Why should you get into Export Business?

Everyone considers starting a business, but most are afraid to enter the export market. Men, women, retired business professionals, students, and housewives can all conduct export business from the comfort of their homes without having to manufacture any goods. You are not even required to set up an office.

The Indian government wants to increase exports, so it has simplified the entire export process. As a result, anyone who previously thought that export was a very process-oriented, time-consuming, and difficult job can now enter this sector.

Most people are scared to enter this field, but in this article, we will cover a lot of information related to this sector, which will help clear your doubts about entering in the export business.

Why should you get into Export Business?

1. Export Target for 2022 - 400 billion Dollars

The government wishes to increase exports and has set a target of $ 400 billion for 2022. As a result, the upcoming export will be large and complex, requiring more than one person to complete the task.

This means that, a large number of people would become involved in this. Those who get involved will earn profits and make money. Isn’t that a good enough reason to get into it?

2. Anything can be exported

You can export anything, including candles, agarbattis, readymade garments, or some powder, among other things. There is a buyer for everything. All you have to do now is find a buyer.

3. Import Raw Material Duty-free for Re-exports of finished goods

Assume you are a manufacturer &exporter of ready-made garments, and you intend to import fabric for those garments.

The policy allows you to import duty free raw material, produce and export.

4. Districts as export Hub

In the coming time, your districts will become designated export hubs. In this case, well-known products from your district would be collected and exported. Many people would be required to manufacture the products, collect them, and then export them. That’s another growth opportunity.

Common fears that stop you from entering Exports:

Myth 1: Export is only for big people:

The general public's most common fear and misconception is that exporting is not a common man's job. This is the thought that keeps you away from getting into this business. If you can overcome it, you’ll be into the business.

Consider this: Do only the wealthy and powerful sell their products in India, while the rest of the population does not? No. Why should it happen in exports? Common people can send small consignments or export to smaller countries.

Myth 2: Getting an Export license is tough and costly

Most people believe that obtaining the license required to conduct this business is a time-consuming, document-intensive, and costly process. Well, the truth is, all you would need to begin is an IEC, Import Export Code, which you can get online from www.dgft.gov.in.

Myth 3: I need to be a manufacturer to export:  

Most people believe that because they do not manufacture any products, they have nothing to export. Now think it like this – Do you manufacture everything you sell in India? No. Well, the same stands true for Exports.

Myth 4: What if I don’t receive the payment:

Another common concern among people is how they will be paid for their exports. Of course, you can’t travel to another country to collect your money. All that you need to do is do your due diligence to check the client’s background, and insure your consignment with Export Credit Guarantee Corporation of India, ECGC. ECGC can help you recover the payments in case of any mishaps. However, mind you, the first responsibility of your money is yours.

Definitely a sector worth exploring and considering for business. Over come your mental hurdles with information and try to see the opportunity on the horizon.