As the world has grown bigger, it has also grown more open. As a result, products from anywhere are now available everywhere – growing import and export business to a whole new level. Because of this growth, it has become more accessible. So cheer up, for if you are looking for evolving your small business in India, import/export business comes with guaranteed growth.
However, just starting such a business in India isn’t enough. You should have some good import and export business ideas in India as well. This is where we come in. We are here to tell you some of the best import and export business ideas that can take your business and shoot it to the stars.
Have a plan before you start import and export business in India
Any business without a plan is bound to fail. Our business ideas are worth nothing to you if you don’t have a strong import and export business plan.
- Decide your target market properly: If you know who your customers are going to be, ideas come rushing into your mind. Also, knowing the target market helps push your business faster when it finally launches. Therefore, conduct good research before implementing the business ideas we tell you.
- Budget your startup costs: Import and export are buzzwords that generate a lot of interest in small entrepreneurs. However, there is another thing that the entrepreneurs should understand: Import and export business isn’t cheap. You can get IEC code (authorization to conduct import and export business) easily and it’s inexpensive. However, it’s the budgeting that can make or break your business.
- Income and Billing: People say that we should worry about income and billing after your business ideas have been realized. We say that they are wrong. If you are serious about starting an import and export business, you should also be serious about what comes after. When you are importing and exporting, the billing is not just about the products your delivery, it’s also about the delivery service itself. What is being delivered and the act of delivery is separate but intertwined with each other.
- Marketing: There is not a business story sadder than a good business idea performing badly in the market. Why does it happen? Because of wrong, or lack of, marketing. You should grab the opportunity to strategically market your products. Content Marketing can create a long term growth ecosystem for your business. And, it costs less. Start marketing yourself through blogs.
Be mindful of these four factors and only then your amazing import and export business ideas can take off.
Let’s now take a look at those import and export business ideas
Did you completely grasp the importance of having a business plan? If so, it’s time to bite into the meat of our article: The best import and export business ideas in India.
- Find an import and export agent: The easiest idea to starting an Import and export business in India is to associate your business with a network that can provide you two things:
- Logistic services and
- Access to a target market.
There are many import and export agencies that facilitate small businesses this way. They take their products and then, export them to locations overseas after tracking the market. What’s more convenient about such agents is that the fee is not that high.
- Start an import and export business directly: While you can add import/export to the repertoire of your small business, it will stretch you thin. Therefore, what’s best for you is to exclusively start a direct import and export business. Formulate your business plan with exclusively this thing in mind. It’s not risk-free and at times, you’ll feel like you are losing a lot of money. BUT, when the profits finally start coming in, they won’t be peanuts, but big rocks of Gold. Other benefits include
- Direct exposure to the market.
- Direct taste of profits with no middleman
- Start exporting online: These days, you are rarely (if at all) going to find anyone who hasn’t heard about Amazon, Flipkart, Shopclues, etc. If you choose to become a seller at these platforms, you’ll have two benefits:
- Have access to their amazing logistics and delivery services and
- Get a large markup on your products
- Become a drop shipper: Care to start an import and export business where you don’t have to manage the inventory? Start a Drop Shipping business. Or in other words, become the next Amazon. You can start your own online store – connecting customers to the sellers. You won’t have to deal with physical inventory and, you’ll have cake on both your hands.
- Become an import and export consultant: Another bright import and export business idea where your skills come into play. As an import and export consultant, you can impart of expertise to other importers and exporters in India. It’s versatile, flexible and there is an ample chance of growth. India is a country where while import and export have existed for over 2000 years, it has yet to take a major stride and you can be the one to make it takes it.
Import and export business is booming in India. But still, many businesses are barely surviving by the skin of their teeth. Therefore, to start an import and import business in India that actually works, have a proper business plan first. Then, realize the business ideas you want and then, put your small business on the import-export map.