How To Begin With Exporting Your Products Into The International Markets

By Author: Varun Pratap Singh
Total Articles: 40
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Learn how to start exporting your products and services

Let’s get some insights to understand the exporting business better. It requires a clear understanding and a lot of preparations by an exporter before stepping into the arena of export business.

Follow the below-mentioned steps to start your own export business:

1. Open a bank account

Select a bank that is authorized to deal with foreign exchange and international markets, and get a current account opened in the name of your organization.

2. Obtain IEC (Importer-Exporter Code) number

When you are preparing yourself to enter an international market, you need to carefully read and follow the rules mentioned in the Foreign Trade Policy. It is necessary to obtain an importer-exporter Code to start your export business in India and abroad. You can go through paragraph 2.05 of foreign trade policy, 2015-20 to know the procedure of obtaining an IEC number.

3. Select a product

Check out the items and products appearing in the restricted and prohibited list. All the items can be easily exportable and shippable except those ...
... mentioned in the prohibited list.

4. Find buyers

Participate in exhibitions, trade fairs, buyer meets, and browse information through B2B portals to find buyers of your interest. Create a multilingual website and a flexible product catalog which is helpful to attract buyers.

5. Set pricing

Pricing plays an important role to grab the attention of foreign buyers. Create a market research and set suitable pricing for your products.

6. Establish an organization

To start your export journey, you need to first set up and establish an organization of your own. The organization could be a sole proprietary, a partnership, or a company. Decide the type of organization you want to establish, followed by a unique name and logo.

7. Obtain Permanent Account Number (PAN)

Obtain a permanent account number of your organization from the income tax department. It is mandatory for every importer as well as exporter.

8. Get a Registration Cum Membership Certificate (RCMC)

The exporters are required to obtain a registration cum membership certificate from the concerned export council of India/ Commodity Board/ FIEO or export business authorities. RCMC is required to avail of any benefits, concessions, or carry out exporting and importing of your products.

9. Select your target markets

As you are going to start a new business in another country, you need to properly study and research several aspects of that particular country. It consists of market size, fellow competitors, requirements, population, payment terms, and many more. You should also look for the export benefits and concessions that your target country provides, mentioned under FTP. Reach out to your colleagues, friends, relatives, and export promotion agencies to gather as much information as possible.

10. Provide samples

Provide customized samples as per the demands of your buyers.

11. Negotiate

After providing the samples and setting the pricing of your product, provide a reasonable discount and bring out the best from negotiation.

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