Despite global market insecurity as a result of serial economic crises and currency instability around the world, foreign trade is one of the most sought-after areas by the most skilled investors. However, if you want to know how to open an importer without having knowledge in the sector, it is worth following a few steps and knowing the challenges of this type of entrepreneurship. Randall Castillo Ortega, an expert in importing and exporting in Panama and Costa Rica, details what entrepreneurs in Costa Rica need to do to get started.
The entrepreneur who wants to know how to open an importer needs to be aware of the difficulties and challenges imposed by this market. Asserts Castillo, “There are many advantages to entering this medium, such as good profit margins, but the entrepreneur who wants to venture into this area must have some skills. Entering the area of foreign trade brings advantages, but it is necessary to pay attention to the specific processes of the segment. The market needs to be well known, as there are many risks, especially for those who are not used to the sector. Logistics planning must also be very well crafted. Run scenario simulations and define economical import batches.”
Another important tip is to have a professional in the area of foreign trade, which will help you with the study of possibilities and other bureaucratic difficulties. Your business plan should bring detailed market information where you will act, as well as discover possible technical barriers, or entry and exit.
If you have no idea how to open an importer but intend to get into this business, there are a few steps that can help you. Learning about three of them will get the entrepreneurship going stronger from the start. The first is to know the market, both from import industries and the consumer and target audience that you will supply.
Next, define the type of business. Explains Castillo, “Market research also involves the type of business. Knowing what product you’ll import is critical to understanding and developing your business plan. Here, you need to consider your specialties and skills to find the best product to import.”
The success of an importer depends on the network of contacts he or she establishes. Customers who need to consume your products need to be found. Get in touch with potential customers, discover what they need, and direct your efforts to build these relationships.
If you have the idea of starting your own business, but think your budget falls short, there are several products that can be imported from China on a low budget. In addition to these, there are plenty of other products that may be importable, even if it means sourcing additional financing through a loan or a line of credit.
Ideally, you can save money on shipments and limit the number of products you buy, which with few quantities, you can start your business and start making money right away. Jewelry or fantasy jewelry sells very well anywhere in the world. In China, it is extremely economical, there are a wide variety of models and the best thing is that a good order will not exceed two or three kilograms of weight.
Sunglasses are a basic accessory that you can market very easily and make very good profits by investing little money. In addition, wallets are a popular item. States Castillo, “In China, you can find countless models and wallet styles for men and ladies, and sell them in Costa Rica at a very good price.”
Huawei, Xiaomi and HDC are just some of the cell phone brands that are in China that can be imported. The factory prices are excellent and the weight of the cell phones is minimal. Lastly, underwear for women, men and children. This is an excellent business that has always had, and will have, excellent demand.