Starting an import and export business is an uphill task owing to a lot of procedural and international trade rules and regulations linked to it.  Below given tips will help you to understand the basics of export-import business. # **Product** **`Maintain International Quality:`** At the international level, the quality of your product must be in accordance with the international standards. You should maintain your product’s quality.  **`Timely Delivery:`** International business requires a lot of punctuality in the delivery of products; otherwise clients would go away easily. You need to make sure the availability of products before delivery date.   # **Working Capital/Finance** **`Manufacturing Cost:`** An exporter must have enough money to manufacture a product that is supposed to be exported.  **`Shipping Cost:`** Importer needs to have finance for the shipment of goods in a foreign country via airways (airplanes) and waterways (ships). **`Payment:`** The payment for exports is made after delivery and quality check of goods delivered in a foreign country.  **`Source of Finance:`** An exporter can take a loan from any public or private bank for doing an import and export business. Loan can be borrowed as pre-shipment credit (before the shipment of goods) and post-shipment credit (after the delivery of goods). **`Government Support:`** Government gives a rebate on the rate of interest on a loan for export business. For instance, the Government of India (GoI) gives 5% subvention (rebate) on loan for doing exports business. Similarly, EXIM Bank has been established by GoI to support exporters.  # **Marketing** **`Identify Your Target Market:`** You need to find out your target market/country where your products have good demand. There are many private and government bodies that can help you in identifying your potential market like Export Promotion Councils, Federation of Indian Export Organization, Google, etc.  # **Procedure and Administration** **`International Trade Rules:`** Import-export business requires a lot of procedural documentation to adhere to the international trade laws. You need to understand the foreign trade and custom clearance policy of India and the country you are going to export, before jumping into the business.  **`Documentation:`** There is a lot of documentation that needs to be done in the export business. This needs an expert in trade and custom policies of the home country and other country. The required documentations are - Customer clearance, Shipping bill, GR Form, Invoice, Packing list, and Payment Details. **`Consult an Agent:`** For procedural documentation and custom clearance, you can hire a specialist agent who has expertise in international trade laws. **`Payment Method:`** Payment for exporting goods should be made through bank only. Give documents and bills of export to international bank from where you borrowed loan.  **`Mode of Transaction:`** You can choose from 3 types of transaction options: **`Document against Payment (DP):`** The buyer has to make the payment to transacting bank to get documents needed for the delivery of goods.  **`Document against Acceptance (DA):`** The buyer gets hold of documents needed to take possession of goods only when buyer accepts time draft drawn upon him/her. **`Letter of Credit (LC):`** it is a letter issued by bank to the supplier to make payment within a specific time, against the presentation of required documents.