| Globalization has opened previously closed or | | | | events and a sound remedy for each. Contingencies |
| unknown markets to the world. For the many with | | | | are essential parts of a sound plan. |
| entrepreneurial spirits, this presents vast opportunities | | | | 4. Check regulations and tax rules in your country: |
| for business. Whether for expansion or diversification, | | | | The IMEX industry is regulated and there are special |
| importing and exporting goods, an import/export | | | | rules and regulations that affect players in this |
| business if done right, can boost your income. | | | | market. Pay close attention to, and stay ahead of |
| However, the complexities of the IMEX (Import and | | | | these government policies to avoid adverse effects |
| Export) industries and the many rules and regulations | | | | in the future. |
| imposed for consumer safety in addition to the | | | | 5. Know your product: know your market: You will be |
| protective stance of many governments for their | | | | able to sell effectively only if you know your product |
| local industries could keep potential entrepreneurs | | | | well and if you know your market well. |
| from pursuing what could be a profitable IMEX | | | | 6. Identify a supply chain: You don't want to miss an |
| venture. | | | | opportunity to sell. It is thus very important to have |
| While the IMEX industry has its own unique market | | | | available stocks when and where your customer |
| forces that influence movements and trends, it is | | | | wants it. Identifying and keeping good business |
| basically an industry with parallel concepts and similar | | | | relations with a supply chain ensures timely product |
| factors coming into play. As in any other industry, the | | | | delivery. |
| risk-return trade-off rule applies here and the | | | | 7. Position your products well: Strategic planning calls |
| challenge is not to eliminate but to minimize risk and | | | | for product positioning that allow deliveries as quickly |
| reap maximum benefits. | | | | as possible. You don't want to make a customer wait |
| How do you get started? What do you need to | | | | or wait too long. |
| know? Here are ten tips that would help you get into | | | | 8. Establish a good customer feedback mechanism: |
| the portal of the IMEX industry: | | | | The most successful businesses are also those who |
| 1. Write a Business Plan: There is no substitute to | | | | put a premium to customer service. In today's |
| planning. Many people fail because they neglect to | | | | market, it is most likely to find a number of sellers |
| plan their ventures. True, you can not plan for | | | | for the same product. Customers would normally |
| everything, but a plan helps you clarify your goals and | | | | choose providers that listen and respond to their |
| helps you get there. A business plan is a great tool | | | | needs. |
| that gives your business a sense of direction and a | | | | 9. Take advantage of the Internet: It is the fastest, |
| good yardstick to measure performance. | | | | safest and surest way to reach your customers. It's |
| 2. Execute your plan accordingly: A business plan is | | | | a cost-effective tool to facilitate sales, deliveries and |
| not merely a requirement that needs to be complied | | | | feedback. |
| with for whatever purpose it was required. A plan is | | | | 10. Evaluate your performance regularly: Use your |
| of no use unless it is executed and executed well at | | | | plan to gauge performance and help you effect |
| that. | | | | necessary changes or adjustment. This ensures that |
| 3. Provide contingent measures: No plan is fool-proof. | | | | you are on the right. |
| A sound business plan should provide for unforeseen | | | | |