Export is a very big industry. Now-a-days there is competition going on in the domestic business, so people are coming into the export business. If you also want to start an export business in India, then first you have to register a firm or company. Whose bank's authorized dealer branch, which deals in foreign exchange, you have to open the current account of your firm or company.
According to current account and pan number, DGFT will have to issue IEC means Importer Exporter Code. You can export any product from India. Looking at the Demand in the foreign market, you can choose any product. According to the products and industries in India, the Government of India has formed Export Promotion Councils which promotes export business from India. These Export Promotion Councils issue RCMC (Registration cum Membership Certificate) to Indian exporters, which provides many benefits. The Council also provides the data of foreign buyers.
Goods risk and payment risk are involved in all types of business. If you do any kind of business in India, then there is no option to pay the payment risk, but if you do export business, then the payment risk is also covered along with the goods risk. Government of India has a setup called ECGC (Export Credit Guarantee Corporation of India Ltd). ECGC issues a policy issue to Indian exporters, in which ECGC insures the credit payment if the exporter who exports the goods on credit payment. If the Foreign Buyer becomes the default and does not make the payment or the Letter of Credit opening bank which is the bank of the foreign buyer, if the buyer's bank becomes insolvent, then such risk is covered through ecgc which causes the Indian exporter done tension free export.
The customer is the king of the market. If you do not have a foreign buyer, then who will you export? On the TradeSkill e learning platform, you are told how to find 17 ways of foreign buyers. If you use all these 17 methods, then the foreign Buyers will come forward looking for you. Without Export Website you cannot do export business, because foreign buyer will not come in India, so the company should have online presence which we call website. If you promote the website by doing digital marketing, then definitely you start getting enquiries from foreign buyer. If you explain well about the features and benefits of your products to the foreign buyer, then you will be able to get the first export order in a very short time.
The packaging of the product should be according to export standards. To export the product, you have 4 routes, which we call the mode of transport, in which you can export from by sea, by air, by rail or by road. Goods have to be taken first to the custom area where there is custom clearance of your goods. Your custom house agent does all the work related to port and customs. A custom house agent is a license holder person who is authorized to clear the goods of the exporter and importer. You have to appoint the best CHA to get custom clearance of goods at the port. CHA makes custom clearance of goods and sends container of goods to any country with the help of Freight Forwarders. And according to the export contract, post shipment documents have to be delivered to the buyer, so that the foreign buyer gets a custom clearance in his country and dispatches the goods. Remember that you should export according to the terms and conditions written in the export contract.