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Export is the Key to Growth

Export can be in the form of merchandise (goods) or services (invisibles).

When an entrepreneur wants to spread out his scope of business activity beyond the territory of his nation it is called export, whence he has to prepare himself to confront the challenges prevailing in the global market.

international marketing

How to go about Export?

Business by itself calls for discipline whether you talk about your credit policy, quality of your product or services, on time delivery, payments, fund rotation, human resources management and the like.

The taste of success in the domestic market gives you the necessary confidence to spread your wings far and wide.

To be a part of the global market, you are expected to imbibe not only more discipline and order but you should be very thorough about the procedures and policies of the country, to which you are planning to export and the various legal formalities pertaining to your business activity.

How to export from India
How to Export From India

Pic Courtesy: Procedure to Start Export Business from India

What will be your plan of action if your merchandise is disapproved of its quality after reaching the destination or the shipment gets destroyed due to some eventuality?

To combat contingencies we have to have a representative working for us in the chosen place of activity who would report and handle the proceedings.

Pre-Requisites for Exporting Goods:

How many people do you think who have acquired the desire to export their products have a clear idea about the steps involved in starting an export business?

First you have to secure the IEC CODE (import export code) from the DGFT (Director General of Foreign Trade) that comes under THE MINISTRY OF COMMERCE AND INDUSTRY.

What is IEC Code?

Import Export Code (also known as IEC) is a 10 digit identification number that is issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India.

Info Courtesy: Shiprocket.in

It is also known as Importer Exporter Code. It is mandatory for companies and businesses to obtain this code to start a business that deals with import and export in the Indian Territory. It is not possible to deal with export or import business without this code.

While exporting you get the following edge over others:

  • Exposure to forex market
  • Exposure to diversified culture
  • Exposure to varied laws and legal formalities
  • Exposure to business risks which you must take up as a challenge

Having businesses in various countries is better than having all businesses in one country.

It saves you during periods of economic recession. 

You experience market growth by entering into different and new markets; Asian and European markets are flooded with traders from all around the world since these regions enjoy a locational advantage in the world map and well connected through the sea and land.

RBI Policies:

Exporters must be aware of the fact that RBI policies are very severe when it comes to foreign exchange.

So you should have proper informational inputs from the correct source and your capital has to be invested accordingly.

Import and Export policies and procedures

Slide Courtesy: Import and Export Policies and Procedures

Exploring unfamiliar and exotic markets is very difficult as they are always dynamic. You should see to it that you keep yourself posted with updates on INTERNATIONAL FINANCE, LENDING RATES etc.

Also Read: 10 key steps to export success

You can make a small business big and beautiful by adding some flavor to it like,

  • Right time to launch your product in the global scenario,
  • People’s preference being given priority by doing some demographic survey,
  • Attractive campaigns and of course
  • Your unendurable passion for business will do the rest to make your venture a successful one.

Read this article to find out, “How To Start Import Export Business In India – The Complete Guide.”

Info Courtesy: Dripcapital.com

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