries of the new millennium But it is not new Think Marco Polo think the great caravans of biblical times with their cargoes of silk and spices Think even further to prehistoric shells negotiating rights and salt with distant tribes trade exists because one group or country has a supply of certain products or merchandise that is in demand by another and the world becomes more technologically advanced as we move in subtle and not so subtle ways to the ways of a world of thought, international trade becomes more and more rewarding, both in terms of profit and personal satisfaction.
Importing is not just the only types of adventurers Footloose who survive by their spirit and the skin of their teeth It's big business these days - up to a 1 annual 2 trillion of goods, according to the US Department Trade exporting is just as great in one year, US companies exported 772 billion of goods to over 150 foreign countries all drinks drawers - and a staggering list of other products that you could ever imagine as a global commodity - are fair game for the savvy trader and these products are bought, sold, represented and distributed somewhere in the world on a daily basis.
But the import export field are not the sole responsibility of the conglomerate corporate dealer, according to the US Department of Commerce, wholesale only about 4 percent of all exporters This means that the other 96 percent of exporters - the lion's share are small outfits like yours wil be - when you are new, at least.
Why imports as large companies in the US and around the world There are many reasons, but the three main boil down to.
Availability There are some things you can t grow or do in your home country Bananas in Alaska, for example, mahogany in Maine, or Ball Park Franks in France.
Stamp Many things, like caviar and champagne, pack more cachet, more than one image, if they're imported rather than home furnishings Think Scandinavian, German beer, French perfume, Egyptian cotton Even if you can do at home, everything seems classier when it comes from distant shores.
Price Some products are cheaper when they are brought from the country of Korean toys, Taiwanese electronics and Mexican clothes for debiting a little, can often be manufactured or assembled in foreign factories for much less money than if they were made on the home front.
Apart from the stamp elements, countries typically export goods and services they can produce cheaply and import those products more effectively elsewhere What makes a less expensive product for a nation to make two other factors resources and technology a country with significant oil resources and technology of a refinery, for example, exporting oil, but may need to import clothing.
First, let's take a look at players While you got your importers and your exporters, there are many variations on the main theme.
export management company EMC An EMC handles export operations for a national company that wants to sell its product abroad, but doesn know how and maybe doesn t want to know how EMC does it all - hiring dealers , distributors and representatives; handling the advertising, marketing and promotions; supervise the marking and packaging; organization of delivery; and sometimes arranging financing In some cases, the EMC even takes title to the goods, essentially becoming its own distributor CMEs usually specialize by product, foreign market, or both, and - unless they took five the title - are paid by commission, salary or retainer plus commission.
ETC export trading company While an EMC has the goods for sale and use his energies to look for buyers, an ETC attacks the other side of the coin trading identifies what foreign buyers want to spend money and tracking domestic sources wishing to export an ETC sometimes takes ownership of the goods and sometimes working on a commission basis.
Import export merchant This international entrepreneur is a kind of free agent, it has no specific customer base, and it doesn t specialize in an industry or line of products instead, it purchases goods directly from a national manufacturer or abroad, then packs, ships and resells the goods on its own This means, of course, that, contrary to EMC, he assumes all risk and all benefits.
Now that you are familiar with the players, you will need to take a bath in the trade channel, the means by which the goods move from the manufacturer to the end user a manufacturer who uses an intermediary which resells the consumer is paddling around three -level channel distribution can be via a trader who buys the goods and then sells, or it can be an agent which acts as a broker, but did not take title to the substance.
Who are your other swimmers depend on how you set up your sales channel, but they could include the following.
Manufacturer representing a vendor that specializes in one type of product or line of complementary products; for example, electronic televisions for home, radios, CD players and sound systems it often provides assistance with product information, such as warehousing and technical service.
Wholesale distributor or dealer a firm that buys the product that you imported and sold to a retailer or other agent for further distribution until it reaches the end user.
Representing a savvy seller pitching your product to wholesale buyers and retail, and then pass the sale to you; differs from the representative of the manufacturer in that it doesn t necessarily specialize in a product or group of products.
Detailing the tail end of the traffic channel if the goods sent to the consumer; yet another variation on a theme, if the end user is not Joan Q Public, but an OEM original equipment manufacturer, then you do not need to worry about the retailer because the OEM becomes your end Think of the line Dell computer buying software to convey to the purchaser of the personal computer in the goodie package.
Not everyone is cut as an international trader It is not, for example, a career for sale-phobic If you are one of those people who prefer to work on a chain gang of selling Girl Scout cookies, or Blanch you the idea to do a sales pitch, then you want to be in the import export This is not a career for people with mobility organizationally If you are one of those guys leave the handle-devil the details-whose idea of follow -up waiting to see what happens next, you should think twice about international trade.
If, on the other hand, you are an enthusiastic seller, a dynamo tracking things like invoices and shipping receipts, and your idea of heaven is to see where new ideas and new products take you, and if, to top it all, you love the excitement of dealing with people from different cultures, then this is the career for you.
It also helps if you already have experience in import export Most traders we spoke with were well versed in the industry before launching their own Peter P company that founded a Russian trading company, Segued directly from his college major in international business transactions to a position with an international trading company of frozen meat in Atlanta, which landed him in the right place at the right time.
I speak fluent Russian and Ukrainian, Peter said I m Ukrainian, I took Russian as a minor in college, first as an easy year I did not know when I received a return of 89 degrees in Russia open west soon after.
According to the Census Bureau U S, the top 10 countries with which America's businesses to the largest import and export dollars to the smallest are.
You needn t, of course, confine yourself to trade agreements with importers and exporters in these countries - there are scads of other interesting opportunities available, including member countries of the Caribbean Basin and Andean pacts and new children the Eastern bloc, the former countries of the Soviet Union, but as a beginner in the international arena, you should familiarize yourself with our largest trading partners and see what they have to offer then take your best So, with them or another country.
Every business needs of consumers for its products and services, as the Vulcans so eloquently, long and prosperous life Now that you know that running an import-export business involves, you must plan, or target, your market and determine who your potential customers will, the geographic areas you are going to draw from, and what products or services you offer them will draw.
This is a very important phase in the mega-trader construction project Research on the relevant market can help boost your trading company into a real profit center, and the more research you do, the better prepared you are before officially open your doors, wade less likely you are to do.
Any manufacturer, vendor, crafter, artisan, importer, exporter or fair game retailer can go after businesses that deal with heavy construction equipment or delicate jewelry, gourmet goodies or pet food, telecommunications or toys the only prerequisite is that they want to sell their goods or buy someone else's.
This n t mean though that your best technique stands at the gates of manufacturers, stumble when walking to their cars after work each evening targeting definition of homing means of a specific group.
If you have experience in a particular field, for example, you should seriously consider targeting this market first, you will feel comfortable with the jargon and procedures so that your sales pitch - and your initial sales - will be smoother and easier as added bonus, you may already have contacts in the field that can either become your first clients or refer you to colleagues in the field.
Dan S targeted the area of technology - in particular software solutions for commercial use and computer cables - simply because it's worked in this field for over 10 years, he knows the terrain and feels comfortable.
Wahib W also began in an area he knew well, the runway and navigation lights, then continued to other international construction projects, import of railway and telephone poles materials and construction services and other heavy equipment materials.
OK You have reduced the list of products you are going to target Now you'll want to find your niche, the only angle that will put your business apart from - and above - the competition This is where you can really let your shine creativity through.
You can decide to start as an export management company EMC, remember, seeking buyers for the domestic manufacturing enterprises, or as ETC export trading company, find domestic sources wishing to export or you can stick with the original formula Trader Sam, import and export of your own as a merchant export-import.
In Florida, Lloyd D has positioned his company to both EMC and ETC, according to its customers' needs in as EMC, we work directly for a manufacturer or his manager exclusive distributor for international sales, as supplier marketing and testing, Lloyd explains and will search and find buyers for resale abroad and qualified distributors or CUSTOMER our goal is to operate as an extension of our core in-house export sales efforts.
ETC under his hat, Lloyd said, my company performs similarly to that described above, with the exception of a primary relationship declined, and business is usually done on a case by case or ad hoc basis is more a function supply for the buyer and seller.
In Germany, Michael R described the role of his business this way, we are a consulting company worldwide SMEs small and medium enterprises who wish to increase their sales and profits by more effectively using the available world markets.
Here's a quick overview fire your market research, you'll want to do some thorough investigation of each of these areas.
The end user you'll target consumers in the mass market, heavy industry, light industry, medical or hospital, government, business or professional.
The country or countries you'll export or import from.
The commercial channel you use direct sales representative, distributor or representative of the Commission.
One of the taken-22s to be in business for yourself is that you need money to make money - in other words, you need start-up funds These costs range from less than 5000 more than 25,000 for the company to import and export you can start homebased, which means you won t have to worry about office rental you do not need to buy a lot of inventory, and you probably won t need employees.
Your staples will be a computer, printer, fax and modem If you already have these, then you are off and running multiple retailers we spoke with started from scratch We started from nothing, says Wahib W, but once they got a big project, that was all it took.
The company Peter P started from a similar financial situation We had very little money in the bank, he said, what they did was a carefully constructed relationship with suppliers, and this valuable asset of company could get up and running.
One of many clever things about an import-export business is its start-up costs are relatively low, you have the advantage of homebased-capacity, reducing office rental costs nothing less you're starting as a distributor, you can just buy no inventory, which means no expense money for nice gadgets to grace display spaces that you have no space display Your large financial expenditure will be used for office equipment and market research costs - and if you're like many moderns, you already have the most expensive office equipment, a computer system.
But we're going to take high following is a breakdown of everything - heavy investment pieces flyweight articles - you need to get up and running.
Travel expenses for market research on the grass outside.
You can add all kinds of goodies different degrees of need for this list, for example, a copier is a plus, it is also nice to have office furniture in good faith an upholstered chair with lumbar support Tweedy swivels and rolls shiny file cabinets really lock, solid oak shelves.
But let's assume that you are starting from scratch, you can always set up your computer on your kitchen table or a card table in a corner of the room You can hide files into cardboard boxes is not glamorous, but it'll only until you get your business to steam forward.
What can you expect to make as an international trader The amount is entirely up to you, depending only on how serious you are and how you are ready to increase the annual gross income for the range of from 30,000 industry to 200,000 and beyond, with an average of 75 000 Some traders work at home, filling of 9 to 5 income with their business expertise of other companies have launched full time booming as demand for products constant maintenance and food export of Wahib W has a staff of five who oversees contracts worth several million dollars.
There are tons and tons of opportunities for export trade, says Wahib W US manufacturers are at least 10 years behind the clock in the export Thus, the growth potential is entirely up to you - as long as you are willing to put in the time.
As an international trader, you are an intermediary in the purchase and sale or import and export transaction Therefore, you need to determine not only the price of the product, but the price of your services and those two numbers are not yet separated interactive because you are a swimmer in the commercial channel, the price of your services should be added to the price of the product, which may affect its competitiveness in the market.
Since the fees for your services will impact the success of the product, you can finally decide to change your pricing structure You do not want to pay less for your customer so that you can cover Does your expenses and make a profit but you do not want to overcharge and reduce the competitiveness of your business and the merchandise you represent.
Import export management companies use two basic methods to price their services committee and restraint Normally, you choose one or the other method based on how marketable you feel the product is If you think it is easy to sell, you'll want to work on commission method If you think it will be a swimming upstream, hard sell and require a lot of market research, you will request a retainer.
A third method is to buy the product outright and sell it abroad This is a common scenario when you deal with manufacturers who prefer to use you as a distributor and as a representative You will still market the product under the name of the manufacturer, but your income will come from the profits generated by sales rather than commission.
Import Export management companies usually work on a commission of about 10 percent basic These fees are based on the cost of the product manufacturer.
Let's you work with chairs of English garden, which will cost 110 each Here's what you do first, take the manufacturer's price is in charge of product 110 Now multiply 110 by 10 percent, which you gives a commission of 11 per chair.
Thus, the price of your product at this stage is 121 per chair 11 110 To find the final price, you will need to add further costs to this figure special labeling or packaging, transportation, insurance and representative or distributor commissions that you pay to others in the trade channel, which we will review later once you've arrived at a final price, you will check against your competitors price you you do your research on the market, right If the price of your product is relatively low, you can bump your commission percentage.
For now, though, you can see that for every chair you or your sales channels sell, you will get 11 thousand If you sell chairs that 11000 s for you.
If the manufacturer can t expect its price enough or you feel that the product will be difficult to sell, you'll want to ask a flat withholding the money type, not the type of braces you'll spend all research costs on the market along with the manufacturer taking a retainer, you guarantee a fixed income rather than bound by the Commission to a problem product.
To determine what your mandate should be, you will need to consider three variables associated with the performance of your services.
Labor and materials and supplies This usually includes your salary or a salary estimated on an hourly basis, plus the salaries and benefits that you pay all employees involved in the execution of the work to determine the costs of labor, estimate the time required to complete a job and multiplied by the hourly rate of your salary and that of all the employees that you could use the materials you can calculate a percentage of the labor force, but until you have passed the documents to use as a guide, you should use 2 to 6 percent.
This variable overhead includes all nonlabor, indirect expenses necessary to operate your business to determine your overhead rate, add up all your expenses for one year, except for labor and materials Divide that number by the total cost of labor and materials to determine your overhead rate or use a rate of 35 percent to 42 percent of your labor and materials.
Profit And the end result is after all the work, materials and overhead costs are deducted, the result can be determined by applying a profit factor as a percentage of combined costs of labor and materials and overheads .
What you will do during your peak and beyond will depend on how you've structured your services Some traders only act as sales representatives, find buyers and take commissions, but direct clearly the maritime aspects, documentation and financing agreement others are happier with a full range of services, purchasing directly from the manufacturer and to take all the responsibilities of shipping transactions to marketing these traders often specialize in both import and export and stick to the cargo industry they know best.
No matter how you want to get exotic, will get your most basic tasks of goods, the sale, transport and getting paid for it.
OK, exporter - you have found a buyer for your goods you are a player you are ready to roll So now what do you track the export path.
Generate the pro forma invoice - the importer a quote on your merchandise; negotiate if necessary.
Under a letter of credit to fill the manufactured goods required; take shipping and insurance provisions; pack the goods; and the goods transported.
OK, importer You found the goods you want to buy and resell You are a player you are ready to roll So now what do you follow the import path.
Receive proforma invoice, quotation exporter of the goods; negotiate if necessary.
What is the day of a trader really looks like What made between the preparation of pro-forma invoices, letters of credit requests and shipping documents here is a behind the scenes look, with courtesy of Michael R of international business consultant in Germany.
First hour reading stats printed during the night by the computer to see if each representative agent has fulfilled its plans and initiate changes if necessary.
Work on the internet for one to two hours to see that investigations have come and meet them personally or send them to current or past customers who may be interested.
Having brief meeting with colleagues to see if assistance is required, then support or troubleshoot.
Look at the newspapers the day to see if there s any movement in my industry where I should act fast.
After lunch, take time to reflect on what has and what should have happened.
Or discuss problems and chances for the future and with prospects or business partners.
Look again email and web news and new opportunities.
At the end of the day, there should be about an hour to discuss again with colleagues how the day went or problems that came up.
One or two nights a week, attend business meetings or events with discussion partners.
A trader isn t always at home behind his desk What does he do when he is on the road here is another behind the scenes peek, courtesy of Jan H trader Belgian tires.
Note that the day of January, in typical European fashion, evolves through a 24 hour clock, or what we think the military time.
Day in Belgium 07 00-09 00 Office work, email, fax offers, mail, etc. 00-12 09 00 Departure for the airport, meet customer of Finland; Back at the warehouse, the customer chooses items: 12 00-13 00 Lunch with the customer, general discussions 00-18 13 00 Visit with a client of Nigeria; long discussion, haggling on price, payment terms, etc; oversee the loading of containers from the United States; telephone calls, faxes, e-mail; the arrival of a customer from France, discussions 18 00 quick trip home to shower and change 19 00 - Pick French guests at the hotel, cocktails and dinner, other negotiations.
Day on the road in Germany May 00 Leaving home to 400 km drive August 00 arrives at the first supplier; discussions and purchase of goods in October 00 Leave for the next supplier November 00 following supplier; discussions without result December 00 visit customers; make a sale 13 30 Visit another supplier; more discussion 15 00 Leave for another 300-odd km road 18 00 Arrival at the hotel; check email calls on a laptop, phone 19 30 Sauna and swimming in the hotel pool 20 30 Dinner supplier, then to bed
As an international trader, your mission is the sale - in two different arenas, but which overlap yourself and selling your business to customers as manager of import-export for their products, and selling the b products themselves to the success of representatives and distributors in any of these areas will contribute to your success in another time you set a sales record in favor of a client's products, you will have an experience with which to draw to other clients and, of course, every success will contribute to your own self-confidence, which, in turn, lend the air of confidence in your negotiations with new perspectives.
A surprisingly low percentage of domestic producers export their goods So, your marketing objective is to convince the enormous rest they can increase profits by exporting - with your advice - to target countries You can do with direct mail and calls to cold If you're starting with imports, don t skip this section - you'll basically work the same way.
Before you contact a manufacturer, you will need to research the market base.
What products are hot sellers in the domestic market Focus your attention on the products you know or you use, or which are best-sellers in their market niches.
These products are hot-sellers in your target country.
Otherwise, if the products are available there were situations or markets that put these products in great demand.
What is the selling price of each product - and competing brands or products - at home and in your target country.
Now you're ready to start your direct mail campaign Choose a manufacturer of a product you researched Vee Then call the company and ask for the name of the person you'll want to write If the business is small you'll probably want the president or owner If his greatest concern, you can send your letter to the vice president of sales, sales manager or president or owner.
Armed with a name and the title, write your letter, taking care to address the following points.
Briefly describe the market potential of overseas territories.
Describe the product's potential in this market.
If possible, explain why and how your company from all others, will be able to locate the best product, for example, if you have experience with products like, be sure to say so.
If you already have contacts with foreign distributors, explain that you have foreign representatives for sales abroad.
Ask for a personal meeting to further discuss the possibilities.
Once your first letter in the mail, sit down and write another to a potential customer in another product and then another, until you have exhausted your first round of study Products preliminary market.
Now wait a week or 10 days If you haven t heard your first target manufacturer, give him a call Request to set up a meeting in his office to discuss your plan Then call the next following and manufacturer If you don ' are not familiar with sales, you may find this part of the program, a white-knuckler do not be nervous you offer these people a great opportunity not everyone will bite anyone can recognize a lot when he jumps and grabs, but not everyone is going to turn you down, this is a no thank you and now is part of the game.
Cold call, supposedly because you call a prospect cold without heating in contact before, is an alternative to the direct-mail approach The good news is that if you are called locally, it is generally cheaper than direct mail the bad news is that it requires much perseverance to be effective, more good news, however, is that, well, a cold call can be much more effective than direct mail.
Before you make your first call, make sure you know what you want to say and how you want to say Some experts recommend writing a script so that you can follow during your call This is a good start to the year wide to help you plan your sales pitch, but be aware that following a script has its drawbacks the main one is that the person you are calling doesn know he's supposed to be following the script, too and when it comes down the track, too.
How will you find goods to bring stateside You have several options.
Contact foreign trade development offices embassies.
Contact the U S Department of the Association of International Trade Commerce.
Tracking down leads on the Internet and in specialized publications.
You have located overseas manufacturers or suppliers whose products have US sales potential Now you need to sell them on the idea of entering the US market and convince them that you are the person they open the way to How do you do this, the same way you would not ll domestic manufacturers with a direct mail campaign only in this case, you'll do better to think like a direct fax Although many traders rely on international mail, unless you are sending regions or countries with highly developed infrastructure, such as Canada or Western Europe, you will be much more assured of your letter to reach its destination if you send it by fax.
In your letter, indicate the different possibilities in the US for the product and highlight that you will manage all the logistics of import with little cost to the manufacturer It is very similar to the export letter, with two exceptions near.
You must contact the recipient of the letter, for example, use abbreviated Mr M instead of M. if the recipient is the French Even if your letter is in English, the little touches show that you know something about the French language and you've taken the care and courtesy to the destination address in its own language.
Make sure you have eliminated all slang that can be confusing to non-natives.
Followed a few days with another fax Think monitoring as a business, but little help, an opportunity to strengthen your position and show a real interest in the importation of the goods Remember that part of your task is to convince potential customers that your company is the best for the job, you must provide a reason for that if you can t claim that you are experienced in interior design or mulch or whatever sales in the US and Europe or elsewhere, then maybe get to something you are experienced in the United States until well that's where you may be you sell are not yet known, but you have done a lot of Complete research that instead Use your creativity.
Whether you're planning to export or import, be prepared to present your potential customer with a marketing plan If the manufacturer is close to home, you will naturally be present in person if she is abroad, you that can always having to travel to arrange a personal visit to close the deal if you feel strongly enough about the potential US product, the trip is worth the time and expense.
To prepare your marketing plan, you will need the information you have already asked the price, product brochures or literature and samples If your prospect is reluctant to provide these materials, tell him you need them to further explore the market potential and develop a presentation for her, describing the market strategy that you plan to pursue.
Once you have the hardware in your office, sit down and understand all the possible expenses you will have if you can get to your selling price so if you've already been in contact with distributors or representatives, whether this prices will sell in their market if you do not have representatives again you will need to find one and see if it can work with that price assuming the answer is yes, you got a viable product.
Now write your marketing plan, which should include the following items.
Target country or countries you or your representatives sell Why are viable markets Provide positive market research information and be sure to meet in a clear, concise, easy-to-digest is where your publishing programs desktop to Shine -on can make charts, graphs and tables interspersed with facts, figures and texts.
Sales Explain what price you will sell the product, give your annual sales forecasts, your fee structure and the manufacturer's profit can wait.
Marketing Briefly discuss any marketing or promotions for the product; for example, foreign or domestic trade shows or advertising your local representatives will.
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