Do you want to export?
Exporting can be a profitable way of expanding your business, spreading your risks and reducing your dependence on the local market. Like any business decision, the key to a successful exporting venture is planning.
There are no quick ways to do it. Before you look too deeply into what markets your business could export to, you should consider the following points.
Is your business ready 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?
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?
Once you can truthfully say that your business is ready and capable of exporting, you are ready to look at the next steps.
12 Steps to Successful Exporting
1. Export for the right reasons.
2. Assess your capability and readiness.
3. Select your markets.
4. Collect information.
5. Understand documentation and finance.
6. Prepare an export plan.
7. Establish your market entry method.
8. Use the right promotion.
9. Finalise pricing.
10. Prepare to visit the market.
11. Prepare your sales pitch.
12. Visit the market and follow up.
Determining whether you are ready to enter the international business arena requires both an examination of your commitment in terms of resources, as well as your ability to compete with international competition. Once you have done this initial review of your capabilities and feel confident, you should visit our Business Tasmania website to learn what are your next steps.
We at Business Tasmania thank our colleagues at Brand Development and Marketing for writing this article. It's great!