International Trade: Top Ten Do’s and Don’ts
- September 28, 2010
TOP TEN DO’S
1. Take international trade classes at the college level.
2. Visit trade shows and trade missions. See http://www.tsnn.com
3. Join an international trade association specializing in your business.
4. Personally visit your offshore suppliers (or customers).
5. Take advantage of online resources such as http://www.sba.gov/oit
6. Inspect and approve merchandise before it is shipped.
7. Consider hiring an international trade consultant.
8. Become personally familiar with all monetary transactions.
9. Use a trade lawyer for agent and distributor agreements and licensing requirements.
10. To begin, start on a very small scale.
TOP TEN DON’TS
1. Investigate the potential opportunities and benefits of international trade.
2. Rely on a single source of supply (or customer).
3. Have an understanding of intellectual property rights.
4. Have an understanding of import/export financing.
5. Learn how your best competitors are handling international trade.
6. Provide dispute settlement provisions.
7. Make assumptions as to vendor’s compliance with your specifications.
8. Check out your suppliers/customers before establishing relationship.
9. Rely on handshake agreements.
10. Rely solely on others including employees for importing/exporting expertise.
Source: My Own Business, Inc.