Posts Tagged ‘international business’
How To: Import Products From Japan
Monday, September 29th, 2008
When it comes to business and the market, many Americans operate under the illusion that the same rules apply to imports from other countries as apply within America itself; namely, grow your business and realize the American dream.
However, all business owners, and particularly those who are importing, have to remember that while the aspirations of the individual are important (if not central in an oblique way) to the well being of the United States, they do not come before the well being of the nation as a whole.
The Pearl of the Orient
So why is this important in an article that discusses imports in Japan? Well, when it comes to the important products being sold today, Japan has us beat in many areas.
Not only that, but the United States and Japan have always had a tense relationship when it comes to trade, largely due to protectionist feelings on the side of the States and isolationist feelings on the side of the Japanese.
This means that import issues and regulations for products from Japan are convoluted in the extreme, and most often have to be looked at on an item by item basis.
So what exactly are the main items that are imported from Japan to the United States? Well, a top three list yields up cars, electronics, and pharmaceuticals in that order.
Other important imports - ones that businesses are built around - include semi-conductors and petro chemicals.
For the individual American businessperson, it is the first three that are likely going to be the targets of your business, so let’s take a quick look as best we can into some of the procedures and customs you are likely to encounter when you are looking to import from Japan.
• Always be polite. One of the biggest mistakes that American entrepreneurs make when dealing with business partners, particularly those in the Far East, is neglecting manners.
Japanese business means you don’t let your feelings show - and that is the most important rule there is.
• Be prepared to pay. Unfortunately for the individual entrepreneur, those cheap prices on all manner of great Japanese products don’t stay so cheap once they are in your hand.
The reason? Those tense trade relations we were talking about. The top three imports from Japan are all areas in which the States would like to take a lead, so in order to combat a flooding of the US market with Japanese goods there are some pretty high tariffs.
You can expect that price to skyrocket once you get it into the States, and you will have to build around that in the retail value.
• Approach business like business! A really big mistake that a lot of foreign importers make with Japanese companies is not treating them like American companies.
It’s hard not to get wrapped up in our perception of Japanese culture, but you have to remember that business is business all over the world - and you can’t take honesty for granted from anyone!
It is also important that, if you are importing anything from Japan, that you keep in touch with current events on the US/Japan trade front.
There are almost continuous court cases being brought up between governments and businesses in regards to Japan/American trade, any one of which could affect you and your business.
Most people find it much easier to go through a middle company, one which can act as a broker; again, this is really only feasible if you are planning on retailing high end goods.
Tags: customs, Doing Business Internationally, how to, import, importing products, international business, japan, products, tips
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How hard do you REALLY work?
Friday, June 13th, 2008
As we get into the full swing of summer and you begin to look forward to taking that much needed 2 week vacation to the Bahamas let’s take a step back and put some things in perspective. You probably work a minimum of 9-5, 5 days a week right? If you work less than that, well my friend you are luckier than most. But what about 39 year old Lee from South Korea who can only spend 10-15 minutes a day with his kids because he’s gone from 5:30AM to 11:00PM six days a week. Oh yeah and he only gets 3 days off a year.
Here are the top hardest working countries and the average number of hours worked per year:
1. South Korea - 2,357
2. Greece - 2,052
3. Czech Republic, Hungary, Poland - tied with close numbers in the 1,900-2,000 range
So next time you want to duck out early on a Friday, be thankful you can and make sure you really DO enjoy that nice long vacation!
Tags: average hours worked, foreign workers, Growing Your Business, international business, Rebecca Button, workaholics
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Beat the Weak U.S. Dollar–Go Global!
Wednesday, April 30th, 2008
Expanding overseas is a common idea entrepreneurs have in their business plans as a "down the road" growth option but with the recession and subsequent weakening of the U.S. dollar, it might just be the key to keeping your business afloat. Many companies are able to sell their products for twice as much as they can here!
While opening a brick and mortar store is certainly optimal, if you are a small company who doesn’t think you can spare the capital to do so, don’t fret. Another perfectly viable option is to open an international website (ie. a .uk site). Yet another option is to ship over seas and accept various forms of currency, if you’d prefer to test the international "waters" before you take the plunge.
Be forewarned however…going global is no easy (or small) task. Tracey Mullin of the NRF’s STORES Magazine states:
"In addition to potential hurdles with vendors, disparities in laws and differing customer priorities, retailers must identify a merchandise mix that appeals to a new demographic. While the transition may be a bit easier for online retailers, these companies face their own challenges nuances in language, inventory control, even the selection of website colors and fonts."
Yes, it’s risky and a lot of work…but it just might keep your business from succumbing to this dismal stateside economy.
Check out our Doing Business Internationally articles for more tips on how to get started going overseas.
Tags: Doing Business Internationally, economy, global business, international business, national retail federation, Rebecca Button, STORES Magazine
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How to Create an Export Plan to Sell Internationally
Friday, February 15th, 2008
Once you have decided to sell your company’s products overseas, it’s crucial that an export plan is developed. When preparing your export plan, you’ll be able to research and carefully examine your potential export markets, develop company goals, and determine what (if any) limitations exist. The result: a custom-designed strategy that prepares your company, products, and promotional efforts to succeed in the export business.
Tips for creating a successful export plan
Keep it brief - Your company’s export plan should be detailed, yet concise. It should be easily understood by other members of your company. It’s important that goals and objectives are written clearly so that they are not misunderstood by those involved in the process.
Be specific - Lay out definitive goals and objectives for your company, for example sales goals or market saturation goals.
Make it factual - It will take some time, but it’s imperative that an export plan is based on facts, not assumptions. You may need to call factories, shipping companies, etc. to get pricing, but the more your export plan is based in facts, the more useful it will be to your company.
Be honest - The most important thing you can do in your business’ export plan is to accept and address the company’s limitations and constraints. List them out and attempt to find a solution to fill in those gaps.
Questions to answer in your company’s export plan
In developing a thorough export plan, it’s essential that all of these questions are answered in full, with specific goals listed for each. Be sure to do the research necessary in order to provide accurate answers, rather than just guesses and estimates.
1. Which of your company’s product(s) have been chosen for export?
2. Will any modifications need to be made in order to adapt the product(s) for overseas markets?
3. Which countries have been chosen as export markets?
4. What is the customer target market for each country?
5. Through which channels will the product(s) reach the customers in each country?
6. Are there any country-specific limitations that exist for any of the targeted export markets? If so, how will they be addressed?
7. What will the product(s) export sale prices be in each country?
8. Which company employees will be involved in the exporting process, and what will their roles be?
If you take the time to create a well-thought-out export plan, your business will be rewarded with an accurate presentation of exporting facts - specifically tailored to the needs of your company and its products. Companies that begin exporting their products without a prepared export plan can quickly find that their assumptions were way off or that a crucial product adaptation was missed. Creating an export plan will take some time to develop, however without one you could make a mistake that costs your business tens of thousands of dollars. In the case of exporting, a bit of preparation could very well save your company from financial disaster.
Tags: Carrie Hinkel, Doing Business Internationally, export, international business, selling internationally, tips
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