OK, more Import Export Business questions and
answers. If you have a question or an opinion on something
your find here at the Import Export Business blog, please
use the comment link at the end of this post to send it to
us. If we use your comment, it will provide you with a
valuable link to your web site at no cost, except the little
time it took you to make the comment or send the question.
**********************
Personal comment: I am always amazed at some of the questions
we get and how the people ask them - if this offends anyone,
so be it but after 18 years I know a fool when I hear from one.
So many people think they can get into the import export
business without taking a course or by reading a 20 or 30
page ebook. They simply do not have the brains to figure out
that in order to make money in this world, you have to spend
a little money. In this case on training materials so at a
minimum you understand the basics.
I am not saying that you have to know how to cross every T
or dot every I to be successful in this business, but at
least have an understanding of the basics.
Here is a good example of a question from a clueless person
who thinks he is going to be successful in the exporting
business and my "be kind to others" reply:
message: T/T 30% in advance ,70% against B/L copy
at sight. What does it means ?
**********************
Our International Business center answer:
Hi (Name Withheld),
T/T generally means a bank wire transfer which in the case
you refer to they want 30% wire transferred up front.
The B/L is bill of lading - usually means that upon
presentation of properly completed b/l documents you pay the
remaining 70%.
Here is a good web page to show you the levels of risk to
both the importer and exporter for various types of deals -
names are slightly different but when you see the word
'sight' it refers to the same scenario as you have
presented:
http://www.wachovia.com/corp_inst/page/
0,,14_982_4696_1137,00.html
It sounds like you are not too familiar with importing and
exporting - this would be a very high risk situation for you
as a first time potential importer.
I suggest you review our courses on importing and exporting
before entering into any international trade deals - they
can be quite treacherous if you are unsure of how to proceed.
You should really take advantage of our Free Import Export
Business ebooks and reports that you can find listed and
linked to at the bottom of our one site map page at:
Export Business Resources - Site Map Page 1
Then, and only after you have read these materials, if you
decide to pursue international trade, I strongly suggest you
study one or more of our courses on importing and exporting.
Here are links to our import and export courses:
Start Your Own Import Business Course
Start Your Own Export Business Course
How To Start An Import Export Business Home Study
Course that includes both of the above listed import and
export training courses in one package.
Good luck.
Ron Coble
International Business Help Center