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Starting import / export business

mfarazk

PARKED
May 26, 2021
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0
1
Hello Everyone,

I would like to start a Import / Export business. Buying from USA and selling to Canada, im thinking about starting small and target two industries which i know about.

  • Importing hookah and flavors
  • Buying backyard furniture and LEDS lights
I've already opened up a company waiting for import / export license from Government of Canada site.

Please let me know what's been your experience in import / export. Is it really difficult as some people claim.

Thank you
 

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Walter Hay

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I've already opened up a company waiting for import / export license from Government of Canada site.
You are already off to a bad start if you think you need an import/export license from the government. No such thing exists.

What does exist is the need for licenses to import or export some specific items.
Please let me know what's been your experience in import / export. Is it really difficult as some people claim.
I have been involved in the exporting/importing/shipping industry for most of my life. I no longer operate any business in importing or exporting, but I help many people on this forum, mostly through answering questions in my AMA thread: Sharing my lifetime experience in export/import. Product sourcing specialist.

Reading all of that thread will help you, but remember that the thread was started nearly 7 years ago, so a lot of the older posts are now well out of date. Reading Post #1 is a must for newcomers to importing or exporting.

Very few people actually succeed in what they call an "Import / Export business". I know there are wonderful stories advertising courses to learn how to run an Import / Export business, but most of it is fantasy.

There is a huge amount of misinformation on the internet regarding importing, with many blogs operated by people who have done some importing in the process of running an eCommerce business on eBay or Amazon. That misinformation is a wealth hazard.

One mistake can cost you thousands, so in answer to your question: "Is it really difficult as some people claim." YES it can be difficult and costly, but if you are willing to learn from someone who has really been there - done that, you will know how to avoid those costly mistakes.

The international trading scene changes frequently, and that is why I revise my book every year. The 2021 edition is up to date, unlike the many blogs online published by people who claim to be experts.

One example is a blog that states that it was updated in November 2020, but it quotes Alibaba information published by Alibaba in 2018.

I suggest you at least check out the contents list of my safe sourcing and easy importing book on Page 1 of my thread: Walter Hay's Business Books

If you have any questions, post them in my AMA thread and you will get accurate answers that can save you a lot of pain and money.

Walter
 
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Walter Hay

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I thought I should add a warning about a heavily promoted course teaching How to Start an Export/Import Business.

There is one UK based company that has been selling such a scheme for at least 20 years, and others seem to have more or less copied it. The course fees are exorbitant but the content list is very impressive.

Having been sent a copy of the original scheme not long after it began landing in people's email inboxes, I can say that the course structure is not only impressive, but is overkill.

If followed completely, the course students would have little more to learn if they chose to become Customs Brokers or Freight Forwarders.

In my opinion that accumulation of knowledge does not equip a person to succeed as an export/import agent.

Among other things the course features large scale commodity buying and selling that puts dollar signs in the student's eyes, but leaves out all the difficult parts, of which there are many.

If any Fastlane member is offered such a course, I am willing to review it for them. Just PM me.

Walter
 

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