Expanding your business by making your products or services available to international consumers, can swing in higher profits. It is extremely important that you first learn the trading policies and procedures of the country you are interested in trading with; whether it is importing or exporting. When it comes to international trading the risk factors are much higher versus domestic trading. Here are some risk factors to be aware of when dealing with international trading:
• Purchasing insurance to insure your products safety from natural disasters, accidents and etc. This is important to avoid total loss and damage to your products.
• Agreeing to allow a buyer to receive products prior to payment; could risk you being scammed and possibly loosing revenue.
• Exchange rates tend to fluctuate, so make sure that you are aware of the current exchange rate of the shipping location. Not being aware of the current exchange rate of the shipping area could lead to a delay in shipment and possible return shipments.