So you're interested in an import/export business. Perhaps you're in the same position I was five months ago and have no previous experience in the field. Where do you begin? In August, I began an independent study on U.S. whiskey exports to Vietnam with Georgetown Professor Michael Czinkota, one of the authors of this book. We decided to keep notes on the process and share some suggestions here so that future generations of students could benefit from our work. 1"11 take you through the process of how in five months I went from knowing absolutely nothing about import/export to obtaining exclusive rights to export Wasmund's, a brand of single malt whiskey, to Vietnam.
Preliminary Research: See Where Google Takes You
The first step is to begin preliminary research on the topic and bridge the information gap. Utilize all of the resources at your disposal, such as websites, books, and personal contacts, to glean introductory information on the subject. Get on Google, type in "import ex-port business" and see where the URL links lead you. I clicked my way to an article by Entrepreneur.com titled, "How to Start an Import/Export Business. The article gave first-timers like me a picture of what life was like
Questions/Action Points
1. Complete preliminary research on possible import/ export activities. What countries and industries caught your interest?
2. Put together a contact list and set up some informational interviews.
3. Define a potential business. Name a potential product, seller, and buyer.
4. Leverage government resources such as the Department of Commerce and the nearest Export Assistance Center for into rmation on the industry and country.
5. Identify some potential distributors through the three methods mentioned in this case study t DOC. EAC, and other organizations).