One of the hottest industries of the millennium is importing and exporting. In 2021, just May alone accounted for £884m in total trade. In the United States, more than $772 billion in merchandise was exported to over 150 foreign countries. Big business.

But how can you get started in this industry? What exactly do you need to know about importing and exporting? This guide will give you some useful tips to get started.

Finding The Best Products At The Cheapest Prices

Possibly the toughest part is sourcing the right products. Some good advice is to choose an industry that you have knowledge of and interest in. This will reduce the learning curve and get you started on the right path.

For example, if you like sports shoes, it would be a solid idea to follow this lane and utilise your understanding and what the market wants. You’ve likely already purchased items in this niche, so you’ll have an advantage in knowing the price range.

Getting Samples From Your Suppliers

Buyers will usually require samples of the goods they are buying, with them coming in different sizes and shapes. Samples from clothing and similar sectors are easy to obtain, however, bigger and bulkier samples such as equipment and construction gear is harder to get.

Usually, producers will only have a select amount of samples that are free of charge to serious buyers, or at a reduced cost. Be aware of this when getting involved in the industry.

The Importance Of Negotiating

Somewhat of an overlooked skill, negotiating is crucial when it comes to importing and exporting. Negotiating is worldwide, from small start-ups to billion-pound companies located around the globe. It allows you to set the terms of the deal and takes plenty of practice.

Negotiating takes confidence and charm to get the best deals. Sometimes, it can be intense, other times it can be relaxing. The best way to improve your negotiating skills is to practice. Every success will give you more confidence and allow you to push the price even further next time.

How To Find The Right Buyers

Of course, finding buyers is pivotal for your business. Researching is a good place to start. Spend some time looking online for your niche in different countries and areas before going headfirst.

Asking questions on forums and getting opinions from local people is solid advice too. This will give you a great base to work from and won’t be time wasted. This is such a broad topic to cover, so we recommend checking out this blog on how to find buyers for your exports.

Insurance Is Key

Sometimes forgotten about, but insuring your goods is a straight-up must. If anything goes wrong or there are unexpected problems, your cash flow will be majorly disrupted. You’ve paid for your goods, however, accidents do happen, so not having insurance is a risk you should avoid.

There is marine insurance, covering products from the seller’s warehouse to the buyer’s warehouse. Make sure to read all the terms and conditions, as you may be paying a premium but mightn’t be covered for the main parts of the delivery.

What Makes A Good Exit Strategy?

Did you know that more than 45% of business owners looking to sell have no exit strategy?

Having an exit plan is a key tool for many businesses. Preparing for what will happen if your business fails, or if you want to leave your business is a wise decision to make.

It doesn’t have to mean immediate action; many business owners start their company with the idea of leaving after a certain amount of time. But what makes a good exit strategy? What plan works best for you? Well, let’s dive in and find out.

Continuing Your Business In The Family

Lots of business owners would like to keep the business in the family, meaning proposals are made to transition the company to a relative or child. This is often a popular option as your family will know the in and outs of the business, however, family relationships can sometimes cause stress and volatility.

Advantages	Disadvantages
Can stay on board with a smaller, advisory role.	Can create tension, with financial and emotional stress usually involved in family businesses.
You can select, as well as prepare the person who you’d like to take over from the business.	You may not be able to find a capable family member or someone who wants to run your business.
Family will usually know the ins and outs of the business.	Some people, such as investors and employees may not support the new member in charge.
Can be passed on from generation to generation.

Selling Your Position To A Partner

You can sell a stake of your business to another party, such as a business party or investor. This is a common idea for business owners and is pretty straightforward. Just make sure you are confident in the person you are selling to.

Advantages	Disadvantages
The person you sell to is typically someone you already work with or know, making it an easy switch.	It may be hard to find someone who will purchase your stake in the business.
Sometimes, a profit can be made when exiting your business.	Staying involved in your business may be a lot harder, seeing as though you are not officially involved.
Your business should continue as it was prior to you leaving, keeping a legacy in place.

Liquidating Your Business

Liquidating your business is the most final option you can choose. Closing down your business and selling off all assets doesn’t always mean failure, but just the end to another part of your life. Remember, any debts must be paid off, as well as keeping in mind how your employees could be affected.

Advantages	Disadvantages
It can be a very simple process in comparison to other plans. This can remove stress and allow you to focus on areas that are more important to you.	In terms of making a return, unfortunately, it wouldn’t create the best monetary solution.
Your business is closed, so you don’t have to worry about it anymore. You will be free of all the stresses of your company.	Relationships with your staff, customers and other members of the business could be severed, which can be a shame.

We recommend to always weigh up the different options available, checking which option benefits you the most. It is never easy leaving your business, but having that reassurance there is a method in place for when it happens can be a way to relieve stress.

Should My Business Get A Smart Meter?

There have been over 20 million smart meters installed in SME and domestic properties in the UK. There has been a huge rise in their popularity and you may have seen some advertisements recently.

With a stronger focus on saving energy than ever, should your business get a smart meter?

So, what is a smart meter?

They are a new way to show your business electricity and gas usage in real-time. This allows you to see specifically how much energy you’re using, as well as how much you’re spending.

For businesses with less than 10 employees, speak to your energy provider about upgrading. For home-based businesses, you may receive one as part of the domestic rollout. Many energy suppliers now offer free installations.

Are Smart Meters Important For My Business?

There is a reason why so many businesses are having them installed. The government have an initiative to improve energy saving in homes and businesses across the UK. They can save you money, but only if used correctly.

By providing up to date, accurate readings, you’ll be giving your supplier better data about your energy usage. This removes bad estimates, making sure your business pays for the energy it uses, instead of an estimate.

Every 30 minutes, you will have a calculation of your energy usage. This removes the need for submitting readings too. Gone are the days of submitting manual readings. It is now done automatically.

Also, most energy suppliers will now cover the cost of the installation and set up costs through current tariffs. So, no need to think that installing one will cost you a fortune.

It should be noted that you won’t automatically save money. They do not simply create savings without you doing anything differently.

However, by having them installed, you can encourage your employees to reduce energy waste. By seeing live updates of how much energy is used, your staff can be incentivised to introduce better habits when it comes to energy.

So, how do I get a smart meter for my business?

Simply contact your energy supplier and speak to them about what options are available.

We are likely to see them make become more popular in offices and stores, so right now, managers are given the decision to whether having them installed is the right step for their business financially.