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Hi. I am a shipping company director, transport academic, author, family man and all round nice guy. I have worked as shipbroker, shipowner, freight trader and bulk charterer, in senior positions, with some of the largest and most disrespected (joke) companies in the world. Ask my advice on all things shipping and you will receive my blunt and always honest answer. Hang around to learn more about chartering and ship broker salaries, chartering and ship broker jobs, chartering and shipbroker recruitment agencies, cheap freight, maritime education, chartering and ship broker qualifications, become a ship broker, tips on how to be a successful bulk shipping executive, philosophy, Zen and the art of shipbroking, and much more. Yours The Virtual Shipbroker (recently proclaimed the guru of shipbroking) Copyright © 2009-17 by Virtualshipbroker

Sunday, April 19, 2009

Starting a shipbroker business - part 3

For the experienced shipbroker. Should you start your own business?

I think there has always been enormous potential for experienced shipping executives to start their own shops. But surprisingly, considering the the potential rewards and the relative ease by which this can be done, shipping executives seem to be surprisingly reluctant to move out of established comfort zones.

Why the reluctance? Possible reasons...

1. Broking different to running a bisiness

2. Happy earning a wage

3. General malaise and inertia.

4. Having a mindset that it is all too difficult.

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So from above, what skills and traits should an already experienced shipping executive have before taking the plunge?

- An Entrepreneurial Spirit.

- A good reason!

- A willingness to work hard....especially in the early stages upto 12 months or 2 years.

- Time to build the business.

- Competent at your job and at establishing systems.

- For the sole proprietor - the ability to delegate, outsource and create a business that makes you money but allows you to have a life at the same time.

"Apart from the actual negotiation process just about every other service; operations, postfixture, secretarial, marketing, market reports; that other shipbroking companies offer, can be outsourced!"

Actually - even the negotiation process can be outsourced under certain circumstances!

- Some clients, preferably close clients (may even just be one),

So for those of you with experience and looking for a change, think about working for yourself.

Follow a process, do your homework, canvas support, be creative in the way you set up your business and then weigh up your chances for success.

Good Luck

The Virtual Shipbroker

3 comments:

  1. I think being an entrepeneur may be time consuming, frustrating and risky sometimes but is also rewarding. When you fail is your fault but when you have sucess is product of your effort too, so having your own company is not just about earning more money but to grow personally as your company does it.

    I agree totally that being a former employee in a larger company than your start up may be a good way or even the best to have sucess. This way you will have not just the technical knowledge of the industry but also knowledge about how a company is organized inside. Sometimes small companies or sole traders tend to minimize the importance for them of writing a well organized business plan prior to start operations or quality management. A lot of people think those things are just for large companies, but all the companies whether big or not need to have an strategy finding its own place in the market and need to apply quality in its services to satisfy clients to have sucess.

    I agree that outsourcing is very powerful and even desirable for the entrepeneur when starting. This way you can have your costs under control on an on-demand basis. You always have time later to hire skilled employees if demand for your services grow.

    Best regards,

    David

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  2. Dear Sir,

    I am interested to know how much is the standard commission for sale purchase of ships. Whether broker gets commission from both buyer and seller?

    and second question is how brokers know about the ships that are ready for sale/

    thanks

    ReplyDelete
  3. Krishanu

    1 percent of the sales price. Re your second question - that is the role of the broker - to know what ships are for sale and who wants to buy them! Read my books any you will see!

    Cheers
    VS

    ReplyDelete