For virtually any growing business, global trading opportunities can help you open up brand new markets for your goods and services, expand your market share, and increase your revenues and profits.
For example, you can export your goods and services to other countries, import materials to lower your costs, or even set up partnerships that allow you to buy raw materials at a much lower cost in one country and then sell them in other foreign markets. When going global, the only limit is your imagination.
Whether looking for major exporting and importing opportunities or simply selling your services overseas, international trade makes more sense than ever in a world where communication barriers are rapidly disappearing.
And although the global trade can be a complex process with legal and contract issues that may be unfamiliar, there are plenty of resources available to help you understand the nuances and to help you get started.
One first step in exploring exporting and importing opportunities is to determine which countries offer the most straightforward process for setting up contracts and avoiding complex tariff rules.
Once you’ve done your research and identified potential international trading partners, you’ll need to set up a contract to protect your interests. One common issue with doing business in foreign countries is overcoming potential language and cultural barriers. These can lead to misunderstandings about exactly what is being bought or sold and what the payment terms will be.
Something to keep in mind as you’re researching exporting and importing opportunities is the United Nations Convention on Contracts for the International Sale of Goods (CISG). This UN treaty was set up to help avoid trading disputes by establishing a uniform set of standards for international trade.
Whether trading internationally or domestically, disputes often arise between buyers and sellers. The best way to handle disputes is to do your best to prevent them in the first place – but you can’t always avoid disagreements about goods and services or payment terms.