Exporting is one of the ways to expand your business and reduce your dependence on local market, improve your company performance, productivity and competitiveness.
There no rapid techniques to do it. Before you examine what market your business can export too, you need to ascertain think through the following:
- Reasons for exporting : you need to ascertain that you have a good reason to export
- Does your business have staff that can dedicate time to undertake this new activity? Do they have the skills, expertise and commitment?
- Do you have an export business plan? Or have you become an exporter by accident, after an internet enquiry?
- Capability : Does your business have the funds to:
- spend on new marketing activities
- visit the market to meet distributors and/or consumers
- make product modifications or packaging changes
- Gain certification, pay insurance, and get protection for your intellectual property?
- Does anyone in your business have market development experience, negotiation skills or international marketing experience? Will you need to recruit or hire a consultant?
- Does your business have the funds to increase stock holding, or to increase payment terms?
- Is your workforce casual or full time?
- Do you know who your competition is in the export market? How many are there? What is their market share? Why do customers buy their brand? Are they cheaper?
- What will they do if your product is launched in their market?