How to avoid Commonly made mistakes by the exporters
The business of import and export is in high demand in India these days and many people are doing excellent jobs as exporters and are earning handsome money. Best thing about this business is that you can start with a small amount of money and can gradually increase it as you increase your experience in this field. There are few very good import export courses online where you can learn the intricacies of this business and do good as you mature. Being an exporter is a fruitful business but it is not easy to survive as an exporter in the market considering the cut-throat competition and even a single bug mistake can ruin all your hard work. In this article, we will be discussing 5 biggest mistakes that exporters make and how that could be avoided.
- Failing to recognize the potential of the foreign market
Business of exports is all about understanding the global business and finding the right market with the perfect environment for your products and if an exporter fails to understand the market, it becomes extremely difficult to survive in the international market. In order to recognize the potential of the international markets, the exporter must concentrate on only a few countries instead of wasting time in many countries and do a thorough research on the selected ones finding the demand and the liking for your products.
- Not customising the product as per the local markets
Many of the exporters think that the product they sell in their domestic market can be sold exactly with the same specifications and design in the international market too. This is where they go wrong as the needs and liking of the people in the foreign markets could be completely different. So, the exporters must again do a thorough research on the markets and completely customise their products as per the needs of the foreign customers so that they accept the product with open arms.
- Trusting strangers without proper background check
One of the most common mistakes that almost every exporter does in the initial levels of their careers is trusting strangers without knowing anything about them. People are so excited to go global in the initial years that they trust everybody without performing a proper background check and 90% of those strangers turn out to be cheaters later on. So, all new exporters must learn from this and no matter how excited you are, before starting dealing with anybody from the foreign country, perform a proper background check and make sure the person is trustworthy.
- Not insuring the products
Another common mistake done by most of the new exporters is not insuring their goods before dispatching them for the international markets. The only purpose of not insuring the goods is to save some money but you must clearly remember that saving some money initially could turn out to be a huge loss for you later. This is because a lot of accidents happen in international logistics like the cargos catching fire, sinking of the ships carrying your goods and many other things. If your goods are insured, you will be reimbursed at least some amount if not full
- Selecting the wrong service providers in hurry
Again getting carried away with the excitement and taking decisions in hurry could cost you big if you select the wrong service providers. Remember, international business involves many service providers like couriers, banks, shipping lines and many others and if even one of them fails to perform their task, your whole consignment or the business might have to suffer. Make sure you select the trustworthy and renowned service providers for your business