Import-export business is the fulcrum of international trade, and it also contributes to the growth of a country’s economy. It helps maintain the production level, salaries, and wages and increases the standard of living along with creating job opportunities for skilled and unskilled workers. Along many import-export avenues, furniture export has a special place when it comes to contributing to the growth of a country’s economy. Furniture exporters in India especially wooden furniture exporters constitute about 60% growth of the furniture business.
Indian wooden furniture, art pieces, and statues are very popular in the international market. Anyone can be engaged in the furniture export business in India however, he must be aware of all the aspects that influence the international trade of furniture. Beginners need to complete a lot of documentation. and compliances before starting the export business.
A to-do list to start as a furniture exporter in India.
• Decide the name of the export business.
• Register the business entity.
• PAN card submission.
• Opening of a bank account.
• Import-export code.
• Registration codes assigned by the Office of Foreign Trade under the supervision of the Ministry of Commerce.
• Registration certificate issued by the Export Promotion Council.
Following are the stuff you need to take care of for the furniture export business:
For beginners, PAN Card must be in the business name.
If you have to start your furniture export business, then you must have a business PAN card under the name of your business. In case you are planning to run the business in partnership, then your partner must have a valid identity and address proof.
Open a current account.
The account which is used for business purposes is called the current account. If you want to start your furniture export business, every transaction needs to be done through this account. Whether you want to pay your vendors or receive a payment from them, all need to be done through the current account under the name of a company.
Choose the product wisely.
The quality and types of products play a crucial role in the success of your business. It is always advisable to choose the right furniture for your export. People fell into the trap of exporting only trendy products to the international market. However, one should know that all products are not made for you to do business. Weigh your financial capacity, logistics, risks, etc. before settling on the furniture business.
Registration-cum-membership certificate.
There are many promotion councils in the country for facilitating furniture exporters in India. A business must register with these councils for a better expansion of its business. These registration-cum-membership certificates are valid all over India.
Keep finance in order.
Finance is the center of all businesses. Your finance must be in the right direction all the time if you want to run a successful furniture export business. You must be well-conversant with all the aspects of finance – both short- and long-term finance before you start your furniture export business.
Select the right market.
The international market is governed by many regulations. You should thoroughly research various factors like the demand for your products, trade barriers, profitability, political environment, etc. Once you understand these aspects you should carefully choose countries where you want to export your furniture.
Conclusion
Consider all the policies and procedures before you venture into the business of furniture export. An experienced furniture exporter in India should complete all documentation processes before actually sending its first shipment. He should also gather the required information about export promotion councils in the states and countries.