Having a growth mindset is essential for one’s personal and career growth. It helps you set your pace to achieve your goals, and develop a positive outlook about your future. Many leadership books have growth mindset quotes to help you develop a positive perspective towards your personal and career growth.

Find quotes that will inspire you to be better at what you do to maintain an optimistic attitude. You can memorize the quotes or write it in a paper so you can easily read it every time you feel down and discouraged.

Take a further look below at some other ways in which you can develop a growth mindset.

Not Seeking Approval From Other People

Do not give in to the pressure of the need to impress other people. If you continuously seek approval from other people, you will become insecure, and this will impact your judgment. Always set your goals on the things that matter to you. Do not be afraid to try new things without worrying about what others might think.

Being Mindful of Your Thoughts and Words

Always be cautious of your thoughts. Do not linger on thoughts about hate, judgments, discrimination, and other negative beliefs that might disrupt your growth mindset. Be encouraged to memorize some growth mindset quotes to cultivate positive thoughts.

Being Willing to Improve and Change For the Better

Setting a growth mindset also means that you have to accept your imperfections, and you should be willing to correct them. If you lack a skill needed for a project, you should be prepared to make an effort to improve on that skill.

Not Being Afraid to Fail

As a person with an optimistic outlook for the future, you should know that failure is a part of growth. When you fail, do not hang on to the mistakes you have made but instead turn them into learning experiences. Also, take the necessary steps to prevent them from happening again.

Being Ready to Accept Constructive Criticism

Criticisms can be hard to swallow, especially when they come to your skills. When people give you feedback, do not take it negatively. You will be tempted to defend yourself, but before you do so, accept the feedback and think of it as a way to improve yourself.

Sharing Your Growth With Others

Be willing to share how you were able to achieve your goals. If someone is struggling at work, help him or her, and share with him or her about the things you have done to achieve your goals.

Setting New Goals For You to Accomplish

Write the things that you want to accomplish. Decide what is reasonable for you to achieve at the moment. After you have completed a goal, set another goal that you want to accomplish. Having a growth mindset is easy as long as you are willing to face your challenges bravely. Consider these challenges as new opportunities for you to enhance your skills and talents.

In every problem, shift your perspective positively. Facing these challenges confidently will allow you to think clearly on the proper steps to be done in solving them.

No doubt marketing plays a very important role in the field of business or in any brand, but do you know what the latest method people love to do so is? These days the latest method business companies are marketing on online platforms is via best solo ads. But do you know what we actually meant by solo ads? If the answer to this question is no then my dear friend, do not worry about it because here we present you with this article which will give you an easy understanding of this topic.

There are many other types of marketing techniques in which people opt to promote their products, services or brand name, etc. But what is the need of doing an extraordinary thing when you are not getting an expected result in return, right? Now, this is where the solo ads came into existence because it is worth opting for in case of marketing any sort of thing.

Best Solo Ads – the Fastest Method to Make Your Email List

The business sector is an all total another world where millions of people are working towards spreading their products and services, promoting it in order to make customers buy their products. They want to protect their brands in front of their customers so that they become more famous and most selling business companies in the business world. Moreover promoting themselves and their products is not an easy way at all.

Moreover, since the world has moved towards digitalization, the old techniques of marketing have a lesser reach now. Before people use to have physical prop campaigns like posters, billboards, broachers, etc in order to advertise their products or services. But a major shift has been seen today in this field now as people now prefer online marketing to the traditional format of marketing.

Understanding Solo Ads in Detail

Most people know or think about solo ads as ‘list jacking’. Thus to make you understand this topic in simple terms it is a form of advertising which is done via sending email to a particular email list. Moreover, it is advertisements that are basically sent to an email list already existing with providers before.

Thus instead of wasting your crucial money on Google PPC or wasting your time searching for the perfect audience on Facebook for your products, one can easily send emails to people who are already interested in your products. An email list is the collected list of the people who have searched about similar products beforehand, or they are the people who want such products from you. Thus it becomes easy to reach your desired audience via email and moreover, such an audience offers a greater probability to increase your sales.

In addition to this, it is an outstanding promotional strategy to give your business worthy starts in the field of online marketing. On the other hand, it reduces much of the guesswork, which is why one can solely concentrate on their customer’s acquisitions.

What are the Benefits of Solo Ads?

By now we already know that not all marketing techniques are best suited for everyone. But there are certainly some of the techniques which can best satisfy the need of particular people, campaigns, products, brands, services, etc. Now that you are clear with the meaning of solo ads, let us now further know the benefits which it offers to the people. Below mentioned are a few of the situations in which the solo ads best works:

Advertisers with Low Budgets

It means that solo ads are helpful for people who are having a low budget in business advertising or marketing. Moreover, it is the best option at the time when you are starting your business and you have fewer budgets to invest in marketing campaigns. On the other hand, you should know that renting subscribers list in solo ads is quite cheap in comparison to other marketing strategies. Thus if you are also one of them comprising of low budget issues select this alternative in the process of spreading the word about your business or brands.

It’s a Niche Comprising of much Competition

There is quite a much fierce competition between several business companies selling their products and services. Thus if you also come under some niche of tough competition in between high cost per click in ad words or in the organic search engine traffic, then you should definitely select this option of advertising. It is better than wasting your significant time in building relevant content or SEO for your online marketing. Because now in solo ads you are just good to go once you rented your subscribers list. Therefore much of the step is eliminated in some of the best solo ads, saving your time to do something more important.

Best for Newly Launching – Products or Services, or any Business Company

Do you know solo ads are best for the new launching of any products of the company, services or for a new business company as well? It will help you to promote your brand name in quite lesser time than any other advertising technique online as well as offline also. Moreover, the reach of the customers is greater than any other medium working these days in the field of marketing. In addition to this, one can think of solo ads as a type of influencer marketing. Because the power of one email can help you influence highly targeted audiences that are very much loyal to the sender.

Besides this, there is a very important confusion or question which is asked by many of the people today who are new about the concept of best solo ads. And the question is, do you need any personal email software to process solo ads?

Email software

So the answer in relation to this question is a big NO because you don’t need any email software to run your solo ads. This is possible because everything is handled by the solo ad providers all by itself. Moreover, it depends on sellers to make sure the setup is done correctly.

Note: When you use any platform for creating the best solo ads you should be ready with your own email copy and links beforehand.

Sheet metal fabrication refers to the process of using sheet metal to produce metal structures, machines, and equipment. It can be a complicated process that involves professional expertise. Also known as fab shops or fabrication shops, these specialists aim at fabricating sheet metal with perfection and create a piece dedicated to the purpose of your project. The fabricators that you hire must have a stable work platform to achieve the preferred layout.

When searching for a professional sheet metal fabricator, you need to make sure that they meet your particular requirements and offer outstanding quality at an affordable price. So, it is best to do some research in advance and compare a few companies for the quality of their service, their rates, experience, and other aspects.

Here, we will discuss a few things that you need to look for in a sheet metal fabricator. 

Fabrication Techniques and Materials, they use

Many of the Sheet Metal Fabricators usually work with all types of metals, such as stainless steel, brass, and copper, mild steel, aluminum, silver, gold, etc. as and when required. They must have the required expertise, tools, and equipment to work with several alloys like aluminum and chromium ones too. The fabricators must be able to use all the techniques to create the type and quality of the product they need.

Do check what kind of cutting they offer. Saw, torch, or plasma cutting may be needed for different varieties of projects. Compare the punching and rolling capabilities of different companies. It is great if the company that you choose can offer both MIG (Metal Inert Gas) welding and TIG (Tungsten Inert Gas) welding services.

Variety of Projects They have Worked on

All Fabricators have portfolios and can present all the latest they have worked on. So, it would be better to see whether they have made the products and performed the services which you are seeking or not. You must properly analyze their work and do not miss to ask for references from their earlier clients. This will give you a better idea about the quality of the work they are doing and whether they can carry out the type of project you are expecting or not.

Possibility of Customized Solutions and Engineering Services

Each project is different in its own terms, and ready-made solutions rarely make the ideal match. That’s the reason why you need to find Metal Fabricators who can design a product that meets all your wants, industrial safety, and functionality standards as per your individual requirements and expectations. It is always a great idea to get in-depth details about the design and engineering team of a company and about their production department before you decide to work with them.

Installation Services

The extra service is specifically valuable to those clients who place an order for units that need to be fitted with complex systems. The service may cost you a little extra, but you can be sure that the product will work as per your requirements. Since the fabricator knows the intricacies of the product, no one installs it better than the manufacturer itself.

Reputation

When looking for Sheet Metal Fabricators, it is imperative to find a company that has an excellent reputation. This will help you find out if you can rely on the company to do a great job and on time or not. Only a company that values its business can survive in the industry for long and gain a good reputation. Try to ask around within the trade to find out people’s experiences in dealing with a specific business.

Conclusion

Overall, choosing can be the same process as choosing any other service provider. Check their previous records and see if they are fully equipped to do the job well or not. This is how your journey to finding the right fabricators would come to an end.

If you are running a business or about to start a business and see LinkedIn only as a job opportunity or to make contacts, then you are missing the major benefit of it. Nowadays, businessman always seeks to attract customers online.

There are so many online platforms that can help you raise your startup. But LinkedIn steady grows and now it has more than 500 million users. You can imagine how useful it is to not only create contacts but to boost your dream.

You need to know the benefits you can get from this and you do not have to worry because here we mentioned the steps through which you can fully utilise the benefits of this great platform.

Create an attractive page

The first thing you have to do is to create a company’s page. For that, you must have a LinkedIn profile and verified the email address. Your page should be well designed so that potential customers can learn more about your business, brand and what type of products you provide.

The description should be precise and not lengthy which may disturb the user. It would be better if you mention your company type and size. And do not forget to upload the cover photo and the company’s logo. It will give a professional look to your page.

Make contact with others

One of the best things about this platform is that it is filled with professionals compared to other popular platforms. You can directly contact them or it is better if you comment your suggestion on their post which shows your expertise in your field.

If you can convince someone, then he/she may share some tips to raise your business. Take advantage of all the groups and with the time, you can start your own thread. If you fail to response through commenting then you can directly communicate with them.

Publish Unique Content

You can share your thoughts or content related to your business which should be unique and attractive. It should not happen that it is copy-pasted from other sources. Your content should be enough strong to solve the customer’s problems.

Your content reflects what you are and how good your service is. It is important to publish content on a regular basis and use high visual images, which can attract more customers.

Instant Hiring is Easy

Finding a potential employee is one of the most difficult tasks but you can easily search the people who suit your requirements. You can easily search them and go through their resume and if you like then you can send a request to them.

There is one more way in which you do not have to send a request. But it is premium; you may have to pay for it. With this, you can save a lot of time and if you think you are running out of money then you can approach loan lenders in the UK who offer loans without guarantor.

One more thing you can do i.e. you can upload a job post but it may happen you will get a low response. It would be better if you choose the premium facility for instant hiring.

Make your own LinkedIn group

This one is an effective way to create your community. But make sure you are not using this group to directly promote your content. Let this group open for the communication between users and with this, you will get the idea of what changes you should introduce in your product.

Transparency

It is very important to share your work culture with your potential user. It may seem irrelevant but it is an important part of your business because some customers want to know what it is like to work for your company.

Let your employees write honest reviews about your company. This will show that how you treat your workers. If users find everything positive then he/she wants to buy your product.

You can see the unlimited benefits of using LinkedIn. Use this platform to express your brand voice and show the world what how unique your company is.

This one is the fastest way to attract a large number of customers to your business.

Bulgaria is one of the European countries that provide an excellent environment for entrepreneurs to start up a business. For start-up businesses, sole-proprietorship and entrepreneurs, Bulgaria offers comprehensive benefits for investment and doing business.

 

The process of creating a company in Bulgaria is relatively easy with an online application available for the same even though the online application form is in the Bulgarian language.

 

The application requires one to have a bank account in a Bulgarian bank and also pay a required government fee. Then you will need other few documents, and you are good to go. Various people can direct you to start up a business.

 

Whether you prefer to do it by yourself, the application is easy and direct to fill and return it to the right offices. It takes a few days also for a business to be approved if it passes all the requirements. The process for a solopreneur is the same but requires the signature of the business owner.

 

Opening a company in Bulgaria

 

Creating a company in Bulgaria will go far in bringing a businessperson to a great environment and market. The first thing you may need to have is a digitally scanned passport. It acts as an identity document to identify you. Many agencies also can help in setting up the whole procedure for you. Next thing that is required is the details of the manager and the amount of the registered capital.

 

All documents filled are given to the entrepreneur for signing by the manager and the entrepreneur. The manger signs the papers in front of a notary. It also requires the manager to open a bank account, and all these procedures take a few days, and some may take up to two working days.

 

You can also sign the documents in your own country by going to the Bulgarian consulate and booking a day for the same via online. It will take up to ten days for processing at 70 euros.

 

Benefits of creating a company in Bulgaria

 

1. Bulgaria is in a perfect place with access to both Asia and Europe hence widening the market to cover two continents. It also means that you can get the materials quickly from both continents. With its strategic place, it involves significant traffic will pass through hence increasing the market for anyone. Bulgaria being a European country, it means reduced custom duties but a great market.

 

2. Bulgaria has excellent tax benefits including low corporate income tax, low personal tax and flat tax rates. Bulgaria gives entrepreneurs a great advantage because of its small fee. It makes businesses to grow and offers the ability to maximize profits.

 

Its low tax incorporated with the low labor cost increases the profit to the company. Anyone who wants to grow their business then Bulgaria is one of the best places to invest and start up a business. Bulgaria helps entrepreneurs to save on tax and reduce the domestic burden.

 

Besides, the country has no restrictions for nationalities of the directors, and also there are fewer rules in setting up a business. The procedure is quite fast too.

3. Bulgaria opens the door to investment opportunities. Entrepreneurs, sole-proprietorship and even start-ups can get a high chance in Bulgaria. It has a secure banking system with some of the largest European union banks available in Bulgaria.

 

There is the availability of e-banking in these banks. There is an assurance of safety due to Bulgaria political and financial stability. The banks also help in ensuring less financial risks.

 

Bulgaria offers a very high skilled workforce. When creating a company, you need to cater to the workforce to help realize your dream as an entrepreneur. Therefore, getting a skilled workforce is essential.

 

When opening a company, you need to look at the following costs that you may incur. Registration fee is about 983 euros for the registration forms, certificate of incorporation, business name and company documents. Other agents may help in anything, and their payment might increase the cost a bit.

 

Conclusion

 

Bulgaria is a great nation with many business opportunities for foreign investors. It has low tax and low labor cost that will help get higher profits. The process of business formation is fast and requires minimal documentation.

 

There are many types of business that one can create in Bulgaria. It comes down to an individual choice and vision. Investing in Bulgaria is one way of realizing dreams.

Social Security ordinance was introduced May 1965 for the objective of providing benefits to certain employees or their dependents in the cases of sickness, maternity, employment injury or death, and for matters ancillary thereto

The different social security benefits available to secured persons are

Sickness Benefit

A secured person who is certified, by a medical practitioner authorized by the institution in the manner provided in the regulations to give such certificate, to be incapable of attending to his work in sickness shall, subject act to regulations, be entitled to received to sickness benefits at such rate as may be fixed by government by notification in consultation with the institution. Sickness benefit shall be paid throughout the period of sickness of the secured person but for not more than ninety days in any continuous period of 365 days. But in the case of T.B., it will be paid for 180 days out of 365 days. No sickness benefit shall be paid for the first two days of sickness.

Maternity Benefit

The condition of payment of maternity benefit is payment of contributions for not less than 180 days during the 12 calendar months immediately preceding the expected date of confinement. The maternity benefit is payable for a period of 12 weeks.

Death Grant

The rate of death grant is equal to 30 times the daily rate of sickness benefit.

Iddat Benefit

On the death of the husband of a secured woman, she is entitled to receive Iddat (Islamic concept) benefit equal to the daily rate of her wages during the period of her Iddat.

Medical Care during Sickness

A secured person and his dependents shall be entitled to medical care in the manner and to the extent provided in the regulations.

Injury Benefits

A secured person shall, subject to regulations be entitled to receive injury benefits as may be fixed by government by notification. Injury benefit is not payable for the first three days. The maximum duration of payment is 180 days.

Disablement Pension

A person who has sustained total or partial disablement shall be entitled to receive disablement pension upon the expiration of entitlement of injury benefit. If a disablement pension has been paid for five years it shall be payable for a whole life.

Disablement Gratuity

Employees who sustain minor disablement shall be entitled to a disablement gratuity at such rates for different degrees of disablement as may be fixed by the government by notifications, in consultation with the institution.

Where a person receiving disable pension ceases to suffer from the total are partial disablement but continence’s to suffer from minor disablement he shall on the termination of disablement pension he emitted to disablement gratuity.

Survivor’s Pension

Where a secured person dies as a result of employment injury, survivor’s pension is payable to each of the heirs of the deceased in the proportions specified in section 42, subject to a maximum of the rate of total disablement pension which was payable to a deceased person.

The Company Ordinance defines share as “a share in the share capital of the company” It represents equal portions into which ‘the capital is divided. Each of these portions is called a share of the company.

A public company generally issues various classes of shares in order to satisfy the requirements of different investors. The powers and rights of various classes of share are laid down in the Articles and Prospectus of the company.

Kinds of Shares

Ordinary Share

These shareholder have no special rights in regard to dividend. They are entitled to participate in the profits earned by the company after the payment of fixed dividend to preference shareholder.

Deferred Share

These shares are issued to promoters who take initiative in the formation of the joint stock company. So these are also called “Founder’s Shares”. Some times such shares are allotted to vendors as fully or partially settlement of the purchase price of the business.

These are usually valuable shares, as these may have an entitlement to participate in all profits remaining after the payment of shares.

Preference Share

These shareholders have preferential rights or privileges in respect of the payment of dividend or repayment of capital in the event of winding up of the company. They are entitled to receive a fixed rate of dividend out of the profits of the company in priority to other share kinds.

Should you invest in shares or Not? Details here

Different Types of Preference Shares

Cumulative Preference Shares

These shares have additional privileges in regard to payment of dividend. If the profits of anyone period are insufficient to pay their fixed dividend, the right to such dividend accumulates until all arrears of unpaid dividend due to them have been satisfied in full.

Non Cumulative Preference Share

Such shareholders are entitled to a fixed rate of dividend out of the current year’s profit. If the profits are not available for distribution, the arrears of unpaid dividend are not carried toward to subsequent years.

Participating Preference Shares

The holder of such shares are entitled to preference dividend at fixed rate arid to participate further in surplus profit after all the other shareholders have received a specified rate of dividend. In the absence of written provisions, preference shares are deemed to be non-participating.

Redeemable Preference Shares

A public company may issue these shares if so authorized by its Articles. Such shares are fully paid up before redemptions. The repayment of these shares is made by creating a Reserve fund or out of the proceeds of a fresh issue of shares made for the object of the redemption.

Guaranteed Preference Shares

These shares are for a fixed rate of dividend by third party. If the profits of any one year are not sufficient to pay such dividend, the guarantors have to pay the same of their private resources.

The Difference in Shares & Debentures

Shares	Debentures
Represents a share in the share capital of the company	represents the acknowledgement of debts of the company
Shares holders are the owners of the company	Actually they are not owners but are considered as creditors of the company
They have the right to participate in the management of the company thought Board of Directors.	The cannot conduct the management of the company neither directly not indirectly.
Shares holders have got right to participate in the profit of the company at the specific or variable rate.	Debentures holder have got right to enjoy interest at the fixed rate.
The shareholders cannot withdraw their share capital unless the company goes into liquidation or decides to reduce its share capital	The amount of the debenture is returnable after the expiry of the specific period.
The process of distribution of point or loss among the shareholders may be justified in Islam.	As debenture holders have to receive interest in every case irrespective of the profit or loss it cannot be justified in Islam
The rights and power of the shareholders are laid down in Articles of Association.	The rights and power of debenture holder are mentioned in the certificate, issued at the time of accepting loans
Shareholders have got second right in regard to the repayment of capital if there is any balance at the time of winding up of the company.	In case of liquidation debenture holders have first right to get back their amount from the company.
As the shares are not issued against the charge of any property of the company so these are considered unsecured	As the assets of the company may be charged against the loans, so debentures are regarded secured security.

Difference Between Share & Stock

STOCK: It is a fractional part of the capital of the company. It cannot be issued directly. But it can only be created out of fully paid up shares. This can be done (a) if authorized by the Articles of Association (b) By resolution of the company in the general meeting of the shareholders

Shares	Stock
Means a share in the share capital of the company. It is single unit into which the capital is divided	It is a fractional amount of the capital of the company. But it includes group of shares into which the capital may be divided
Share represents share holders of the company and in respect to this share certificate is issued to each	Stock represents stock holders of the company and in respect to this stock certificate is issued to each stock holders
Shares must bear distinctive numbers	Stocks are not numbered
It may be fully paid or partly paid	It must be created out of fully paid shares
A share cannot be further divided into small portion. It can be issued and transferred in term of complete share	It is divisible and it can be issued and transferred in fractional unit
Each share has a definite face value	Each stock may have any face value
It can be issued directly to raise capital of the company	It cannot be issued directly for any purpose

Important Note

The above-mentioned types of shares have been described in the company Act 1913, But according to section 90 (I) of the companies ordinance 1984 “A company limited by shares shall have an only ordinary share capital, which may be sub-divided into different classes.

Provided that this sub-section shall not apply to preference shares issued before the commencement of this ordinance or in pursuance of a contract or agreement entered into before such commencement”.

A cooperative undertaking or organization is a voluntary association of individuals for the common interest of its members. It is formed for conducting some business activities. It is a protective device used by the economically weak persons of the society to safeguard their common interest against the exploitation of economically strong.

The cooperative may thus be organized not for earning a profit as the main motive but with the basic object of organizing to render services to its members. It is a democratic form in which the consumers are the owners and managers. Mr. James says that cooperation is self-help made effective by an organization.

Principles of Cooperative Organization

The following are the fundamental principles of the cooperative organization (cooperative societies).

Voluntary Association

It is a voluntary association of persons where there is no restriction for its membership. Any person can become a member of society and can leave it at any time after due notice to the society.

Equality

The capital of the society is generally divided into a number of shares of equal value. In this form of organization, all members enjoy equal rights of ownership and consider equal voice in the management of the cooperative enterprise.

Honesty

Its members must not be dishonest and selfish. All the activities must be carried on honestly and fairly.

Cash Terms

Generally, the goods are supplied to its members on a cash basis. To deal on credit terms is strictly prohibited. This tendency creates the habit of thrift among the members and saves the cooperative society from bad debts and keeps members out of unnecessary losses.

Self Services

All the administrative and business activities are conducted by the members themselves. Salaried persons are also employed but they have no voice in the management.

Distribution of Surplus

In principle, the cooperatives do not distribute their profit according to the capital held by the shareholders.

But the surplus earned by a cooperative is contributed to the following sectors.

• At first, a moderate rate of interest on capital is provided to individual members.
• Some portion of the surplus is spent on social and welfare activities of the members.
• Some amount is transferred to reserve fund for strengthening the institution.
• Another portion of the surplus is utilized for the payment of bonus to the employees.
• In the case of consumers cooperative society, the surplus may be distributed among the members on the basis, of the purchases made by them.

Democracy

It is a democratic form of organization where every member is allowed to participate in the management of the business. “One member, one vote” is the basic principle of a cooperative organization and therefore managing committee cannot overlook any section of members.

Economy

All the activities of the society must be carried on economically and unnecessary expenditure and wastage are to be avoided.

Spirit of Sacrifice

The cooperative society must be based on the principle of all for each and each for all. There must be a spirit of self-help and mutual help amongst the members.

Service Motto

It is a form of the business house not with the profit as the guiding motive but with the primary object of rendering maximum services to its members.

Solidarity

There must be trust and confidence among members for the successful operation of society. The members must be united, associated while taking any decision regarding certain matters.

The interchange of commodities between two or more persons who extract or produce them and who actually consume directly or indirectly is known as trade. In other words, it includes all those activities which are engaged in transferring the title of the goods from the producers to the consumers using any trade or distribution channel.

Trade is a very important part of commerce and it also includes those factors which help to remove personal hindrances in the exchange of goods. Another important function of trade is to serve as an intermediary between the consumer and the producer.

As an economic activity TRADE also means carrying the goods from the producers to the place where the goods are in demand. The wholesalers, retailers, and different agents play a vital in transporting goods from the first place to the second.

The person who is engaged in removing the title of the goods from the producers to the consumers is known as a trader. Exchange of goods from one man to another is taking place under the guidance are supervision of the trader. He collects goods from the producers and transfers them to the consumers.

Classes of Trade

Trade is carried out both within the country and outside the country. Within the country trade (HOME TRADE) has the following two kinds:

• WHOLESALE TRADE
• RETAIL TRADE

Trade with foreign countries (FOREIGN TRADE) has the following three types:

• Import Trade
• Export Trade
• Re-export Trade

Classification of Trade

Home Trade

Home trade is a system in which the function of buying and selling goods is performed by certain traders within a country. It is also named domestic trade or internal trade.

Whole Sale Trade

The wholesale trade is concerned with the buying and selling of goods in large quantities. He thus forms a link between producers and retailers.

Retail Trade

Retail trade is concerned with the buying of goods in small volume from the wholesaler and selling them to the ultimate consumer. The retail trade includes small shops, stalls, hawkers, departmental stores, mail order businesses and multiple shops. The retailer is the last link in the chain of distribution. He is the middleman between the wholesaler and the consumer.

Foreign Trade

Foreign trade means trade between countries. The refers to that branch of trade that takes place when goods are exchanged between the buyers and sellers of the two countries.

Import Trade

It consists of bringing foreign goods into the country for home consumption through a legal import procedure.

Export Trade

It refers to the supply of the country’s products to foreign countries using an export procedure.

Re-Export Trade

In this type of trade, goods are imported for the purpose of re-exporting them to some other country. This class of trade is also described as Trans-shipment.

Procedure of Importing

The importation of goods from foreign countries necessarily involves a certain amount of detailed regulation. Which the individual importer, and the foreign exporter, must consider. The method of procedure of importing from abroad is as follows

Import Licensing

All imports of goods into this country must be covered by an Import License issued by the State Govt. This license is generally issued for restricted quantities of goods. Sometimes a trader may obtain permission’ to import unlimited quantities of a commodity. The purpose of the licensing system is to preserve a balance between imports and exports.

Placing of the Order

The trader sends an order or indent to the exporter stating the full particulars about the goods he wants, the price or the rate of the price he is prepared for the same, and the time when he requires them. Tenders are never invited either from the manufacturers or from the various shipping house in the foreign country because that will give publicity to the order which might be prejudicial to the interests of the importer. Strict secrecy should be maintained with regard to the order.

Opening a Letter of Credit

A letter of credit is the most essential document. It is opened by the foreign buyer (Importer) through his banker in favor of the exporter after the order has been accepted.

Booking of Exchange

After this, the importer has to book the rate of exchange at which he will be required to pay in home currency for the bill drawn upon him by the exporter in order to avoid heavy fluctuation of the exchange rate. The exchange brokers are there to help the importer in this connection.

Advice of Shipment

After booking the exchange, the importer has not much to do until the arrival of the goods at the port of his country. In the meantime, the agent, or the branch of the exporter’s bank in the importing country informs him of the arrival of the documents leading to delivery of the goods so that he can arrange for the payment of the bill of exchange in time.

Payment of the Bill

The agent or the branch bank of the country of exporter will present the bill of exchange along with relative shipping documents to the importer. The bill will be paid at the rate of exchange already booked. If the importer cannot meet the amount of the bill, he can arrange for its payment with his banker who will help him at a reasonable rate of charge.

In that case, the banker will ask the importer to give a letter of HYPOTHECATION and the bill of lading in his favor.

Delivery of Goods

Good imported into his country must be cleared through customs and may be subject to duty or taxes. If the goods are duty-free, the importer has not to face any problem with their delivery from the customs people. Delivery will be allowed after the usual examination and the importer will collect and take the articles to his godown. If the importer is not in a position to clear the duty, three courses are open to him.

In that case, he might either elect to warehouse the goods in the customs, or Bonded Warehouses and pay the warehousing charges, or arrange with his banker for payment of the amount in exchange for some security or a LETTER Of HYPOTHECA TION whichever step is convenient to him.

Dispatch of Goods by Clearing Agent

Generally, the goods imported are cleared by the clearing agent of the importer at the port. After duly satisfaction, it will be dispatched to the importer by goods using any transportation mode.

On the same day, receipt and other necessary documents will also be posted to him by the clearing agent. After receiving these documents the importer will arrange to handle his goods from the authority concerned.