Tips Every Budding Exporter Must Read

Smaller businesses often believe that exporting is meant only for large enterprises. But that's normally not the case. 

In fact, 97+ percent of all exporters are small and medium-sized businesses having less than 500 manpower.

What's really shocking is the number of companies that aren't exporting yet.

Why would a business that is already successful in the local market want to begin trading overseas? 

Two prime reasons include improving sales volumes and increasing product life cycles. 

But the bottom line is that exporting can be a sure-fire way to keep your business developing and successful. And if your business won't target new global markets, odds are your competition will.

Moreover, the exporting has transformed into a much more streamlined process in recent years for even the smallest businesses mainly due to the internet, advanced logistics services, and export assistance from the Indian government and other bodies.

Before driving an export initiative, it is necessary to plan and prepare. Exporting a product or service abroad means doing business in a new environment where language needs, documentation, and payment choices all may be different. 

To better deal with those challenges, below are seven tips to practice:

Tip #1—Make a Commitment

Businesses new to exporting can await numerous challenges such as redesigning packaging or setting-up a new distribution channel. 

The entire process usually takes time—often two to three years to stabilize a foothold. No matter how ready businesses are to penetrate an international market, they initially will make blunders. 

It's essential that top management recognizes this because, without that firm backing, there may not be able to pull back at the smallest sign of a setback.

Tip #2—Do Your Analysis

Many businesses spend more time and money studying how to expand their current domestic market than on how to trade in the foreign country. 

To be successful internationally, do some research on potential markets. 

Which nations are leading suppliers or leading importers of your products? 

Which nations have the economical duties? 

Write an international marketing plan, but whatever strategy you decide, approach a range of potential problems from unique labeling conditions to new competitors.

Tip #3—Direct Your Efforts

In building any new process, it's recommended to focus on one area first. 

Besides, many successful exporters started by trading in just one international market, acquiring that experience, and then using that knowledge to new foreign markets. 

For example, first-time exporters in India often target Dubai as the first international market to enter. The proximity of Dubai is advantageous for new Indian exporters ramping up on their export experience.

Tip #4—Set Aside Resources

Penetrating new markets demands resources—principally time and money. Businesses in the ideal position to export already have a stable track record of national growth and a uniform revenue stream. 

When you penetrate an international market, you'll have a steep learning curve. Often, new obligations and in-house procedures can range from how goods are packed to how sales orders are treated. 

For many businesses, gearing up to export means having to reassign resources from local business opportunities.

Tip #5—Increase Your Business's Export Education

Look for possibilities to develop and increase the export education of your staff. Work toward credentials to assure you develop a baseline of abilities. 

For exporting businesses, boost the team to attain the Certified Export-Import Management Program credential. 

This credential is a recognized professional designation that illustrates an individual's practical export knowledge in conducting international trade including supply chain management, international marketing, and trade finance.

Tip #6—Hire Specialists

It's absurd that one person will know all phases of the export process in complete detail. As you plan to export, build a chain of specialists with knowledge across a spectrum of matters such as export paperwork, letters of credit, or foreign obligations. 

You will want to acquire some knowledge in-house; others you will want to outsource. At least, you will need a freight forwarder, manager, and lawyer who can support you. 

A recommended starting point for budding exporters is your state's Export Council, an association comprised of domestic business leaders who act as advisers to small- and medium-sized businesses that desire to export.

Tip #7—Leverage Government Resources

Export Assistance Centers located across India is a global chain of trade professionals who can offer ground support in many international markets to assist Indian exporters. 

Services mean helping Indian companies locate new business partners internationally, exhibit at international trade shows, analysis opportunities in new markets, or overcome market entry issues. 

Successful exporters can make great revenue and profits. But exporting does not come without its own set of difficulties and conditions. For small and medium-sized businesses that are new to exporting, proper planning and preparedness are crucial to ensuring success.

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