Doing business to import export Caribbean products can be very lucrative. The region has a number of trade agreements facilitating trade, such as the Caribbean Basin Initiative. Additionally, working within the Caribbean region is made easy through the development of the Caribbean Community (CARICOM) which was founded in 2006 to ease trade. The existence of this community means that the region is working towards free trade and harmonized tariffs.
The advantages of the import export of Caribbean products is that many products are developed very cheaply in this region and can be imported relatively inexpensively to other countries.
This means that the potential for profit can be quite high. Some countries like Jamaica rely heavily on trade with other countries and have good incentives that encourage international trade and imports and exports.
One of the most important steps to take is deciding on what you will import or export from the Caribbean.
If you are importing a product or products you need to understand who your target market is in your home country, or the country you are importing to. If you are exporting products to the Caribbean you have to understand who in these countries will buy your products and how to target them.
You will have to investigate the tariffs, customs and legislation relating to the items that you want to import or export. You will also have to register your company, and how you register it might impact on the types of products you can import or export.
So it is important to do the necessary research up front. You may also have to apply for an import export license. If located in the USA it is worth contacting Export.gov for expert advice on how to get started and making high quality contacts on the ground.
As a sole proprietor running an export import business most of the workload is upfront. If you invest enough time at the outset and get good contacts in place, your business for the import export of Caribbean products can largely run itself. It cannot be stressed heavily enough however that finding the right contacts at the beginning of this process is critical to success. With unreliable contacts you will find that your business is unable to meet contractual requirements that you have agreed with distributors. Researching and checking the contacts that you have is essential.
Outsourcing of many activities can also assist in the running of a business, such as outsourcing the actual process of getting products into a country or out of a country. This can be outsourced to experts, saving you time and money.
The amount of money needed to start such a business depends entirely on the products to be imported or exported and how much of the work you will do yourself. Some sources recommend putting down $10,000 at the beginning to set up a successful business in this field. It is possible to run this sort of endeavor as a home import export business.
Anthony Freckleton is one example of a successful import export Caribbean products entrepreneur. His company deals with the import export of Jamaican products. Freckleton’s organization imported and exported products between Canada and Jamaica for many years. Anthony developed a partnership with the Jamaican government to facilitate his business success.
His company focuses on buying up large numbers of watermelons that are considered to be undersized and that farmers previously had to destroy. These are now used to develop flavors and essences, using a cheap product previously considered waste to build a successful business.