By Kenneth D. Weiss
This bestselling, up to date consultant exhibits you the way to begin your personal import/export company, from gaining knowledge of a uncooked concept to a winning release to ongoing, ecocnomic enterprise operations. entire with real-life examples from importers and exporters, it is helping you each step of ways, from concentrating on a industry and getting ready a marketing strategy to facing foreign currency echange, delivery systems, customs standards, and extra. It additionally stocks easy methods to assist you make the most of NAFTA and different exchange pacts, plus on-line assets that can assist you begin and develop your enterprise.
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Extra info for Building an Import Export Business, 4th Edition
Once in a while you might have a visitor, especially a customer from overseas, who will want to meet in your office and will be concerned if you don’t have one. Your basic equipment might be as follows: • Desk and chair with good lumbar support. • IBM-compatible computer, and perhaps a laptop for traveling. • A multifunction machine (printer, copier, fax, and scanner). • Telephone with answering machine and perhaps a cellular phone to which calls can be forwarded when you go out (for your three-hour lunches, of course).
You should get an explanation of this before you travel. If you take a business associate to lunch, only half the cost is deductible because the IRS believes that you would have eaten anyhow, with or without your associate. As mentioned previously, with some types of business organization you pay taxes on profits only as an individual. You should file an estimated return each quarter, and the IRS will fine you if the amount paid with your quarterly returns is not at least 90 percent of the tax due.
If you are short of funds, however, you will have to look for either debt or equity financing. Debt financing means borrowing money. The cheapest and easiest ways are to borrow from a friend or a relative or to borrow against the equity in your house (or some kind relative’s house). There is a large risk in this; if you lose in business, you may lose the house also. In many areas there are government agencies or private organizations (for profit or nonprofit) that offer microloans to start-up companies.
Building an Import Export Business, 4th Edition by Kenneth D. Weiss