How To Start A Profitable Import And Export Business (International Trade). | Farhad Haque | Skillshare

How To Start A Profitable Import And Export Business (International Trade).

Farhad Haque, Hi, I am Farhad Haque. As an author and

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35 Lessons (1h 40m)
    • 1. 01 Introduction

      1:40
    • 2. 02 Course Outcome

      2:20
    • 3. 03 Study Skills Required

      1:08
    • 4. 04 Why international business?

      2:01
    • 5. 05 Opportunities in Import and Export Business.

      1:52
    • 6. 05 Reasons Behind Import and Export Business.

      2:24
    • 7. 06 What is importing and exporting?

      0:48
    • 8. 07 Warning.

      0:54
    • 9. 08 How much can you earn.

      3:59
    • 10. 09 Funding Required.

      2:20
    • 11. 10 Complex Documentation

      1:49
    • 12. 11 Players in Export And Import Business

      7:00
    • 13. 12 Customs Authorities, Customs Broker and Freight Forwarder.

      3:10
    • 14. 13. Some more trade players.

      2:52
    • 15. 14. Trade Barriers.

      1:15
    • 16. 15. Global economy and international trade.

      3:23
    • 17. 16. Tricks of the trade and Basic Equipment List.

      2:31
    • 18. 17. Business Name.

      2:21
    • 19. 18. Start Up Worksheet.

      2:35
    • 20. 19. Pro-forma Invoice.

      5:12
    • 21. 20. Shipping Terms.

      2:56
    • 22. 21. Letter of Credit.

      4:06
    • 23. 22. Sample LC

      3:20
    • 24. 23. Types of LC

      5:18
    • 25. 23. Shipping Documents.

      3:20
    • 26. 24. Market Research.

      2:17
    • 27. 25. Product Market Research Worksheet.

      3:20
    • 28. 26.Product Market Research Worksheet.

      3:20
    • 29. 27. Country Market Research Worksheet.

      2:46
    • 30. 28. International Trade Administration.

      1:17
    • 31. 29. Intelligence Agency.

      2:12
    • 32. 30. Course Assignment.

      1:47
    • 33. 31. Pricing your product.

      3:10
    • 34. 32. Know your Hidden costs.

      4:24
    • 35. 33. Employment Management.

      5:04

About This Class

In this course, students will be able to know the A-Z of Import and Export Business (International Trade). Like every business, import and export business needs specialised knowledge and skills. Here in this course, everything is described very elaborately so that each and every students can know the details of this business.

So, if you are interested to learn everything about import and export business (international business) then this is the perfect course for you. Let's get started.

Transcripts

1. 01 Introduction: come to this course will come to the very, very lucrative industry that is important export business. So on introduction, I can say that that targeted audience for this course is those who likes to leave on the ages as an aspiring country braying her as an aspiring international trader. If you want to lead a life that is different from others, if you want to contribute to the society and the economy better than the others than this course is definitely for you. So definitely you are a newbie. Ho wants dues, always interested to start a new business, and you don't know what to start than this course can be a stepping stone for your carrier . So another very important thing is the contribution to the national and international economy as an entre brainer. In import and export business, you have a lot of opportunities to contribute to the national and international economy. Might be. You can be a change maker if you work heard finally fulfilling your passion. Everybody off us have a passion, so if you want to change the society, change the country, change you life by fulfilling your fat passion, then this course is very, very helpful for you. So now let's get started to the journey off a new dimension 2. 02 Course Outcome: the course outcome. What we've learned from this course get your business stirred it successfully. Successful beginning is very important for your business. If you want to take your business to the next level, especially important export business than this course is for you. I will guide you from very beginning without any experience. Or even though if you have some experiences, then you will be able to learn a lot from this course. Definitely from my experience. Another is keep your business running successful. You have stirred it. But your business is not running successfully. Definitely, it will not be successful. And always remember that important export business is lucrative if you are on the go. If you have the consistency on your business, always remember this point. So another outcome here is be successful as an international trigger. Definitely. You're buying this course. You're investing your money and time, and I am definitely sure that you will be successful as an international trader if you follow all of my lectures properly, make friends and influence people in international trade. It's a very interesting trip. You will be able to like make new friends, and it will be able to influence people from different countries. You will be a global leader. That world will be in your fingertips, finally making money. Whatever the businesses, you are there to make money in international business. I told before that there are trillions off dollars off Jan sections every moment on international business. So the opportunities to earn a lot of money a lot of dollars from this business is higher than the local business. 3. 03 Study Skills Required: study skills required for this course. Take short notes. If you take short notes, it will help you to revise purportedly and two memories. Your knowledge. Whatever you have learned from this course, another one is created. Q. Car short kickers will help you to right down the topics are key points or something questions so that you can recall again and again. Another effective study skills. His mind maps. Whenever you prepare a mind map, it will help you to ah, remember easily and to organize you learnings as, ah, like pro. So if you want to organize yourself and want to know something with a very effective and efficient way than mine, Memphis is the ultimate way. So, whatever you like, just follow your own study skills. These are the three study skills I recommend for my student. 4. 04 Why international business?: burning. Question. Why international business? The first answer is it's the lucrative industry. You have the option to experience different cultures, different countries, different currencies on a different environment, different economics that is very, very lucrative. So for profit in case of profit, Muresan itself very, very lucrative industry in of the Rs trillions of dollars of cells every single minutes all over the world. So I can say that there's a very lucrative industry. Another thing is, ah, you might like traveling like me. I like travelling. And for me, international business is the hot cake. So for the people who loves to travel a lot, that international business can be a choice for them. You might have a background on sales and marketing. Yes, it's not the profession for the cells for week, all the organizationally challenging people. So if you have a background in sales and marketing and you want to explore your expert eyes in another way, are you want to expand you current local operation, then this business is definitely for you. The finalists. If you are interest to grab the heart opportunities in international business, you will find the gap between different economics between different countries. So if you are entrusted to grab the heart opportunity than international business is a must for you, you'll get a lot of products, a lot off services that might not bear they level in your country or some services that is available to your country, that it's not available to another country. 5. 05 Opportunities in Import and Export Business.: get to the point opportunities and import and export business. I said before that it's a hot industry, but it's not new. Think about Marco Polo. He was not new. Hello. It's a hot industry for a lot off centuries, for for a lot of time. It's not a new industry. He used daily transactions. I consider exact figure because it's changing every moment. You better check in Google. You better check on your country's economic sites that the daily transactions off international business. So there is a lot of opportunities here, contribution by small and big from So before starting the score some off, you might think that the I want to start very small. So will it be the important export business appropriate for me? Yes, definitely. Most of the countries only 5 to 10% of the and well export or import is done by big corporations and all our done by small organizations. The other 90 person, so as a small you can stood and you connects pond as you wish. Another thing is knowing different culture, so and important export business. This is the only business. It will deal with cultures also, so you have the options to know different cultures, different ha leaders, different religions, different racist, many, many, many things 6. 05 Reasons Behind Import and Export Business.: the reasons behind important export business. This system, one reason is a really, really tough the products. So in some countries some goods are available. In some countries they are not. There's the one of the dominant thing for creating international businesses. So many countries have specializes in on some goods and services, like if you want to produce something Ah, that is like apple In my country, this is dangled Asian. I can't grow apple in my country. So in your country, you know you can produce garments as chipper as our country. We are the second largest garment exporter in the whole world. So the availability of different products and services is the effect for important export business. Other thing is the classy foreign brands like think about the perfume from front, you know, the 100 crops from easy. You know, that means the classy You were buying something which is classy, which is specialized in its ah murder of something in the press. Jace is something else. So the cheaper price, the price is very important. You might get the same product in your country. But there are a lot of other countries that may producer export this productive at the cheaper price, then your country. So you have to crap the opportunities for higher profit merging resources and technologies . Some countries have greater resources and technologies than other countries. Some countries growth of specialization on something that is a very level to that, that specific country. We're just not, You know, if you compare 1/3 world country within our sisters, if America, then you will be a full. So the products made dear Definitely better than terrible countries. So resources and technology is a fact for international business and think about productive from Germany, Japon, us, You know the maintain the quality standards, you know? 7. 06 What is importing and exporting?: it's Look what is importing. We all know that this is a course where you have to know buying from foreign countries when you buy a productive re service from other countries. That means you were importing from that country's. And now what is exporting? You know, selling goods and services to other countries when your cells suppose we're selling government to European countries. So we are exporting government products from this country on the country that will buy from us. They will import from us so 8. 07 Warning.: warning. That's a great warning for international business that I remember all the time. So this is not the carrier for the people who are sales for if you are afraid of people, if you're afraid of making new friends, if you're afraid of networking, then this is definitely not for you and other things. It is not appropriate for the people who are organizationally challenged, and you have to be on the go all the time. They have to take a quick decisions. You have to communicate with other parties. You have to do a lot of documentations on international business. If you are organizationally challenged than this, business is definitely not for you. Remember, this is not for the people who are organizationally Jilin's. 9. 08 How much can you earn.: How much can you aren't from international business? You know, it depends totally on your seriousness and education. But trust me, if you are serious and dedicated, the reward is much more better than any other businesses. Promise it Also very strong country to country. You know, some country is to Della based on import. Some countries are based on exports, so the are earnings from important export. Business varies from country to country and also the state of the economic, sometimes economic me because of inflation. Sometimes you know there might be fewer cells are other factors is variable to this earnings and there are a lot of work. So the earning is proportional to you work. The more you work, the more grave early. You handle all the things, all the problems and all the marketing steps. Then definitely you learn better than your competitors. You know, full energy is very important. You have to try with you hurt with your vision that I will be the best. So in this industry, I admit many students. I've got thousands of students in different countries. Home. Do I consult? You know they always look for the immediate success in international business. There is no immediate success. You have to work for certain times. You have to know the market. You have to know that trend and then you will be able to make money. Always remember that. So another important thing that as an international trader you have to have the vision. You have to have the ability to work on international club. So if you are interested to work on different clocks, or sometimes if you might have to reply, your emails are messages of what several, Whatever it is at midnight on your country and sometimes that the same time. It might be morning in other countries, so you have to have the ability and willingness to work on international cloak. You know, there are so many responsibilities, like mental, personal and business addicts. I listen it. There is some countries, some people, little hold us unethical business. And sometimes people says that home I cut. You know that businesses very lucrative, never, ever start without maintaining your personal and business itics. If you want to grow your business, you're going to expand your business for a long time. Then you have to maintain your personal and business ethics and this in this case. So the final thing is you have to learn from your mistakes. Definitely. You will make mistakes. I know some business magnets, always pre Pierre antidepressant. Besides them, you know, because they don't learn from the mystics. You will the mystic definitely older mystics at the beginning. But you have to learn from your mistakes. For documentation profiteers, I will always I recommend you that you have to recruit C and F as end. I will tell about it later. Parts of this course of customs and forwarding as end for your documentation in a when you start as a beginner, you know, then it will reduce your risk of documentation. 10. 09 Funding Required.: the funding record. So for every business you need funds, so international businesses not out off the that category, you need some funds, so it depends and country to country, the availability of funds. The amount of funds is totally depend on which country are you living? It depends on your country. Some countries government are very flexible for international traders that requires very minimal investment in some other countries are very strict and documentations and others subject your country's existing roles and regulations on, then figure out, ah, minimum amount to invest. So from my point of view, ah, start from the very beginning or with their very minimum investment. So the only Bassett thing you need is that access to Internet if you have Internet with email communication skills are some other communication skills, if you can. What's up? Or some other messaging tools? You know, everybody knows that that shorts off things. So if you have that choice of skills with an Internet connection, then I think you were okay. Then you can work from your home for the beginners. I don't want to hire an office on spend lots of money, a breathe so you can start working from your home. As long as you get a big projector, Big order, you get big export order or you import something and then you market. So if you become circus would in you can try to go commercially and to expand your business . So battery if you have some personal serving so, you know, for documentation for our others, you need some cash. So if you have some personal savings and that will be a great support for you, So Ah, for me, it waas fate. If you have faith and definitely Internet access and some cash, then it's OK. 11. 10 Complex Documentation: complex documentations. Yes, In international business, you have to deal with very complex documentations at all. Sometimes it will be very Ah, you delivery or read about documentation. Sometimes it will course you some shorts attentions, and I know some people who uses antidepressant for these shirts of things. And from my point of view, from my experience, I will say that please don't worry. There are freight forwarders or customs broker. They can help you very, very efficiently as a new entrepreneur. So if you are new in this industry, you have to get help wrong freight borders or customs brokers. I'll discuss about these two players after this. Ah, class. So for the very beginning, I can say that that they short out government rules, regulations, forms and assort rated both on foreign and domestic country. So for international business, for importers, the customs brokers, they will help you. They will. They can short out all off your problems. For exporters, freight forwarders can help you to short out all the problems, all documentations and everything. So don't worry. You have to relay on those peoples and those people. Spaciousness depends on you, so they are trustworthy and they have associations, so you can really on them without any hesitations 12. 11 Players in Export And Import Business: Now I will discuss about the players in important export business. This is a very important chapter. So e M. C. That stands for export management company that handles export operations for a domestic company that wants to sell its products overseas but doesn't know how. Suppose you are on 100 craft manufacturer. You want to sell your product to United States of America. You want to sell your products, Do UK You want to sell their products to Europe, but you don't know how to captured the chores of market. In that case, export management complaining will take air product, and they will place it to different markets. So actions by Export management company they deal in hiring de Lars distributor's representatives, handing advertising, marketing promotions, overseeing marketing and packaging and shipping arrangement Almost everything they will do for you and they will buy from you and they will sell to other markets, and they will make a profit from the difference. So now the E. T. C. Export Trading Company. We can identify what foreign buyers want to spend their money on and then hunts down domestic sources willing to export sometimes sticks. Title of the good and sometimes working commission buses. So export trading company works CEPAL as an opposite to a E M C. Export Men has been company. So export trading company identify advice what the buyers want to spend their money and the source, the product, domestic sources. And they sailed to that. Productive their buyers. So most of the time the export trading company works on commission basis. Sometimes some buyers nominate them to the domestic country. Sometimes they worked as a large and office. So export trading company is you can call the that isn't hasn't or that is the representative off the buyers Import and Export merchant toe. The purchases goods directly from a domestic or foreign manufacture and then packs chips, resells the goods on his own So that important export merchant the purchases coats. The purchase is your goods directly from you and sometimes Dick and Brand. They will pack ship everything results, and they will take ownership off your goods commission as ENTs there. The intermittent Yuri's commissioned by foreign from searching for domestic products to purchase. Suppose you want to buy a product from other countries and you were searching for a reliable person. You will search for a commission as anti will pay him. Commission. Ah, hard. Then he or she will source out productive. That shoots your price, you requirement. And then he will arrange everyting after contacting with you. Commission representative. It's similar to independent cell strips in us, so works in commission buses don't purchase the product and do not assume and a risk our responsibility. You know she is different from commission as ent and she works here. She works as in ah, independent Silsila. If he here she doesn't buys your product but he dicks the product and he will place cells and then he will earn a commission. You know, country control buying presents. This is a very lucrative and profitable business. I know some businesses who are dealing in this search of business. Foreign government agencies are close. See governmental from czar, just with responsibility of locating and purchasing desired burn duct. So I can say that this is sometimes controlled by the country like ah, country controlled buying accents, you know, like for as an US buying house Suppose you want to import from Bangladesh China. So you sit up an office in Bangladesh. This is a country Control your country office Bangladesh office and you will buy productive from the manufacturers and you will import it to us. So you will go to that country and you make a country office. This is called country control. Buying presents? No. Sometimes you can know minute and as into that country. But you will monitor from here from us. So I will discuss many things about these sorts of things and learn something very basics in this chapter. Two foreign distributor's this merchants by for their own accounts, taking titles and responsibility for the march in dies. This distributor's you know will buy products from the importers Sorry from the exporters and they will import to their countries And they will pictures everything ownership titles , sometimes branding. And they will distribute too that specific country, you know, suppose you and me I will export you buy from me you import it from me and then you will pictures everything off that product and it will distribute to you own country The state controlled trading companies. Some countries have government sanctioned and controlled trading entities. The sentences deal in raw materials agricultural machin, ery bell affection give minute technical instrument in this depends and country to country instead to stay 13. 12 Customs Authorities, Customs Broker and Freight Forwarder.: no. As an international trader, you have to know some specific departments very specially so with an international trader or international business magnet as an in polder or as an exporter, you have to have the knowledge of custom securities. Didn't know them better. So customs responsibilities. A customs authority is responsible for various actions. So here I will discuss the very best six they SS and collect customs duties. Excise Texas fees and penalties do on imported merchandise. The intercept and sage control contraband, including narco teas and other illegal drugs, were very available. The trucks and I. I will say that the no don't go for drugs and illegal businesses and they will. You will be fined, jailed indefinitely, process people baguettes, cargo and mail. Administer certain navigation laws in many more you know, some navigation. Ah, laws and something. So now I will discuss about the rules of the customs broker customs broker. Normally he's that he or she is importers. Poll knows ends and outs of importing and handles everything for the importer. So a customs broker will work as the importers, as inter importers, person importers helping hand. He or she will handles everything, everything for the importer right exit, the as in self important. I already see prepare files, documents, checkers, any necessary bones. Staples. It's in the record documents gets the merchandise are in this tally very opt ins and in trouble through funds. So as ah, person as an importer, you can't do everything as a beginner. And after you'll get experienced, you know, did you will take you the level times. It's better to recruit a customs broker on be aware before including them. Checked there a Membership Number Association number in your contribute abilities. So now I will discuss about the rules of freight forwarder. Freight forwarder is the exporters poll. He or she acts as the exporters as ent. It deals in foreign import rules and regulations, advertises and freight cost. Pork churches, insurance cost. Recommend proper type of packaging called shipping rates. Booking of the merchandise onto a plane train track Our cargo ship 14. 13. Some more trade players.: Now we'll discuss about the trade players in import and export business. Now first manufacturer's representative, This is a salesperson specialized in the type of productive line of products. For example, televisions, so the manufacturer's representative are mostly they are for technical items like televisions, refrigerators, cars and some other big brands. Also a distributor, wholesale distributor, a company that buys the products that you were imported and sells it to the retailer or other hasn't for for the distribution until it gets to the Indians. Suppose you are a big import. Are you have bought, Ah, two containers of three containers, sometimes bulk amounts of products, and you will sell to the distributor's different distributor's. A wholesale distributor they will sell to the retailer or other hasn't until it gets to the end user. Another player is represented. He was savy Selves Person who preaches your productive wholesale or retail buyers, then passes the sell to you. No differs from the manufacturer strip, you know there are present to depend. Manufacture strip is different in that she doesn't necessarily specialize in a particular productive group of products. The manufacturer's representative, he always specialist but the representative on Lee here she doesn't specialize for a particular product. He will a piece to the Ah different customers, and he will generate cells and pass it to pass it from you to the ah sailor, the finalists retailer. This is a tail end of the original world. The merchandise smacks into the consumer, you know, it's a very important ah trade channel, and that was a very important part of the original trade retailer. Will ah finally communicate to the final consumers? If your product doesn't go to the final consumer than it would be, your business will be in Los. So always remember that retailers are, although they're small, you know if they can't generate cells and if you can't nurture them if you can't provide them with, ah, good profitability and vector felafel your product. And definitely in the long run, your business will be in ah, crucial positions. Always remember that retailer and some other and the marketing people's. They are very important important players in this game, 15. 14. Trade Barriers.: Now we'll discuss about the trade barriers to trade for years, a restrictions set by the government and the implication of the product by imposing tariffs or other non tariff barriers. So what is? Terry terrifies the tax on imported products, Sometimes the government of a country. Men want to impose Tex and imported product to, uh, and two employees that domestic workers to influence the domestic producers to help them to learn more profit. Kota A. Limiting the quantity of political a product that can be brought into the country over a specified period of time. Right, 100,000 peer socials. And there are some other non terry five years like in Embargo it and I looked not goto the details of the other planetary barriers. Still, for the beginners, tariffs and quotas, both are the ah, important to know. And you have to know that that for other non tariff barriers like the rate of text varies from country to country. In some countries, me imposed complex documentations 16. 15. Global economy and international trade.: this chapter is the global economy and international traditionally the international trade . It is impacted by the global economy. It depends much on the global economic than any other businesses. So the factors the government policies, the policies of different government effects in this country in this trade a lot you know, different country imposes different policies for their own trade. Winds are do, ah interesting relationship with others. So this factor is a very important factor that the government policies affect the international trade off its countries, Another recession president during during recession at all. Some protect the price off some country. Some products may go high. Some products, you know, the people's purchasing power become lay, so it will definitely affect on the international trade. Other things Warren A during war I and you both off. You know, we can't invest on a country which is, you know, in a serious war or if my country and your country has got some clashes worse between these two countries are definitely will not be able to continue as the traders. So this shorts off wars and uncertainties can affect the international tradition. Others regional agreements. Some countries, some reasons have may have. Some may have their trade agreements, and they can trade between or among them with a discounted price than other countries. Now this World Trade Organization in the World Trade Organization. It's an organization, basically, Ah wants to reduces the trade barriers among countries. And there is get that is general agreement on Tariffs and trade. Just know the basics. Nothing more than that. Ah, here is a very important thing. Is Free Trade Area. Some countries, you know, sometimes they agree together that we will do business without any Texas and without imposing and a strict regulations in this reasons. So the very popular free trade agreement ist enough. They're not American Free Trade agreement. So the countries in this region and they can trade with each other without any Texas or 18 complex. The commendations and other its European Union, you know, now the European Union, the UK, came out off European Union and it became another Brexit. You know, the popular thing. So the other European countries Cantil, your business is together and they can share their expert sizes and competitive advantageous. So here in this chapter is very important to know that the free trade agreements on trade barriers in some government regulations. All this remember that government policies is very important, and sometimes, you know it can make you and winner, or sometimes you may be in trouble for the government. 17. 16. Tricks of the trade and Basic Equipment List.: Now we'll know some tricks of the trade. Yes, some tricks. I always use a dedicated phone number only for your business. It can be a little line number or cell phone number. Especially now. Nowadays, what? Sepp or some other Macey's ing absolute? This phone numbers and that phone number is very important in. If you continuously changes, definitely, you will be affected always. Seven. What used a dedicated for number only for your business. So as a start up, I will give you the least off some basic equipment that you must have to have for as for starting and your international business, the first off a least a computer monitor and keyboard. Or it can be laptop or next of whatever it is. Ah, second, this printer, copier or facts and facts is I can say that I will say that it's optional, But sometimes in if you are in large volume trade, then sometimes you might need effects. Still, now enough, but Internet can, ah replace facts nowadays, thirties Internet access. It's a must. You must have to connect to the Internet on very soft during I can. I will not say that that you need some special soft Irina. Just some Bassett work processing software like Microsoft Office spreadsheet software and the vast productivity softer that can make you productive and you install all those Softwares. This is market research, and Fred leads. You know you can ah, collected from the different embassies. Different consulate offices are from different libraries or bookshops for your my producers and trade leaves in a phone or still filed early, says the voicemail or answering machine. It's important, you know, if you are in the United States and if it's the midnight and somebody is calling from another part of the world where it's daytime so you can send him a boy smell or answering mation Comptel that you are sleeping some stationery and office help players, that's all a big dinner. I don't think that you need some more things 18. 17. Business Name.: Let's come to the very important point. What is the business name? So as an international trader, you have to be very choosy on naming your business. So for studying an international business, I will always say that that you brainstorm before chosing any name, any name for your business, for anybody or anything. Brainstorm and follow your hurt if you do not bring storm and just chose a name from anywhere else, and that name will not go to your trip so far. International business. I will always suggest you to at some words, that will indicate that it's and you were involved in international business that you can at Global. You know, uh, I my friends had called the company. What What's name is global divulge in, you know, so anybody can no name recognize that it's involved in. So, like some countries, some trading houses, that name is, you know, flamingo internationally. You can relate that that businesses in international business you can treat name your business, you know, just at some acronyms of some words that will difference it like like you feel at Atlantic or some words like. And I already said that the global Ah, Continental that that will indicate that you are an international trading business. So on the other hand, if you want to create a brand or if you want to create the name that is very professional, then you can outsource. You can go to Fiverr or up work, or some other popular websites where you can find experts who are very good at naming business at a cheaper price of think about your business brainstorm and chose a very good name. 19. 18. Start Up Worksheet.: this because I would disturb cost worksheet in this works it. You will identify the bassett cost that will in care during your start of self, I'm going to the that worksheet and I'm minimizing my that one, so I will go dear. Here it comes. This tentative cost works it. So here you can see that the I've showed out worksheet, and you will find it in the bonus section. First, it's Randy. If you rent office are some commercial spaces than you might incur some dollars for the rent, some office equipment and furniture in a digital. It depends on you. Then I told you that you need some software is the best word processing software Sore Axel shopped. Wears on, uh, email or something like that. The phone line. It's very important cost for real horror. Your utility deposits, employees peril. If you recruit somebody than you will incur that cost for employees, you know grand opening advertising. If you advertise for the grand opening than you in card that costs. Also on the one is still legal services for studying a business or the documentation you might incur. Some caused, another is posted if you invite somebody or if you invite your buyers. The posters caused Internet services website design. It's very important you need to have a wave set and a nowadays, people searching the Web said they don't search, you know, on that yellow Pages or some other partisan directly go to the website and they will just from that website. No statutory or office suppliers insurance calls, travel. You might have to have have a budget for traveling to explore different markets to sell your products. Andi finalists Mistral in yes products, miscellaneous expenses. We might incur some costs. That's not least it you. So this list is not a reason least, and you can add or omit some other expenses that in the bassie basic stirred up cause that I have shown here in this works. Thank you. 20. 19. Pro-forma Invoice.: Now I'll discuss about a very important document that it's pro former invoice at pro former in boys. The quotation prepared in the format, often in boys. It made quote many more details than you were used to writing into your quotations. But all that extra detail can save time and prevent a rose later on important points to be headed on a pro former invoice and I will show a sample performer in West. Don't worry, year price price should be stated in international business. Price is very important. And before preparing your pro for my invoice if you are an importer. Ah, sorry. As an exporter, you will first create your pro former envoy. So if you're an exporter, you must have to consult with your freight forwarder before sitting. The prices in the price might include many other costs than your product costs. Always remember before sitting prices. It's better to talk to that. Do you break for as a beginner shipping date in terms, there will be a specified shipping date and shipping terms on you pro form invoice. It's a letter of credit information, including bank to use an expires and did you know I will discuss about the letter of credit , which is very common term in known as this Elsie in international business. It's a very, very common wording is that it's a very important letter. I will discuss about it later, so another is necessary gets. You have to include the necessary dates on your program in bus and packing or labeling requirements. So what are the packing? What are the lab? Bring requirements and you will be able to shoot out. Everything in your pro for men was that they're. There will be no discrepancies between this buyer and sellers as get quotes from your freight forwarder before send out you pro for my investing, I already said to you, I'm saying again and again that always get quotes from your freight forwarder before send out your pro form invoice. So the problem Ryan was particulars? No, I'm including again, You know this product description. Price. Tom's off sale. How is your merchandise? Is going to be picked up or ship? Terms of payment. Elsie Repayment 90 Detained warranty. Length of time Prices are valid. No length of time necessary for shipping. Remember to check shipping dates and others you know Now I'll show you a sample pro former invoice, and I'm leaving this Ah, window. I'm going to show you a sample. Pro former in boys from here. I'm going here. I'll show you a sample pro former in boys and I will add it to the bonus section you can see from here. And this is a sample performer in boys and hear the company name Rhododendrons City. Your company did a company named to the buyers company name here. Attention, Mr. By our that. You say that the Mr the Name off Any person that isn't so here in us record in your email on for 24 2011 we submit the following price quotations Pro For my invoice. It's better, you know, to mention that email or whatever communication you've got from the buyer so that he can. He or she can relate to that email to your quotation and then export for casing 24 in it, sir. Caps, bar box, master cartoon volume, master curtain dimensions and everything. Cells terms, international bank check or draft or international word transfer sweep for You know, the terms off your sailor. How will you get the payment. You have to include everything. Delivery terms ship by our ocean from Giorgia USAID to Hamburg. And then you need 10,000 productive execution unit price to help protect price. And you you will add the breakdown. The other costs of total cost will be broken down. Total price cf Germany. So I will discuss everything after the, uh this after this class and just this is a basset pro form invoice. And you have to include every details you know, do negotiate our to reduce the discrepancies between the by our and sailor. So that's all for two days this class. 21. 20. Shipping Terms.: Now I'll discuss about the shipping terms in this chapter will discuss about many shipping term that is very important for an international treaty to know toe the price ex works means that the this is where the merchandise is picked up at your works, your shop or warehouse or your suppliers warehouse are affected. So if the price stated that, uh, $2000 X works, that means that you're productive. Margin days will be picked up. That you works on our from you warehouse are from your factory. Free carrier Men's is his Samos X work. But you have to load the carrier. So as a supplier or as a sailor, you have to lewd, uh, carrier on. Then send it to the other to the port or airport to free a long search. Sheep. This is F A S. And as an exporter you will ship the merchandise delivered right alongside the ship or air carrier. So your duty up to just send that goods up to the sheep are up to the u ah airplane. Your carrier two f will be free on board. This is the most commonly used term in international trade in most of the by arson sailors pray for our free UN work. Did it exporter duties of two loading the productive, the ship or vessel? Several additional costs by the exporter Life terminal receiving charges, freight forwarders, fees and some other will be included from the exporter. So as an exporter most of my friends are. Most of my clients pray for free on world price, a cost and freight. Some dancers go see and fr CFR export inordinately transport the goods, but also loads them onto the ship. You will have to pay the shipping chairs is so all the charges sprayed by the exporter like cost of the shipping on freight, etcetera, cost insurance and freight C. I. A. Price. It includes cost insurance and freight. Churches born by the exporter exporter will bear the cost of insurance freight charges on all other costs. That is, See, I have prices delivered duty paid GDP exporters to pay all the duties until the final where so I am buyer I bought from you. So your duty is to pay all the duties, including in my home countries import duties until my hand 22. 21. Letter of Credit.: Here comes the chapter later of creditor Elsie. So else he is a safe method of engineering that the imp older gets the goats is paid for in the manner he wants them shipped from an exporter Hope would be half a way around the world at the same damn it as years the exporter that he will get paid for his merchandise once is sent in it across international borders to someone he men neighbor have seen up close and personal. So as an exporter and importer, I don't know. You don't know me. Do we have do build trust among us so that we can trade together? So with the help of banks, Elsie Works is a referent for international business. With the help of bank, Elsie will ensure both off us that if you fulfill that requirement as a buyer, I will pay you. And as an exporter I will send my goods to you. So for exporters, peace of mind letter of credit guarantees that hiss payment is already in the bank and that once is carried out the instructions embedded in Del See he will receive the money. That means, after fulfilling the conditions stated in the Elsie. He will receive the money. So else is sometimes called as a documentary credit. You know, it's a created by document. So here I will discuss our exporters letter of credit check list. So I'm living this window and I'm going to here. So exporters, letter of credit jack least two, which will be the advice ing bank like explore, for example, you bay. So how much time will you have to shape your merchandise after you received the Elsie? How much time will have to get your documents to your bank? Well, the letter of could it be irrecoverable dancer should be Yes. So don't worry. For all the questions, I will add these as a pdf form on the border Sexually weaken downloaded and after getting, you know, practiced with this. You know, after some days you don't need This is the Elsie payable at site when you present a done deed documents. Not after another 30 60 or 90 days. The answer should be Yes, Well, you pay your bank charges and world importer pay. He's Ah What will your bank churches be? Are there any special requirements? If so, what are they remember when the LCE is opened. Get the name off the opening bank and the Elsie number to be quoted on different documents . And while contacting with the Myers are so so now it will go to the importers letter of credit checklist the wool, the letter of credit Be confirmed, you know Well, what will your bank churches be? Is Elsie payable in the exporter's desired currency? What is that currency? US dollars of Mexican persons, etcetera. How much time do you want to give the exporter to get his documents to the bank? What documents really need is everything in the letter of credit on the pro former invoice . What are your shipping requirements? What about the insurance? Remember, notify the exporter off your bank and letter of credit number. Yes, you have to notify your exporter, devote your bank and letter of credit number, and once a bar eight requires, you have to notify to the exporter so communication between buyer and seller that means importer next border is very important here in this business 23. 22. Sample LC: no other chairs Sample else. You let her credit, You will find it on the bone. A section and it's a very basic Elsie there isno complexities in this sample. So in the sample letter of credit, I'm showing you that the here are it's kind of less able. So here I will show you the here The sample letter of credit data issues that were important it irrecoverable standby letter of credit number L C number four amount in Canadian dollar. So I will discuss about the trans irrecoverable recoverable of different types of else Invite projectors Still here is the replicating in the beneficiaries receivers and I will discuss everything all the trumps So don't worry so the year will alert the amount expire. Ishan did so I will read this aloud toe and the request off on before the account of her customer. The discipline can name and address here The customer will have established in the beneficiary straight here Our irrecoverable standby letter off l security number Ah for a sum of exceeding in the aggregate amount of Kennedy in dollar. This credit is given in support of the customers agreement with the wall and guess what has been directorate no than oil and gas bronze, No done a Fear Sector, Department of Indian Air, Fearsome Norden Development and Exploration, license number and relates Do that terms and conditions in the lights and steady our obligation to pay this recoverable, absolute and unconditional and his father brothers and support their off. And without limiting that recoverable, absolutely unconditional later off our obligations to the beneficiary here. And so you might be, you know, afraid of the terms. Or you might be thinking that why this instructor is reading aloud this later. So I'm just I've just read some off the ports of this letter of credit to make you have iterated to read, allowed them to take short notes from your Elsie. So after reading the conditions stated in your Elsie, you have to be very careful off fulfilling each and every conditions from the Elsie other ways. You will be in trouble and always remember to check the available lead times for the production or the delivery and everything checked again and again everything from the Elsie . So that's all for this chapter. 24. 23. Types of LC: the types off else's. So every comparable Elsie this else it cannot be consult her modified without the consent of the beneficiary sailor. This also reflects absolute liability of the bank issued to the other party. So on irrecoverable Elsie, the option to counsel or changer modify is very limited in its protected by the bank recoverable Elsie, This Elsie type can be consider modified by the bank of the customers instructions without the prior agreement of the beneficiary that exporter, the bank will not have any liabilities to the beneficiary after revocation of the Elsie So Revokable Rico Revokable Elsie Sorry Polled Inter parents IHS not s a forest irrecoverable of most of the buyers are most of the sailors prefer every comparable so whatever if you can fulfill the conditions irrecoverable recoveries, that doesn't mean if you can fulfill the older conditions Then you were in the safe side Stand well so this else is closer to the bank around and gives more flexible collaboration opportunity to sailor and where the bank will honor the Elsie when the buyer fails to fulfill payment liabilities to sailor. So in this case, you know, you were in the very flexible collaboration and bank will hold healthier to get your payment, confirmed Elsie. In addition to the bank runty off the Elsie issue, this Elsa type is confirmed by the seller's bank or any other bank, irrespective to the payment by the bank issuing the L seizure, the bank confirming the Elsie's liable for performance of obligations. So for this chapter, or for these terms, if you don't understand properly, so I will ask you to opposed to question on this course section given an answer section or if you want to know further more than even surgeon Google's. Whenever I first started on studying these shorts off terms, you know I waas in our in a land off I'm learning French language of something also for the beginners. You know this time sometimes can be boring. But don't worry whatever you want, I'm here to help you. This is now Liska Slobodan confirmed lt Onley The bank issuing the Elsie will be liable for payment off this. I'll see. So this is the on gun formed healthy transferrable this Elsie in novel the sailor to assign part of the letter of credit to other parties. This is especially beneficial in those cases when the seller is not a soul manufacturer of the goods and purchase some parts from other parties as it eliminates the necessity off opening several else's for other party. So here you can turn story or Elsie so back to back Elsie these type off Elsie considers issuing the second Elsie on the bases of the first letter of credit, Elsie. So pending favor, off intermediary as far the buyer's instructions and on the basis of this Elson, instructions of the intermediary a new else's opened in favor of sailor off the good. That means for Beth to bagels when they were you. Suppose you are making government so you I want to buy different accessories of dreams from different suppliers. So for a secular, you can issue a back to back Elsie Prime entered side else's according to the cell C. I mean dismayed to the sailor immediately maximum waiting seven days after the required documents have been submitted. So after seven days within the seven days, he will get bait from you, Elsie to deferred payment. ALS is according to the cells it a payment to the seller is not made when the documents are submitted, but instead at a later period defined in the letter of credit. In most cases that payment in favour off sailor under the surface made up one received of goods. Vaida Buyer No, the raid close. Elsie the sailor can request an advance for an agreed amount off the Elsie before shipment of God sent submitted to record documents. This red closes so termed because it it's usually printed in rate on the document to draw attention to advance payment term off the 25. 23. Shipping Documents.: this chapter will be learned. The shipping documents bill off leading the leading winds, freight or cargo. So a bill of lading is a received from the cargo 100 the steamship Year or track line, showing that it's got your goods to make things official. The document is signed by the captain or other residents of the transporter as binding evidence that the march and ice has been shipped green are clean on board. It means the transport company has noted any irregularities in the packing or the condition off the goods. The foul is it's not game enough. It indicates that the transport company has discovered, for example, something sticking. Linking from this box is smart blood byproducts on board. It confirms that the goats has been placed on board the vessel and caress know their guidelines are stipulations on deck. This means is this is relevant on leave the good. Such is life Stock must be transported on the date off the ship. The certificate off or is in some countrys ickarus separate certificate for is an even though this information is provided on the commercial in boys, so you have to collect it from respective department commercial inwards. It is a finished version off your pro form invoice. You can make up your own commercial invoice on your trusted ist of computer or by plank forms with carbon copies. The carbon copies nowadays and it's gone. So everybody prepares from the computer. Consoler Invoice a concealer in boys is one for which you fill out a form available from the local consulate office. Pay minimum some to them inspection certificate. Important. Request one off this to certify the quantity, quality or conformity of reporter for different products like food items. Or, you know, for government atoms. Different inspection certificate is required by different countries, so you have docked in those sorts of inspections. 30 figures from different artillery. It is a different department, so who are liable for doing that certificate? No insurance certificate. Dis confirms that marine insurance has been provided for the cargo and indicates the type and coverage to packing list. The packing least or packing sleep is a short of shopping list of the march and ice in the Shipman, along with information on how it was suspect, how the various items numbered in the serial numbers and other details now packing list chippers Export Declaration. This one is required by the United States government on all exporting excess off $2500 or ones that require an export license. It is normally for statistical purposes, for their survey or or other reasons. 26. 24. Market Research.: I will discuss about the market research for international business. This is a very important chapter in this course. The only proper market research can help you boast your trading company into a profit center and um, without market research without researching the market without properly planning your marketing activities. You will not be successful in this trip, so always remember, marketing and market researchers well make you a winner. Are losers always imprecise on marketing activities? So chose You targeted customers always remember that you have to target your nature, your market. So whether you produce Rome, it reels for the manufacturer or some player or the importer or the exporter, the addition or crafter or retailer to choose your target customer on, then go for it without targeting. Without proper planning, nobody can guarantee success in this street. If you have previous experience on any target group, then work more on expanding that group. Like, for example, here if you produce our sailor runway and navigation lights, then went on other international projects for the same product and deal with the same showed of people. After that, you can expand your market on the definitely your niece so year. I can say that you go to embassy dot or state or juvie. You will find a lot of information if you are from United States of America. So if you are from other countries than you can Joe's, the respective departments off your country. Almost every country has their ah database off import and export market, and they have their dedicated teams for the people who want to export their products to other rise in other countries. 27. 25. Product Market Research Worksheet.: Now I will discuss about the product market research work you. This is a very important work, so it will find it on the bonus section, and you can download it from the bona sections. So I'm closing this windu on DNA. I'm going to the here. Yes, it is. Here. The product market racers works it, so always fill up the works you before starting the product market research. So first question its name off the product, the product you will choose. What are the product selling features? You will describe the selling feature. So what makes the product distinct Tipped and others are there competitive, productive if sued, at least him. So always remember that the competitive products will affect to market water. They're selling features always right down the selling pictures off your competitive product. What is the cell's potential of the product or service in my target market? So if you chose a target market, always try to focus on that market specific thing. So if you chose a winter country, you can sell products that is interrogated for the hot countries. What whether water come bar comparably priced good schooling for in my target market to fill out this form. Ah, then who will be the end user of the product? Is the productive population off potential in users large enough to have sustainable cells ? Can I expand the market or will I be taking a share of the existing market? Is the existing market learns enough to share with a Limits have the most influence and potential customers are quiet. Price quality. Brand name. Imported Cassidy service Credit charms Delivery comes and part icing on market assistance. A lot of things you have to fill up work and I buy this product. Will I need to have manufactured? If so, what is the turn around? Time for manufacturing and wool? This influentials. What will be my cost for the product? What variables will affect pricing, special packaging or my pitting requirements? Special shipping requirements? As for perishables and other variables, what are the potential problems that will contribute to my prices? Is in user on family Really do with the productive service? What are the potential benefits that can contribute to my price surges? High demand for the product, er services. What is the potential for licensing? After completing all the 19 questions you will take your own decision. You will grade yourself. That is, if you think that you're this fantastic, then take on the fantastic or has potential not such a hot idea. Then you leave your idea and you will search for another product. 28. 26.Product Market Research Worksheet.: Now I will discuss about the product market research work you. This is a very important work, so it will find it on the bonus section, and you can download it from the bona sections. So I'm closing this windu on DNA. I'm going to the here. Yes, it is. Here. The product market racers works it, so always fill up the works you before starting the product market research. So first question its name off the product, the product you will choose. What are the product selling features? You will describe the selling feature. So what makes the product distinct Tipped and others are there competitive, productive if sued, at least him. So always remember that the competitive products will affect to market water. They're selling features always right down the selling pictures off your competitive product. What is the cell's potential of the product or service in my target market? So if you chose a target market, always try to focus on that market specific thing. So if you chose a winter country, you can sell products that is interrogated for the hot countries. What whether water come bar comparably priced good schooling for in my target market to fill out this form. Ah, then who will be the end user of the product? Is the productive population off potential in users large enough to have sustainable cells ? Can I expand the market or will I be taking a share of the existing market? Is the existing market learns enough to share with a Limits have the most influence and potential customers are quiet. Price quality. Brand name. Imported Cassidy service Credit charms Delivery comes and part icing on market assistance. A lot of things you have to fill up work and I buy this product. Will I need to have manufactured? If so, what is the turn around? Time for manufacturing and wool? This influentials. What will be my cost for the product? What variables will affect pricing, special packaging or my pitting requirements? Special shipping requirements? As for perishables and other variables, what are the potential problems that will contribute to my prices? Is in user on family Really do with the productive service? What are the potential benefits that can contribute to my price surges? High demand for the product, er services. What is the potential for licensing? After completing all the 19 questions you will take your own decision. You will grade yourself. That is, if you think that you're this fantastic, then take on the fantastic or has potential not such a hot idea. Then you leave your idea and you will search for another product. 29. 27. Country Market Research Worksheet.: country market research broke it after, uh, deciding on the product. Now you will learn about the country market racers works it in. This works. It will evaluate their country. So I'm going to the country. Market reserves works it from year to here. So, first, why does the country have potential for my product or service? Second question is, how can I get exposure to this country? Well, I need to travel ever to find markets, conduct research and find distributor's. Or can I do this at home, where food on Internet we like, encounter language, barriers or difficulties? Question five. What cultural differences will I need to account for? This is a very important thing to evaluate cultural differences before exporting or importing. I really handle them. What is the economic climate on a national level? Unemployment rate, inflation or depression? On a personal level, disposable income, spending patterns, etcetera. What is the sociological climate? Are urban and rural populations literacy in educational levels? In his special religious considerations? What is the political climate, especially if you import from a country and the if the political situation it's not stable , then you will not get your product on time and you will not be able to market your product properly. Will experience in a special shipping or handling problems because of geography or local customs. If so, what? What traditional will I use? Direct sales representative Distribute er, our commission representative. How will I locate my trade channel? People? What are the country specific problems that will contribute to my price surges? Cota's duties or country regulations water the country. Specific benefits that can contribute to my prices duty free are low trade barriers. After considering all this food and questions like that product market research working, you will grade yourself that it's friend. If it is fantastic, then Deacon Fantastic there has potential. Then you have to think again and again. Not such a hot idea. Then you have to just another country for that product. 30. 28. International Trade Administration.: 80 International Trade Administration. So I t. And normally it's an American company. Those people, those students who are based in America so they can take thes facilities. Take this services from idea. So if you are not from United States of America, you have to contact with your local authority. So most of the local countries follow i ta to impart their own countries, export and import. Still here. The idea promoting in assisting American exports as hearing American business equal access to foreign markets. Importing American businesses to foreign markets, soup in each and every country. There are some organizations like thes i t. So in my country this is called Export Promotion Bureau. So in other countries, like a new country, you will find some organizations that respect by the government whole works for promoting exports. Do you have to contact with them and get help from there Export ties 31. 29. Intelligence Agency.: intelligence agency export. Giorgio Be works as an intelligence as NC for your import and export. If you are prone United States of America It, uh, prepares Country commercial guide That is very important for international traders. You can buy or you can collect. That country commercial guide is from their website are physically visiting their offices. The provide market potential and demand trends. The provide market side and import statistics to the traders. They will in our prepare competition least and statistics based on competition that will help you in market exists the regulation since tenders based cells prospects and many more things you can get. Basically, if you are from United States of America, you will get a lot of support from export. Georgiou. If you are not from United States of America, you will also get many information from their website. Until now, I will discuss about the commercial matchmaker trade delegation program so that Eva's Department of Commerce stuff works at a matchmaker. No, Sometimes they will place your product. They will place a product they will try to capture a new market there will communicate. They will that place you two, they'll send you to the trade fears in different countries and they will engaged uh ah, American embassies all around the world so that you can improve so that you can increase our expand, your trade. So the US Department of Commerce stuff, you know, they are very healthy helping person. So you have to go to them. You have to select your product in Europe to oppose them. Then definitely you will get buyers from them and get enough support. 32. 30. Course Assignment.: comes the first assignment off this course. So this isn't very interesting assignment, As I have told that this is the only interactive course and export and import business before this assignment, you have to fill out a questionnaire, and I you'll find it on the Boehner six and I will ask you to find an international trader . Off you area are the person you know who is in building the business. You will ask the questions from that person. So now I'm showing you their question here from here. So here is the international traders interview. Versatile as the company name, Name of the contact person and title office job. What does your company to import? Exporter Boat? What types of productive do you deal with? Which products have you had the most sexist Within white. Which products have you had, the less success with and why? What type of competition do you face? What countries do you work with were and how do you find most of your customers? What is your original? The use died, excels celser, present natives, distributor's or commission representatives. Could you explain why this is the nine basic questions you can add if you want, So I'm in processing again and again. So if you want to involve in this trade, you have to talk with the people who are really during this business. So the more people you will ask questions the more evil er Teoh, ask the Exporter importer nearby and 33. 31. Pricing your product.: pricing your product and services. So as an international trader are exporter importer, you are not only pricing your product, you have to price your services also, if you do not include the price of your services and definitely you will not be able to make a profit here. But another thing is, you cannot overture. So if you overtures, then you will lose your competitiveness in the market. So at the services Cipel's If you do not, you know, include the prices you are are troubling for some sourcing off the some products. If you do not calculate that price, and if you do not act that, I think then it will be in a position that can be some. After some days, he will be run out off the business because, you know, you said that that you made a profit from the product price. But for the services you are offering, you might incur some losses. Now I will discuss over the commission rate the commission rate if you work on a commission basis. Enough for like I told about the export management companies, their stand person flat rate, a se commission. So I will discuss about an example here. So I'm going to that example from here. You go to the example here, commission example to supple us. Ah, you are Andi Exporter you have about the product from the manufacturers of manufacturers. Evening price of the product is $110. You made a commission you at a commission of 10 person that is $11. It's a total unit. Price is $121. So if you add other costs like special Markkanen packaging, Coast representative for distribution commissions for its unit to eat the price of the product, Will Reiser suppose you made a sale of 1000 units of debt products so that the profit will be, ah, 1000 multiplied by 11. That is, 11,000 will be your profits if the sometimes the manufacturer is not interested to period the additional cost. Ah, like the special marking and packaging. So if the manufacturer is not interested, negotiate with him and search for older native manufacturer on our if it is possible, then passed that cause to manufacture in this street negotiation is very important, so you can find these commission jurors examples and other work suits on the bone, a section that's all for to this class 34. 32. Know your Hidden costs.: No, you're hidden costs in export and import. You will face a lot off hidden costs. So we're ignorant. Off are hidden costs like sometimes you mean it extra leader, extra matt rials or supplies. You might have extra warhead. And after adding all your hidden costs, you will apply a person to. So if you ignore your hidden cost, then you can't make a profit. So always remember to No, you're hidden cost and think a lot about what at the hidden cost I'm experiencing from your previous experiences. So competitive pricing always insured that your prices competitive for ah, a long time market domination. Ziff, you are not concentrated on competitive pricing than in the long run. You buy will shoot to the another supplier or another exporter. So inspector toe, ask the manufacturer of supplier for a better price. You motivate your manufacturer that I'm I will buy from you again and again and they want business one business. So make a fair deal, compared the price off the same production. If you are exporting denim pants, then I will says, is that you contract with different manufacturers and compared their prices. Reconsider doing business with that manufacture so well, You build the relationship really crust between your manufacturer and other stakeholders. So if you don't think that that the the price is not competitive than it is better to shift , you know you have many options, but if you lose your buyer, then you have no options. It's always remember to ah, be competing in the market. Your price should cover either wholesale cost, no handling cost shipping, cargo insurance tariffs, freight forwarder feast sales rep. Commissions in any other special cost proportionate. Share off your overhead a reasonable profit for you. You know, I have already discussed about this and I am reminding you again and again there are many cost shipping calls. Tambling caused many churches. Sometimes you might have to keep keep some of the labor, so you have to include all of the prices, and that should cover your price. And after that you will. How about have terribly make a reasonable profit? Elastic hill Promise Customs broker. If you are an importer and if you are an exporter taken from the freight forwarder, they will help you a lot and they are professional. They know what is what is going to happen and what it's not going to happen. Customs broker Feezer. Sometimes some of my clients asking What is the customs broker? Physical? No fixed rate for the Customs record depends on the services he offers. Always try to negotiate in. As in some countries, there got some ah, fixed rate for some some of their services. It is better to negotiate, and you compare with different customs brokers, and you was different brokers or different times. Freight forwarder fees is depends on that. Your product your are raising your destination, size and weight off your product and many more variables. So it's better to negotiate and talk to them directly. Ah, here I will imprecise, um, knowing the basic accounting. So if you know the very basics, very basics basic foundations off accounting that will help you to show it out the costs and to make a reasonable profit. So if you are not from accounting background and you might take a short course or from YouTube, also are take ah courses from different platforms, online platforms and know the basics. I I will not say that you should be a church it accountant or something, but knowing very basics will help you to ah, take your pricing decisions and others 35. 33. Employment Management.: your employee management when you will grow your business, you need a dedicated team. Yeah, export operation are importing and distributing it needs. A dedicated team with very efficiency or productivity level should be very high, so always imprecise and continuous training trained them, promote them and tried to accustom them with the market trend. If you do not follow the market trend, if you do not motivate them, then after some months or some years, they might leave your company and you have to start from the beginning again to stuff recruiting and others. So I know some exporters and importers that are not interested in motivating and hate your activities for their demon. After losing the stuff, you know that person becomes horrible. So I will always say that the maintaining a proper human resource training and empowered them to grow your business. So here there's no pain and no gain. You have to take the pains for your stuff. You can train for some activities, like meditation, yoga so that they can get energy and they could get motivated, you know, in export and import, you know, it's sometimes it's you will be out off your control you will lose the state off state dubbed the balance off your mind. So I always said that that you take risk, you take calculated breeze. Can you violence your work life with your business like then he will be successful and finally we are almost done on this course said your goal and have a win win situation. You have to say to your goal on me when I started my business, you know I will less interested too. Do whatever I can. But after realizing that I have to say to go and I have to fulfill that goal after some days or some years I've started making a profit and now I have a lot of clients for from different countries. And I dio said Target and I dough at a gold she'd goal curd and I always try to fulfill my goals and definitely you will do better than me. So I have trust in you and finally you can learn swimming by reading books. This is this course is a terror tickle course, and I have discussed a lot about import and export business. But the final thing, whether you will be successful or not, depends on you. You have to start doing. You have to be action oriented. So from today start your business, Josie Reproductive do market research and whatever you can. But don't be so theoretical. Or don't be so Book home that you will read. You learn everything. What you will not do any actions that you will not go for any shorts off activities in the real fear. So start doing from no finally worker, then he will be a winner. There is no alternative for hard working. So for entrepreneurs and you have to work harder than any other ills for exporting importers. If you work hard and you can select nation, if you can war Kerger than any other ills and finally you will be the winner I When I started, I worked for sometimes I had to work 19 hours a day, but I will not says it's too to work such a long hours. You know, I'm for I was then I was very young and I was misguided by some way. So you have the guidelines make a steady least of working five or six hours a day and don't be frustrated. You hardworking will be rewarded very soon. I can guarantee you he will get You're ah every word of hard working. Finally ask me anything you want to learn about important export business in this question and answer session or what they were. You can ask me. I will ah replay you as soon as possible. I'm here to help you. And you said very interactive course. And I will be guiding you old away through your journey. So good luck for your journey. Have a nice day. Enjoy your life and work hard. Be happy, Think.