Table of Contents
Preface xiii
Chapter 1 Trading Around the Globe 1
The International Adventurer 2
The U.S. Loves Importing 3
Import/Export-The Prequel 5
Emerging Markets Take Flight 5
Earning Potential for International Traders 6
The Startup Costs Associated with International Trade 7
The Right Stuff 7
How a Few Experts Got Their Start 8
Future Forecast 12
Do Your Homework! 12
Chapter 2 Import/Export 101 15
The Key Players 16
The Supporting Players 17
More Major Players 18
CBP and ICE 18
BIS 19
Product Category Regulatory Agencies 19
Additional Government Agencies Are Involved with Importing Specific Products 20
Discover How a Customs Broker or Freight Forwarder Can Assist You 21
Understand the Flow of Products Being Imported or Exported 22
The Rules 23
Understand Potential Trade Barriers 24
Know Your Quotas! 24
Some Countries Play Favorites 25
Many Countries Offer Viable Import/Export Opportunities 26
Chapter 3 Keeping Tabs on Politics and the Global Economy 27
The World Trade Organization Has Clout 28
Free Trade Frenzy 29
North American Free Trade Agreement (NAFTA) 29
U.S.-Korea Free Trade Agreement (KORUS FTA) 30
Other Free Trade Agreements 31
African Growth and Opportunity Act (AGOA) 31
Wart ime Challenges 31
Sanctions 32
Global Recession 32
Global Responses to the Crisis 33
U.S. Response 33
The European Union 34
The Trade Hit Parade 34
Trade with Emerging Markets 35
Familiar Territory 36
Canada 38
Mexico 38
Chapter 4 Tricks of the Trade for Startups 39
Should You Work from Home? 40
Computing Computer Costs 41
Fax Facts 42
A Reliable, High-Speed Internet Connection Is a Must 43
The Skinny on Software 44
Purchase Leads Online 44
Phone Service 45
Mobile Phone Service 45
Brand Your Business to Enhance Its Image 46
Mailing Matters 46
Traveling Trader 47
Expenses Add Up, So Be Prepared 47
Calculate Your Business Startup Costs 47
The Trader's Trunk 47
Name Your Business 47
Newly Registered 50
Structurally Sound 52
Trading Places 54
Attorney with ELAN 54
Details, Details 55
Chapter 5 Daily Operations 57
Trading Particulars 58
The Exporter at Work 58
The Export Path 58
The Pro's Pro Forma 59
Documentation 63
Take a Letter 64
Export Control 101 66
Let's Talk Shipping 67
Just Say No 72
The Import/Export Referee 72
Tale of an Importer 73
Not Everyone Is Honest 76
The L/C Revue 77
The Negotiator 82
What Happens When Mistakes Are Made? 82
Cash Is King 84
Signing Off 87
Chapter 6 Rituals and Red Tape 89
In Great Form 90
Certain Documents Are Equivalent to Cash 90
The Importer at Work 99
The Importer Security Filing (ISF) 102
Automated Manifest System 103
Understand Who Is Responsible for Handling Specific Requirements 104
You've Arrived 105
Entry 105
Examination and Valuation 110
Classification 111
Payment and Liquidation 112
A Happy Ending 113
Chapter 7 Market Research 115
Manufacturer or Artisan? 119
Where in the World? 120
What's Your Niche? 120
Give Old Products a New Purpose 123
Organically Yours 125
Fair and Square 125
My Mission: Trade 126
Take Advantage of Export Market Research That's At Your Disposal 127
A Ton of Research Is Just a Few Clicks Away 127
Where to Turn For Additional Guidance 128
Stay Up-to-Date by Reading Trade Publications 129
Get Personalized Service from the Commercial Service 131
Many Additional Resources Are at Your Disposal 131
Chapter 8 Trade Dollars and Sense 135
Pricing Your Products and Services 136
Commissioned Officer 136
Crunch the Numbers Before Agreeing to Terms 137
The Great Sock Caper 138
Competitive Pricing 138
Seek Out the Best Deals and Terms 140
Being the Distributor Could Pay Off 140
Do Research Before Setting Your Prices 141
Projecting Profits Can Be Tricky 142
Baseline Expenses 142
Phone It In 143
Send Sales Materials via Mail or Email 144
Basic Office Supplies, Like Paper, Cost Money Too 145
Travel Tip 146
Olé for Online Service 146
Weaving the Web 146
Repaying Your Lenders Is a Business Expense 147
Putting It Together 147
A Little Bit of Luck 149
Romancing the Bank 149
Consider Working with the Ex-Im Bank 149
Invest in Your Own Business 152
Don't Finance Your Biz Using Credit Cards! 152
Chapter 9 Employees, Insurance, and Business-Related Topics 153
Fun with Filing 154
Enthusiasm Is a Key Ingredient for Success 156
How to Find the Best Employees 157
Hiring an Employee 158
Put Prospective Employees to the Test 159
Set Salaries Based on Qualification Requirements 159
Maintain Open Communication with Your Employees 160
Training Considerations 160
Multiple Types of Insurance Are Required 160
Insurance from the Ex-Im Bank 161
Cargo Insurance 161
The Blanket Policy 162
Take Proactive Measures to Protect Your Goods 162
Chapter 10 Tools of the Trade 165
Savvy Shopping 166
A Computer Is Your Most Important Tool 166
A Reliable Printer Is a Must 168
Define Your Software Needs 168
You'll Need More than Voicemail 170
Reliable Power Is a Must 170
A Photocopier Is a Useful Business Tool 170
Don't Forget Office Supplies 171
Stay Comfortable in Your Office 172
Trading Spaces 172
The Home Office 172
Working from Home Has Its Tax Advantages 173
Growing Pains 173
What's the Alternative? 173
Focus on Efficiency When Setting Up Your Office 175
Chapter 11 Advertising, Marketing, and Distribution 177
Hunting for Exports 178
Taking the Lead 179
Reaching Out 179
Desperately Seeking Imports 180
The Travel Log 180
Just Call Me 185
Exploit Trade Show Opportunities 185
Selling Yourself 186
The Marketing Plan 189
We Now Present 192
Take a Meeting 192
Representative or Distributor? 192
Shake on It 193
Join Facebook Groups Related to International Trade 193
Your Company's Website Should Look Professional 194
Advertising and Marketing 195
Getting the Product Out 196
Pursuing the Perfect Rep 198
Choose the Best People to Work With 199
Sign on the Dotted Line 200
Advertising and Marketing Considerations 204
Maintain Some Marketing and Advertising Control 204
Look for the Label 205
Public Relations Patter 206
Market by Educating Your Customers 206
Service That Customer 207
Chapter 12 Effectively Controlling Your Finances 209
Number Crunch Your Way to Financial Success 210
The Cost of Credit 213
There Will Be Tough Financial Times 215
Consider Your Bank as a Resource 216
Take Advantage of OPIC 217
International Currency 217
Ways to Exchange Currencies 219
Taxes and Other Considerations 220
Foreign Taxes 221
Let Me Entertain You 221
Brilliant Deduction 221
Planes, Trains, and Automobiles 221
Beware of Global Dangers 222
Passport Considerations 223
Chapter 13 Fair Winds or Foul Seas 225
Develop a Passion for Your Work 226
Chapter 14 More Advice from international Trading Experts 229
Ethan Frisch, Cofounder, Burlap & Barrel Single Origin Spices 230
Umberto Luchini, President, Wolf Spirit Distillery 235
Schuyler "Rocky" Reidel, Managing Attorney, Reidel Law Firm 239
Appendix: International Trade Resources 245
Associations 246
Customs Brokers and Freight Forwarders 246
Credit Reports 247
Helpful Government Agencies-Import/Export 247
Helpful Related Government Agencies 248
International Trade Directories 250
Magazines and Publications 250
Market Research 250
Marketing Associations 250
Miscellaneous International Business Websites 251
Seminars and Workshops 251
Successful International Trade Businesses 251
Trade Leads and Education 252
Glossary 253
Index 265
