28th Feb, 2020

How to Start an Import Export Business in Mumbai?

If you want to start an import-export business in Mumbai, then you have come to the right place. When starting a business in international trade, there are many decisions to be made, but if done properly, starting an import-export business in Mumbai can be an easy and profitable business.

If you have a background in business or international relations, starting an import-export business in Mumbai is an advantage for you. That comes when you jump into import-exportbusiness of buying and selling a product from an overseas supplier as this will help you and give you a better understanding of the difficulties. In this backdrop, let’s begin with the ways one can start an Import-Export business in Mumbai. 

Step 1: Enroll or List your business and website

The first step to take to start an Import-Export business in Mumbai is to register your company with your headquarters location, get the necessary business licenses you need to legally operate a business, a website and social media to establish a reputation and expand your business. You are ready to sell your business know-how and capabilities to the world after this.

Step 2: Selecting an Industry or Product 

The next step to start an Import-Export business in Mumbai successfully is finding out about a product or industry you are passionate about so that you can sell it on the international market. This is a business model which is idealfor an Import-Export business in Mumbai. You can do research on manyImport-Export businesses in Mumbaiand put your ideas to the test. So if think you love it, you can sell it.

Step 3:Research for the best market

After selection of your product, now it is time to research your product or service for the best potential foreign market for your Import-Export business in Mumbai.It could be the lifetime business breakthroughif you can spot the trend of importing and exporting your product to a given country.

Step 4: Find the suppliers 

Once you have a product and a demand for international trade, you will need a supplier or distributor that will give you a commodity and will be ready for a long term relationship. Also a good relationship with your supplier can lead to success in Import-Export business in Mumbai. Further, you can be your own supplier if you are manufacturing or producing your own product, which can lead to greater profitsof your Import-Export business in Mumbai.

Step 5: Product Pricing 

Your next step in establishing a successfulImport-Export business in Mumbaiwill be product pricing. Your business model for a successful Import-Export business in Mumbaiis generally dependent upontwo basic metrics;

1) Quantity (number of units)

2) Commission on quantity

The final aim for a successful Import-Export business in Mumbaiis that the cost of your product should be kept in such a way that it not be more than what the customer is willing to pay including your commission. Generally, 10% to 15% commission on the actual price is agreeable and you can more profits by selling more volume from an Import-Export business in Mumbai.

Step 6:  Search for Clients and Customers

You can't just go and sell your products to those in the docks that you find while establishing anImport-Export business in Mumbai.You need to find customers and dealers who are interested in taking your products and selling them to others. If you have a strategized digital marketing campaign on your website, then customers might end up finding you and thereby yourImport-Export business in Mumbaican become successful.Besides this, you have to go chasing your customers. You can check on your local contacts, get a list of business consulates and embassies contacts, trade shows can be a good option to find customers more quickly and efficiently. Your brand awareness and social media work at the same time.

Step 7: Logistics

Now you have got customers loving your product. The next step is to focus on the most important part i.e.; logistics. Now you need to move the product from where it was made to the location where you are going to sell it.  If you want to save time and don't want to worry about getting your goods moved from a factory to a warehouse, then the best idea is to hire a good cargo carrier.

Once you have provided them all the business information and details of your goods, they will arrange the shipping arrangement, insurance, even licenses and permits, as required for transport to another country. This will definitely remove a lot of responsibility when you start your import-export business in the first place.