I caught up with Carlos Balderrama (pictured), executive president of CODESIN. He awakened me to a sleeping giant investment opportunity: Sinaloa, a state in northwest Mexico. What follows is an excerpt from my interview with Balderrama, when we talked about what makes Sinaloa a good investment opportunity right now.
Read the complete interview: Mexico's Sleeping Giant Investment Opportunity: Sinaloa
When you mention importing from China, business people tend to roll their eyes and shake their heads a bit. Why? Because with it comes dealing with the unknown, famously low (scary) prices, inconsistent quality problems and intellectual property concerns. Here, I examine the perils with conducting business in China and offer seven lessons to help treat some of the pain points.
So you've read "How to Find and Pre-Qualify Importing Wholesalers For Your Product Line Overseas," and you think you've found the perfect overseas distributor. How do you know for sure? The only way to find out is to ask a lot of questions - 50 to be exact. Here we've created a checklist of all the questions you should ask to pre-screen distributors. You can organize this list any way you desire to better accommodate your needs. Then print it out and take it with you the next time you interview a candidate.
Read the entire article: Pre-Screening Overseas Distributors: 50 Questions to Ask
How often do you get a chance to interview a star from the Turkish version of the television show "Dragons' Den?" One in a hundred? Thousand? Million? In my case, it was the perfect combination of collaborating on a book deal ("Planet Entrepreneur"), being a member of the same global entrepreneurial membership organization (World Entrepreneurship Forum) and wanting to stay in touch with an amazing human being.
That's how I pulled off interviewing Baybars Altuntas (http://baybarsaltuntasnotes.com/about/), who in addition to being a Turkish star, is an global entrepreneur, best-selling author, angel investor, columnist, president of Deulcom International-Economist 100 Franchise Brand of Turkey-president of the Business Angels Association of Turkey, executive board member of the European Trade Association for Business Angels & Seed Funds (EBAN) and the World Entrepreneurship Forum's ambassador to Turkey and the Balkan countries.
Here's what came out of our discussion.
Congratulations! You've decided on a name for your business. Now, you must decide which legal structure is best for it. There are five common forms of corporate organization in which you can set up your import/export enterprise: the sole proprietorship, the partnership, the corporation, a limited liability company (LLC), and the subchapter S corporation. Each form has specific advantages and liabilities. To decide which form will serve you best, you must ask yourself several questions and then consult with your attorney.
If I were to ask you what a distributor is, would you be able to define it? How about a duty or a domestic export? If you hesitated to answer, you need to brush up on the Foreign Trade Regulations. Here are a couple of examples of how it will come in handy.
First, though, let's answer those questions!
Why aren't more companies importing or exporting? Is it because they're short-sighted? Is it because they're lazy? Is it because they lack incentives? Or is it because they don't know how to start? There's only one way to find out!
Read the entire article: 14 Incentives for Importing/Exporting
In the article, "How to Find New Global Customers and Suppliers in a Snap," (http://importexport.about.com/b/2011/01/17/how-to-find-new-global-customers-and-suppliers-in-a-snap.htm) I talked about how to conduct global market research, track your competitors worldwide, acquire new sales leads and evaluate opportunities, including finding new sources of supply on a brand new product idea. Since then, I've discovered a few other companies worth a look in the field of global business intelligence.
Reducing currency risk is becoming more prevalent as small business owners are able to cast a wider net on transactions internationally thanks to the Internet. But to protect your business--and your profits--one must learn the ins and outs to foreign exchange. In this article I talk about the difference between a spot versus a forward foreign exchange and how to hedge against currency fluctuations.
Once you have crafted a plan on what type of product you want to import, the following tips will serve as a guide in the import process. What's No. 1? Trust and like your supplier! Read on ...