Continuing on from our recent trend of tech improvements in business and marketing, today I’m going to talk about how tech advances can help businesses even in simple and somewhat generic import and export businesses. These are some of the most profitable (and boring) types of businesses in the world. In the UK I think I’ve probably meet close to 200 business owners over the past couple of years. And the number of individuals who were running some-what related import/export businesses was close to half! That’s how profitable this niche or tactic is. That’s also how generic it is.
But with that said, there have been a number of advancements to make this business model so much cleaner and more efficient. Not least the fact that these businesses can now order 1000 units and have them with their warehouse or company within a few DAYS! Let alone a few months. The reason behind this is obviously faster travel and shipping, but the knock-on effect from a cash flow and business point of view is huge!
Today I’m going to talk about someone I meet in these business events (an even in central London about marketing) who had a very simple, yet extremely profitable garage shelving business. This is what he outlined as the causes to his main issues and how he resolved them! Love this guys attitude to not only business but life. If you’re reading this, you are a solid guy!
Our main issue at the start of the business was obviously capital. I think this is the same for pretty much every start-up in existence unless you have some healthy investments. But lickily from selling an old business and having some savings we were able to get around this. Next was again what I think is a problem with most import/export companies and that’s the shipping or delivery. This is what really can either make or break your business and more specifically how much you have to go on to sell your items for.
As a result we looked into the new technology being used in shipping, things that would make ships either faster, safer or generally more efficient. We now use only 1 shipping company that has all of these things. Funnily I don’t actually reveal them as I don’t want my competition to find out who we use! They are slightly more expensive than your generic shippers but they arrive quicker and I’ve yet to even have a single minor issue with them. Businesses that run smoothly make money, ones that always have issues with systems or efficiency will lose money, its that simple.