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Tips for Starting an Import/Export Business

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Tips for Starting an Import/Export Business

As a startup businessperson, you need to explore every aspect of your business before you fully spread your wings. This is even more important when starting an import/export company. International trade regulations, different currencies and many other factors require that you do your homework on time. On the other hand, thanks to the Internet, international trade can be very profitable and rewarding. Here is what you should know.

Select a product to tradeSelect a product to trade

With international trade, you cannot cater to all the customers out there. You need to select a product that has the suitable qualities for import or export. There are hundreds of Australian manufacturers with limited distribution looking for an overseas market, and you could start by exporting their goods. You would handle the sale, paperwork, money, shipping, customs and foreign distributions, and the manufacturers would in return provide the quotation – with your fees on top of that. For manufacturers, it means an increase in sales, a broader market and more profit, and for you, it means establishing your business and a commission on the cost of the goods.

Find the market

After you have chosen the product to sell, you must find a place to sell it. Your ability to follow the trends or even spot the ones that are yet to become popular will get you far ahead of the competition. Touching the ground first and importing or exporting a product before it becomes hugely popular in the country can be your ticket to the stars. The World Bank’s ‘Ease of Doing Business’ and global Edge’s ‘Market Potential Index’ are the two services that can help you start your foreign market research. Also, you might want to check with your local government officials to determine the right sources for international market research. Australian Trade and Investment Commission helps Australian businesses and citizens develop international markets and win productive foreign direct investments.

Set up a website and blog

Having your own website will help you develop your online presence and grow your business. It serves as a hub for your online communications and your web-based store. Start by registering your business name with a reputable web host because your domain name is what potential customers will use to find you and your business. Sites like Network Solutions, Go Daddy, Intuit and Verio offer domain name registrations and affordable website hosting packages. A blog, on the other hand, allows for a continuous flow of engaging communications. Blogger, Typepad and WordPress are services that enable you to create a blog within minutes, which will also include great designs, reliable hosting and tech-support.

Price your productPrice your product

There are two critical elements that determine your import/export business model. These are the volume, or the number of units sold, and the commission on that volume. You want to achieve the product price so that your commission doesn’t exceed the amount your customers are willing to pay, but still brings you good profit. It is typical for importers and exporters to take a 10% or 15% markup over cost.

Transport your products

Your next step is finding the best means of transporting your product to where you will be selling it. You need a global freight forwarding company that has a strong network of relationships with transport companies, and you also need the company to be able to offer warehouse storage in all metropolitan and regional centres, as well as handle your customs clearance procedures. Their service can save you a lot of time, effort and stress for a reasonable fee.

Transport your products

Starting an import/export business is an exciting endeavour. The most important piece of advice is to research everything, as your success depends on many different factors. Keeping up to date on all industry news will create lucrative opportunities that you don’t want to miss.

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1 Comment

1 Comment

  1. Sabbir Rahman

    October 14, 2017 at 11:01 am

    Great Tips! To start any business we should know that how to start and further things. You did an excellent job to share these valuable tips.

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Blue Ridge Enhances Machine Learning Capabilities for Price Optimization

Segun Balogun

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 Blue Ridge announced today enhancements to its suite of next-gen cloud-based Price Optimization solutions, which leverage machine learning to quickly identify opportunities and simulate pricing strategies for peak margin, profits, revenues and sales. The pricing suite supports end-to-end pricing transformations, a strategy proven to minimize disruption and drive significant earnings expansion for distributors and retailers.

Blue Ridge’s Price Optimization solution quickly identifies both overpriced and underpriced products while providing accurate recommendations for aligning prices across products, channels and price points including wholesale, list and customer segment. The solution provides daily alerts on competitive price changes to react quickly in price-transparent ecommerce channels, as well as make recommendations on reducing excess inventory to create significant value and profit margin improvement.

“Today’s enterprises and brands have seen the impact when supply chains and demand signals disrupt markets,” said Ray Wang, Principal Analyst & CEO, Constellation Research, Inc. “Those leaders who had the right price optimization tools were able to respond with agility, resiliency, and speed to account for new signal intelligence and ensure that customers were satisfied, margins were met, and supply chains were not disrupted.”

A report by McKinsey & Company illustrated the latent benefits of intelligent pricing, estimating that “A one-percent price increase would yield 22 percent increase in EBITDA margins, and a 25 percent uplift in stock price. Moreover, pricing has a disproportionate impact on a distributor’s enterprise value, with an increase of 20 percent for a one-percent increase in price.”

“The highly competitive and increasingly digital landscape of consumer buying today requires that distributors and retailers analyze things like minimum advertised price, psychological price points, willingness-to-pay measurement, and even list and net pricing, as well as macroeconomic influences before setting prices,” said Cliff Isaacson, Blue Ridge Executive Vice President of Product Strategy. “Machine learning-based pricing tools allow our customers to make those decisions swiftly and confidently, so they can always operate at max-profit point.”

Blue Ridge Price Optimization uses machine learning capabilities to continually optimize pricing across all products (not just top-tier items), segment and perfect pricing for each customer, and give distributors the upper-hand in supplier negotiations:

  • Comprehensive Pricing Strategy: Simulate different pricing scenarios and predict the impact of a price change before implementing it.
  • Competitive Positioning: Respond immediately to price changes from competitors, as well as supplier rules, segmentation, positioning and price change frequency.
  • Intelligent Analytics: Purpose-built for the distribution and retail industries, Price Optimization’s intelligent science learns from price changes and results over time to steadily improve price recommendations.
  • Customer Segmentation: Identifies customer performance, discounting and pricing opportunities based on willingness-to-pay and past performance.
  • Rapid Results: In under 90 days, businesses can have intelligent Price Optimization recommendations for achieving both short-term and long-term S&OP goals, continually refined year after year.

Price Optimization joins Blue Ridge’s suite of Supply Chain Planning solutions, which help customers increase forecast accuracy, improve customer satisfaction, and assure product availability to customers without creating a costly inventory surplus.

“Price Optimization combined with Supply Chain Planning solutions creates a huge financial game-changer for retailers, distributors and manufacturers in today’s volatile market,” said Jim Byrnes, Blue Ridge Chief Executive Officer. “It uniquely blends science and synchronization to solve our customers’ biggest problem – what they don’t know. With Price Optimization, our customers have the insight to pivot quickly and grab significant near-term savings; shape and align longer-range S&OP processes; and consistently deliver pricing that’s both competitive and profitable.”

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Ecobank Group and JA Africa partner to promote financial literacy skills among Africa’s youth

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Junior Achievement (JA) Africa and Ecobank Group announce their new partnership- “Banking on Africa’s Youth.” The partnership will undertake a campaign that will tap into JA’s vast online community, comprising over one million young social media followers spread across Africa. It will educate and mobilize over 600,000+ young people with financial literacy knowledge, as part of Ecobank’s Junior Savers initiative which in part seeks to grow financial inclusion for young Africans using Ecobank’s mobile/digital resources.

The purpose of the online campaign is to empower potential and existing Junior Savers account holders with the requisite financial literacy knowledge to understand and begin to build a culture of savings as part of their personal financial habits. The campaign targets youth groups, online influencers, and communities with knowledge of some basic financial concepts.

“The Ecobank Group is committed to building financial literacy and money management skills amongst the youth as they transition into Africa’s productive workforce,” said Nana Araba Abban, Group Consumer Banking Head at Ecobank Transnational Incorporated. “Our collaboration with JA Africa will enable us to positively impact young citizens who are our investment in the future of the continent.”

The value for customers will be expanded to include financial literacy concepts: earning, budgeting, spending, and banking. The campaign will involve participants advancing progressively through the four concepts. JA Africa will launch the campaign to reach different youth groups in Ghana, Kenya, Nigeria, Cote d’Ivoire, and Senegal through all its media outlets over a period of three years.

Speaking about the program, JA Africa’s CEO, Elizabeth Elango Bintliff, said, “This partnership with the Ecobank Group reinforces both JA Africa’s and the banking group’s commitment to financial literacy and inclusion for all Africans, especially the youth. We believe in educating a new generation of leaders with the knowledge they need to navigate their economic futures while giving them the tools to succeed.”

Africa’s youth today are growing up in a new financial world where technology plays a big role in in their lives. This partnership will go a long way to reach and influence behavior of millions of unbanked young people on the African continent by giving them the requisite financial literacy skills to become financially informed adults in the future. According to the World Bank 2018 report, young Africans are less likely to have a bank account than adults on the continent. At the same time, they are more likely to have a mobile phone, engage with friends and be aware of digital channels. Current technology channels, especially social and digital media, provide the avenue to reach and engage young people at scale. The campaign therefore seeks to leverage technology to achieve its goals.

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How Rwanda is spurring a generation of women in technology

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Rwanda is renowned as a pioneer for gender equality,In 2020, it was the only African country ranked in the top 10 of the World Economic Forum’s Global Gender Gap Report.

It ranked in the top four in the Report’s political empowerment category, in recognition of the high proportion of Rwandese women lawmakers and ministers.

The country, therefore, seemed a natural fit for a 2018 pilot program of the African Development Bank’s Coding for Employment initiative, with Nigeria, Kenya, Côte d’Ivoire, and Senegal.

The Coding for Employment flagship program is establishing 130 ICT centers for excellence in Africa, training 234,000 youths for employability and entrepreneurship to create over 9 million jobs.

Hendrina C. Doroba, Manager in the Education, Human Capital and Employment Division at the Bank, explains how Rwanda is empowering women in technology.

How has the government of Rwanda enabled women to pursue careers in technology, and STEM in general?

The government of Rwanda has been a foremost champion of women in ICT and in the fields of science, technology, engineering and mathematics (also known as STEM), by driving initiatives like the establishment of the Carnegie Mellon University-Africa campus, for which the Bank provided funding. Students from 17 different countries pursue highly specialized ICT skills at the Africa campus.

The country also hosts the African Institute of Mathematics (AIMS) which is now recruiting balanced cohorts of women and men. Lastly, the Bank-funded University of Rwanda College of Science and Technology has for many years produced women leaders in the ICT sector in Rwanda and globally.

Rwanda’s government also supports initiatives such as the Miss Geek Rwanda competition, an initiative of Girls in ICT Rwanda, which aims to encourage school-age girls, even those in remote areas, to develop innovative tech or business ideas and to generally immerse themselves in ICT. The Miss Geek initiative has now been rolled out in other countries in the region.

What role has the Bank played in supporting Rwanda’s digital strategy, especially in relation to women?

The strategy of the Bank’s Coding for Employment center of excellence in Rwanda has been to join forces with the Rwanda Coding Academy through a grant agreement to support the school’s activities, like ICT equipment, teacher training and career orientation. The Rwanda Coding Academy started in January 2019 and has so far enrolled one cohort, which is now going into their second year.

Besides the Rwanda Coding Academy, the Bank’s Coding for Employment program held a two-day masterclass for girls and young women entrepreneurs at the 2018 Youth Conneckt summit, where over 200 beneficiaries were trained in using digital tools to amplify their businesses. The session was attended by women entrepreneurs as well as students from girl schools in Kigali, including those from White Dove School, which is an all-girl school fully dedicated to training in ICT. The masterclass culminated into a pitching exercises from various groups who presented their ideas to a panel of judges.

What lessons can other African countries learn from Rwanda’s approach to the 4IR, in particular the role of women?

The government of Rwanda has been a trailblazer in using innovation to improve public services across the country using the e-governance platform Irembo, to bring government services closer to citizens. In addition, the government is driving national digital skilling campaigns by championing digital ambassador programs and platforms such as Smart Africa, which has organized the annual Transform Africa summit since 2013.

Still, gender equality remains a concern, and gender gaps are evident even in schools. Rwanda’s ambitions extend to piloting the Kigali Innovation City, also Bank-funded, to serve as the country’s knowledge and innovation hub by attracting new businesses and incubating ideas. At the same time, the country has created a business environment which is pro-entrepreneurship and welcomes global inventors to test their ideas and concepts. Zipline, a company which uses drones to deliver medical supplies in remote areas, is one example.

Lastly, Rwanda promotes women leaders in the ICT and innovation sector. The country’s Minister of ICT and Innovation is a woman, as is the CEO of the Irembo platform. Appointments such as these are helping to dispel the myth that women are not as capable as men in ICT.

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