How Do You Know Your Business is Ready to Export?

There are many reasons why businesses decide to begin doing business internationally. Some include increasing your company's sales and profit, making your company more competitive, reducing reliance on domestic market. It can also include reasons like expanding the business, gaining credibility for the business, or just because you desire a change for your business.

Every business is going to select at least one of these motivations. But before you make any commitments, you want to make sure that exporting fits into your business. Once you have made the decision that exporting does indeed fit into your business' mission and vision, there are several other areas of your business that you should consider. These areas include:

Management Commitment - Motivating your company's management is one of the keys to success. If your management is receptive to the idea, the whole process will be much easier for everyone involved.

Export Resources - There will be a greater demand when you are exporting. Can your company keep up with the demand and be able to produce, distribute, and sell? The benefits of exporting are substantial, but the costs and investment into exporting can be significant. Are you prepared to wait up to a year before you see any profits from your exporting activities?

Product Aspects - Could your products be competitive or be in demand internationally? If so, will you have to modify them in any way to make them more competitive?

International Market Intelligence - You will need some amount of market intelligence before you enter a market. Research health, electrical, and technical standards and cultural preferences for ideas on how you may have to adapt your products. Do any of your employees have international experience? Talk with them to see if there might be a demand in their market of expertise.

These topics above are just a brief summary of the topics we will cover in tomorrow's Top 10 Tips webinar. Click here to learn more about the webinar and to sign up for it.