The export business can be very lucrative, no doubt. But the huge startup costs and extensive know-how required pose huge entry barriers to many aspiring entrepreneurs who are aware of the profit potential of the business. This explains why there are few players in the export industry.
Unknown to many, there are many ways to make money from the export industry without necessarily exporting any products or commodities. So, whether you are unable to start your own export business due to lack of funds or know-how, or due to the fear of the huge risks involved, here are 10 other ways you can make good money from the export industry:
10 Ways to Make Money in the Export Industry without Exporting
If you have several years of experience as an exporter but have stopped selling your products to a foreign market due to whatever reasons, you can convert your knowledge and experience into cash by consulting for export businesses that are still new and are looking for strategies that will help them grow. You’d be surprised at the number of newbie or exporters who are eager to learn from experts like you.
If you have several years of experience as an exporter, another way to monetize that experience is to start a blog on the export business. Even if you have no experience, you can do the same provided you are passionate about the business and have good research skills.
By constantly sharing high quality information that export business owners and aspiring exporters will find valuable, you will build a large audience quickly. And you will start making money from your blog through various monetization options.
3. Become a broker for export businesses
Another way to make good money from the export industry without necessarily exporting anything is to arrange business relationships between exporters and foreign distributors. Exporters are constantly in need of credible agents and distributors that will market and sell their products to their target foreign markets. If you can easily locate foreign distributors for any product in any country, you can make a killing by linking exporters in your country with them.
4. Foreign market research analyst
One of the biggest challenges exporters face is finding profitable foreign markets. Most of the time, then rely on incomplete information, which usually leaves them with huge losses. As a foreign market research analyst, you will be helping exporters in your country conduct research to analyze foreign markets and determine the best ones to target, as well as the needs of those markets.
5. Write and sell a book or e-book
Whether you already have huge wealth of experience in the export business or you have all it takes to research the business extensively, you can write a book or e-book that teaches everything worth knowing about the export business, especially in your country.
By tailoring the information specifically to the export industry in your country, many newbie and aspiring exporters will readily by your book to learn more about the business. E-books are generally more profitable than hard copy books because they attract little or no production costs and sell for higher prices.
6. Start a transport company for exporters
If you have always nursed the dream of starting a transport business, then you should consider starting one that helps exporters in your country transport their products or commodities to foreign countries.
If you are looking to start a shipping company, exporters who sell to distant foreign markets will make up your target market. And if all you could afford to start is a road transport business, you can still cater to exporters—but you can only transport export commodities to nearby foreign countries that can be reached via road transport.
Exporters are always in need of haulage services to help them move their products or commodities from the point of production or purchase to the point of dispatch. So, if you are already into the haulage business or are seriously considering taking a plunge, you can make huge profits by narrowing your focus down to exporters.
8. Marketing consultant
For exporters of business-to-consumer products, there is need to create massive awareness of any product among the target foreign market even before it is sent to them—if any profit is to be made. Most exporters lack ideas on how to promote their products to foreign markets. If you have good knowledge of effective online and offline marketing strategies, then you can make money off of exporters by helping them achieve this goal.
From loss of goods in-transit to loss of money to fraudulent distributors, and to rejection of products by the target market, the export business involves the risk of huge losses. So, there is need for exporters to protect their businesses against these losses by purchasing the appropriate insurance policies. You can continuously generate huge income from commissions by selling insurance policies to export business owners.
If you have deep understanding of the export business and are always abreast of the latest trends in the export industry, a smart business idea is to start a training or coaching program for both newbies and established exporters. While newbies can learn what they need to know to get started successfully, established exporters can learn about latest trends in the industry, how these can affect their businesses, and how they can take advantage of them.