Exporting takes your business to a whole new level. This means you are doing a good job. It means your business is succeeding because someone from a place so far away want to try your products. Whether it is through word of mouth, or through the internet, the international market will always be a big deal for businesses. It means you are ready to expand to greater heights.
If you want give it a try, here are a few elements that you have to consider.
Exporting tips every business needs to know
- Exporting preparations
It is not as easy as contracting someone to ship your goods. There are actually a lot of things you need to prepare for. First of all, when you export goods, you have to understand that you are not shipping them locally. It is an international shipping so you have to make sure that you are not sending something too heavy or against custom requirements. So read up on your own country and the country you are exporting them to so that you can avoid any kind of error or delay in shipment. Take note of the taxes as well because when you export internationally, you are not supposed to be charged by your own country’s sales tax anymore.
Don’t forget currency fluctuations! Some businesses usually don’t earn as much with exporting because they fail to notice currency fluctuations. So see how stable the currency you plan to start trade in is, and see for yourself if you need to adjust the prices of your products.
- Look for your target market
In exporting, you have to be able to maximize the possibilities. You have to be able to sell things not only to specific countries but to international customers in general. You have to make sure you can get a market in each country so that you still have the possibility to expand. If your product isn’t something you’re sure that will cater to other countries then talk to local business people and experts. They may have just the right marketing tweaks you need to sell your product to others.
If all else fails, you can always research.
- Produce and supply internationally
If you’re exporting products, you may as well import your materials. For instance, if you already export, you can import materials in bulk from developing countries. Examples are China, Indonesia, South Korea and Taiwan. These countries are the ideal countries for exporting and importing since their items are generally cheaper if bought in bulk, thus making production costs cheaper. If you make products like clothes, this is particularly helpful.
- Be culturally sensitive
To export products means dealing with customers of different cultures, races and origins. So in order to increase your market, and make your product more excitable to others, you have to take their culture into account. English is a universal language, but that doesn’t mean that everyone in Asia or Europe know English very well. So when you are exporting products, make sure that their labels, instructions and other guides are not just made in English. Make it understandable for other countries, especially if you are to export for them. For all you know, they may not be able to use your product more efficiently. They may even not be able to respond to marketing very well because they have a hard time understanding it.
So ideally, if you plan to try exporting, it may be best to first start in countries you have experience with or you speak the same language in. Remember to try to avoid countries with political unrest or conflicts with your country as well. It may not be good for you, especially if you’re just starting out.
- Be practical
Sure you can fly to other countries to pitch your products once in a while, or maybe even meet your customers but you shouldn’t do it so recklessly. We are in the age of the internet when everything can be done in the comfort of your own home. Is it necessary to book a flight and a hotel? If not, then save your pocket money for more important expenses instead.