An import/export business involves the sale and purchase of goods and services between countries. Imports refer to goods and services bought from foreign sources and brought into the home country, while exports refer to goods and services produced in the home country and sold to foreign markets. Starting an import/export business requires a background in business, international relations, or global finance, as well as research, planning, and documentation. Some key considerations for starting an import/export business include:

• Target Market: Determine who your potential clients will be, which geographic areas youll draw from, and what specific products or services youll offer to draw them in.

• Licensing and Regulations: In most cases, you will not need a license to import goods into the U.S. But for some items, agencies may require a license, permit, or other certification. Most items exported to a foreign buyer will not need an export license or permit, but all items are subject to export control laws and regulations.

• Export Management Company (EMC): An EMC is an independent company that performs the duties that a firm’s own export department would execute. An export partner in the form of either a distributor or an EMC can facilitate the exporting process.

• Costs: The startup costs for an import/export business are comparatively low. Unless youre starting as a distributor, you can get away with purchasing no inventory, which means no outlay of funds for pretty doodads to grace display spaces.

Overall, an import/export business can be a profitable venture, as companies can make a profit by selling products at a higher rate than they paid for them from the vendor or source.