Small world with lots of Opportunities
We live in a globalized world where we can find any products that are produced in any other countries in this world. The world business has been centralized like never before. The opportunities to start and grow a business have highly increased because of the high demand in the local market. At present, because of the google.com we can get to know any product that is produced in any corner of the world and import it to fulfill our needs. The global data shows because of the effective supply chain in local and international market, the scope of initiating and growing business in a local market with small capital has increased many fold. This picture also reflects in our country’s scenario too. We can see lots of small business initiative mushrooming up in many houses in this pandemic situation, as the supply chain has increased its effectiveness to many folds.
How to import and start or grow your business?
So now the question arises how we can import and start or grow our business? There are many steps and consideration to keep in mind while taking steps to import. The most important is choosing the product to import or in broad sense which segment to target to import. Targeting the segment or products to work with is very important. First thing first, you have to know thoroughly about the product. All the details you have to have a clear idea. It is not like you wake up one fine morning and decide to import school bags, cosmetics or any other things. A detail research is a must before you choose a segment to import.
Import raw materials to make finished products in Bangladesh and to Export
Now, you can also import raw materials to produce a finished product in Bangladesh. It is not always that you have to import finished products to sell in Bangladesh. You can import raw materials form different countries and make the final product in here and sell in local and export too. The biggest example is our garments industry. The garments sector import lots of fabrics and other accessories from abroad before making the final products in Bangladesh to export and sell locally too. So here the point is, if you have an existing business and want to automate and develop or expand your product portfolio. You can import machineries and different raw materials from foreign countries to diversify your product range and expand your business.
Important parties involved in import process
So, after you have chosen the product segment to import. You have to communicate with suppliers in foreign countries through online platforms like alibaba.com. After you have negotiated with the supplier on the product and rate, then you have to communicate with your local bank to open LC (Letter of Credit) to transact $ to the supplier. Further, you have to communicate with the shipping line and customs clearing agents in Bangladesh to transport and release the goods in Bangladesh customs.
Take business to the next level of GROWTH
In all, Importing is an integral part of business whether it is to start a business or to grow the business. Our world is a connected place now with strong logistics and supply chain management. We have to take the advantage of this connectivity to start and develop our business to the next level to prosper our country’s economy.
Sayem Mohammad Hanif
Mr. Sayem is an avid reader and loves to write business articles in international logistics. He enjoys walking and eating street food.