The next step for many small to medium businesses for growth and diversifying is to export. Exporting can increase your business' sales and profits by creating new markets or expanding existing ones, and spread your risk across multiple revenue streams.
But how do you set your business up for the best chance of export success? Here are five steps to help gear you up for international trade success.
The recipe for export success for small businesses requires commitment, planning and research. There are regularly new government stimulus, grants, free trade agreements and changing international markets, which can create new opportunities for exporters.
Check out CCIWA’s Export Toolkit for more practical resources on breaking into international markets.
1. Understand your value proposition
What makes your product or service unique? What benefits do you offer that your competitors don't? Once you know your value proposition, you can start to market your products or services to potential buyers in other countries.
2. Do your research
Before you start exporting, it's important to research the export markets you are interested in. This includes understanding the local culture, regulations, potential roadblocks and competition.
CCIWA can assist you through our international network, the Australian Trade Commission and through the WA Government Invest and Trade offices.
3. Develop a marketing plan
Once you know your target markets, you need to develop a marketing plan. This will help you reach potential buyers and generate interest in your products or services. Your marketing plan should include a budget, timeline and goals.
How do you create an export marketing plan? We can step you through it.
4. Build relationships
One of the most important things you can do when exporting is to build relationships with potential buyers and partners. This can be done through trade shows, networking events and online forums. Building relationships will help you get your foot in the door and make a good impression, and is essential to long-term international business success.
5. Be patient
How long does it take to succeed in exporting?
Exporting takes time and effort. Don't expect to see results overnight. It may take several months or even years to achieve success, depending on the product or service and the market. But if you are patient and persistent, you can achieve your export goals.
Some additional tips to help you increase your chances of export success:
- Use a freight forwarder – A freight forwarder can help you with the logistics of shipping your products or services overseas. They can also help you with customs clearance and other paperwork.
- Get insurance – Exporting can be risky. It's important to get insurance to protect your products and business from damage or loss.
CCIWA’s International Trade Services helps businesses reduce the time, cost and risk of going global. Contact the team for a free consultation on (08) 9365 7620 or via [email protected].
CCIWA Members receive a discounted rate on our international trade services. Not a Member? No problem, our team can support you, too!
