Seeking Insights for Embarking on an Export-Import Venture

nivel1971 on 28/03/2024 - 23:19

I'm reaching out to this wonderful community for some guidance and ideas as I set out on a new adventure in the export-import business. I am a migrant and after spending seven fulfilling years in Australia in IT, I've decided to transition into a new profession and explore the world of international trade.

Background: My family owns a similar business in Southeast Asia. Growing up watching and helping my dad gave me the opportunity to learn this business which can obviously needs a lot of polishing. We have a strong network in the region and in the Middle East. While my previous profession has served me well, I'm now drawn to utilizing my connections and skills in a different capacity.

Challenges: Currently, I am at a crossroads, filled with both excitement and uncertainty. While I have valuable contacts in Asia, I lack familiarity with the Australian market and its connections. My aim is to identify promising products or commodities for import into Australia, or export them to the regions I'm familiar with. I'm open to exploring various products based on demand and seasonality, but I know that thorough research and strategic partnerships are key.

Here's where I could really use your help:

1. Networking: I'm eager to connect with exporters and importers dealing in diverse commodities. Do you know of any specific platforms, agencies, or networks where I can connect with such contacts?

2. Mentorship: Since I'm new to the Australian market, I believe mentorship or consultancy could really help me get up to speed. I need to learn the law of the land. Are there experienced professionals or consultants who specialize in export-import businesses and could provide guidance on market research, networking, negotiation, and documentation? Do you know anyone who have used such services?

3. Navigating Processes: Understanding the ins and outs of international trade processes, including documentation, negotiation, and compliance, is crucial. Are there resources or services that can assist me in navigating these processes effectively?

I'm fully committed to putting in the time and effort needed to establish a strong foundation for my venture. While I may not have all the answers yet, I'm eager to learn from the collective wisdom and experiences of this community.

Thank you in advance for your support and suggestions. I'm looking forward to engaging in insightful discussions and taking the necessary steps to make my vision a reality.

General Discussion

Comments

  • Godric on 28/03/2024 - 23:27
    +16

    You're not by chance, Art Vandelay are you?

    • Jimothy Wongingtons on 29/03/2024 - 00:19
      +1

      Art Vandelay of Vandelay industries?

      • Gunnar on 29/03/2024 - 11:34
        +2

        What Delay industries?

        • Jimothy Wongingtons on 29/03/2024 - 11:37
          +2

          If you watch the clip of that scene, notice how the newspaper magically changes sides. When George first falls, the paper is on his right. But when Jerry enters the apartment, …

          Boy I hope somebody got fired for that blunder….

    • Dollar General on 29/03/2024 - 07:33
      +1

      Are you just an importer?

      • Gunnar on 29/03/2024 - 11:34
        +1

        No he is stopping imports and just wants to focus on exports

    • DashCam AKA Rolts on 29/03/2024 - 15:08
      +2

      All of O.P's required info has been compiled in the Penske file.

    • lachhelix on 31/03/2024 - 23:49

      When you get your own office make sure it has a private bathroom

  • Hybroid on 28/03/2024 - 23:31
    +3

    This sounds like a University application cover letter. You need to hone in on what niche market you think you can go after before you hire consultants to help you put together a business case. What is your vision? What gap have you found in the market that isn't covered by giants already? Start there. Because that's the first question they'll ask you.

    • nivel1971 on 28/03/2024 - 23:41

      I wanted to keep my post short so didn’t go into those details. Yes i have a few commodity products already selected that I know I can sell. I am not selling to the end consumers, it will be distributors/producers etc.
      I did some preli research, found a consultant, waiting for him to get back. All aside, i am interested in knowing how the lovely readers would approach these challenges. If they know anyone who went through similar experiences or on the same journey. I’d love to pick their brains.

  • altomic on 28/03/2024 - 23:54
    +1

    hard to give advice on importing with out know the type of product.

    food? electronics? used cars? humans?

    • Mechz on 29/03/2024 - 00:28

      Used underwear?

    • nivel1971 on 29/03/2024 - 00:35

      All kind of commodities- food, grains, meat/cattle, coal, timber, steel etc. I am open to these as i have good network in SE Asia and Middle East. Let me know if knowing the exact product would help you tailor your response.
      What’s your area of expertise? How did you get into this industry?

    • JIMB0 on 29/03/2024 - 09:27
      +1

      I'm told that drugs are rather profitable.

      • nivel1971 on 29/03/2024 - 11:52
        -1

        I did some research about importing chemicals and drugs, and it seems like it's a pretty strict process. The big pharmas seem to have a lot of sway in keeping the entry barriers high.

  • joka on 29/03/2024 - 06:51
    +2

    Here is an idea: Hire some people who know what they’re doing and pay them.

    • nivel1971 on 29/03/2024 - 11:11

      Yes, thats the ideal state I want to get to but the reason I am looking for a mentor or an agency instead is to save that upfront cost. I am guessing I have to pay the suppliers in advance since I haven’t build that relationship to ask for a deferred payment yet. I’m hoping involving an agency would allow me to negotiate the terms of payment.

      • pizzip on 29/03/2024 - 11:44
        +2

        Why are you expecting people here will give you good advice without paying them? As the saying goes, you get what you pay for.

  • samyall on 29/03/2024 - 08:38
    +3

    I dont know about import/export but I do know about Australia. In Aus, there is a love of "cutting down tall poppies" which means we denigrate people who celebrate success - just look at the somewhat negative comments you have already got on this post and you havent even succeeded yet, you are just being proactive and trying to succeed!

    Australia likes quiet success and your post comes across like you want to "come in at the top". It sounds like you want the magical connections here that will then fit perfectly with your family connections and you will be successful and rich. All you need is that one mentor, right? Well, what do they get out if this relationship?

    My advice is to get into the industry, even if its at a low level. Get a job in an import/export business somewhere here, even if its below your station or even if its in IT (you can still get paid well to do your research this way). This is the best way to meet people and observe the industry in Australia before jumping in and I am sure you will answer all your questions.

    • nivel1971 on 29/03/2024 - 11:42

      I am determined to kickstart my business, and having a reliable contract to call and ask for advice would be incredibly helpful. I'm leveraging every resource at my disposal to find the necessary contacts, and platforms like OZB are just one of them I'm exploring. It goes without saying that I wouldn't expect anyone to offer their services for free.
      Your suggestion to seek a job in similar business is actually genius. I might not be their ideal candidate since My local knowledge have its limitations, and my qualifications doesnt align with my the skills these jobs need. If someone were to pursue a job in this field, what types of companies would you recommend they explore? Any other strategies you can think of?

  • Pcosmic on 29/03/2024 - 09:26

    The last 9 people who asked the same question ended up just sticking to their full time job

    • nivel1971 on 29/03/2024 - 11:47

      While I can't speak for them, entrepreneurship indeed requires a significant commitment and tolerance for risk. Not everyones cup of tea.
      Last year, I was exploring various franchising opportunities, had numerous meetings, site visits, interviews, crunched numbers. However, after careful consideration, I ultimately decided against pursuing this path.

  • sumyungguy on 29/03/2024 - 10:01

    One of your valued supplier/partners will be a freight forwarder. There are hundreds of them in Australia so try to find one through your existing networks. Have a list of commodities, countries of origin and shipping weights/dimensions. Estimate how much freight will be shipping air express, logistics air freight, sea freight LCL and FCL (20', 40', HC, reefer).

    • nivel1971 on 29/03/2024 - 11:23
      -1

      Thanks boss. That’s some solid advice. I think i have this part covered. My friend is in the freight forwarding, it’s possible to get help from some of my peers who are in this industry.
      I am more interested in knowing where the medium to big suppliers or customers hang out. Are there any trade shows or networking events in the country that are significant? Any secret society (!) or clubs/pubs etc. i should check out?

      • sumyungguy on 29/03/2024 - 12:00
        +1

        Why spitball/post about international trade when you've got this covered off? You want to distribute through a reseller? You'll have to pitch a product line they can't access or import themselves. Otherwise resellers prefer to deal direct with manufacturers. I get that you're choosing not to disclose much detail here so I don't think we can help.

        • nivel1971 on 29/03/2024 - 17:16

          Most of the international trades in the world are done by middlemen. I want to establish myself as one of them in Aus. what i am looking for is finding those middlemen and hopefully some direct supplier/producers. Picking a product line is important but i need to establish a network so when i find a buyer asking for something i can quickly source it.

          • sumyungguy on 29/03/2024 - 17:24

            @nivel1971: From that word salad I really can't figure out what you're trying to do. There are always gonna be ways of starting a business and making money. Just get your strategy in order so you're in the 3% that don't fail.

  • Switchblade88 on 29/03/2024 - 12:53
    +4

    What I've gathered from this thread is that you don't have any idea of what is in demand. You are just shouting into the void saying 'I can get you stuff!'.

    Pick a market with high demand - say, housing, or raw vegetables. Research how the costs of that market are broken down, and if you can supply better value than what's already available; either labour or materials.

    You'll soon find out that you won't be able to compete just by saying that 'you want to'. Maybe you can import MGP10 timber at 70% of the delivered cost to a worksite… but I doubt it.

    • nivel1971 on 29/03/2024 - 17:05
      -1

      You can ignore the fact that I said my family is in the business so I know what i can sell and whom to sell. I have fair bit of knowledge and I dont want people to hand me a business plan. But it looks like everyone if too fixated on me picking a product. If you are in the industry you’d probably know a trader can export/import variety of things, they dont have to stick to one product. My family business has been operating this way. We import what's in demand and export when we have a surplus in the market and the demand is higher elsewhere. Given we can source the item locally and have a buyer who's willing to purchase.

      So what I am really looking for is ideas to network with likeminded people, find potential buyers or sellers in Australia who i can exchange trade ideas, discuss whats in demand. Some industry influencers, leaders or pioneers who i can follow or mentors/ consultants who provide advisory services to businesses. Anybody on the internet can suggest do veggies or timber but without consulting with a legitimate trader/supplier/advisor i am not investing a single penny.

      • Switchblade88 on 29/03/2024 - 17:27
        +1

        so I know what i can sell and whom to sell

        Doesn't seem like it

        and have a buyer who's willing to purchase

        Do you have buyers?

        discuss whats in demand
        Anybody on the internet can suggest do veggies or timber

        Damn, you owned me. If only there were alternative ways of finding out what's in demand.

        without consulting with a legitimate trader/supplier/advisor i am not investing a single penny

        That's the smartest thing you've said so far.

        • nivel1971 on 29/03/2024 - 17:49

          I don’t see this conversation is going anywhere. Do you have any genuine advice?

  • Wiadro on 29/03/2024 - 14:51
    +4

    nice chatgpt post

    • nivel1971 on 29/03/2024 - 17:07

      Thanks, I take help from wherever i can. So, do you have any advice for me?

      • Wiadro on 29/03/2024 - 18:47
        +2

        Ask ChatGPT

        • altomic on 31/03/2024 - 22:36

          "Hey chatgpt, do you have advice?"

  • Drakesy on 29/03/2024 - 15:47
    +2

    Maybe stick to Reddit OP…

    This reeks of Tiktok shrill, how to be the next CEO of yappin.

    • nivel1971 on 29/03/2024 - 17:23
      -1

      I am still hopeful. Someone legit might see this post and genuinely offer some help.
      Thanks for suggesting Reddit. Will try that too.

  • varunynr on 30/03/2024 - 08:46
    +1

    Mate best wishes for your venture. Glad for you to be thinking on entrepreneurial terms. I dont have advise for you but admire your courage and respect it. I myself am exploring similar venues. Dont be put off by some comments here. Plenty of bullies but plenty more good souls exist on ozb. Looking forward for successes. Pm me if required and we can chat. Cheers

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