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A Word in Starting an Export Business

by: christinaricci on Date: Wed, 4 May 2011 Time: 1:55 PM

The economic recession in the United States saw the demise of many new as well as established businesses. In some areas, the closures meant massive layoffs and a host of companies were forced to cease operations. A lot of people lost their jobs. The end result was a dramatic increase in the unemployment rate and devastating business losses for everyone else.

When most people look at this picture, they tend to focus solely on the negative side of things. What most people are missing completely is that some companies located in the US survived the economic onslaught because they relied on diversifying their source of income. These companies are the ones that concentrated on exporting goods to foreign markets.

While the effects of the recession may linger for a long time still, opening an export business may prove to be an advantageous move. You can tap the global market as an alternative source of profit. Opening an export business may sound daunting but with the right product and adequate research, you can become successful in no time. If you’re interested in pursuing this avenue, here are a few things to keep in mind.

Know the laws of the country where you’ll be doing business with

Foreign countries may have different laws regarding export finance issues so it’s best to know what are the limitations you would have to deal with. Knowing the local customs will also save you from being embroiled in something nasty and illegal.

Find a bank

Export finance veterans try to partner with a bank to get the necessary capital or insurance they’ll need. If your business doesn’t need capital, you’re probably looking to get export credit or trade insurance to protect your startup firm’s financial interests. Preparing the necessary documents, like your business plan and business registration, will be critical. Most banks will use these legal papers to judge your venture’s feasibility.

Know your options

Export companies looking to recoup their losses can sometimes resort to export factoring. This process will allow your business to sell your account receivables to a bank and get at least 80-90% of the original intended income.

About the Author

If you have questions, please visit us at www.drakefinance.com for complete details and answers.

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