Many small businesses fail to see the benefit of exporting because they believe that it’s for giant corporations only. However, about 97% of all U.S. companies export from small to medium scale businesses, according to statistics.
As export processes have been more standardized in recent years, the availability of export logistics and systems from some countries. For example, US buyers have shown a tendency to buy from your company if you already have a track record of company success in exporting, which is one of the world’s most transparent and competitive markets.
One of the biggest reasons why companies turn to international export is because they need goods or exporting needs that aren’t available in their domestic markets. Perhaps they run out of certain goods or can’t find a locally available product to buy. The alternative, of course, is to ship the products across the world in small shipments, sometimes using freight forwarders and sometimes using cargo ships, which are either small craft or large sea vessels used for bulk shipping.
Here are some useful tips to make your international export successful:
1. Do a Research
Before you start exporting your products, you need to have a clear idea of your target market and study the trends that are going on in the countries where your products will be sold.
While all the tips for international export stress getting information from as many sources as possible, you need to be very particular about knowing your product thoroughly. Even though the price of imported goods is considerably lower than that of the local ones, this doesn’t mean that your local content holds the same value in the eyes of the buyers. Therefore, make some research before doing an international export.
2. Assess If Your Company Is Ready for Export
You have to assess your company’s capacity to expand for international export. Ensure that you’re ready in terms of cash flow, company reputations, and product offerings. There’s a need for capital and resources to break into a new market. You can make a contingency plan if you focus your resources on international exporting without jeopardizing your main source of income.
3. Make a Careful Export Planning
When you assess if your company has the capacity for international export, you can answer the following questions:
- Can your staff handle the export, or do you still need to hire additional staff?
- Do you have enough resources given the high demand for the export products you want to sell?
- Can you do the packaging without any labeling issues in translating or modifying the label?
- Are you an expert in international trading and marketing to launch your products in trade shows?
These questions are essential for successful international export since these are crucial to your business.
4. Optimize Your Online Presence for International Buyers
If you want to increase exports via eCommerce, make your website more attractive by emphasizing your ability to take foreign orders. You can also make your website multilingual to improve your foreign markets. And another thing, it’s essential to list your goods in local currency and to have detailed packaging, prices, and which countries are accessible for your products. These tips can increase your chance to succeed in the international export business.
5. Understand International Export and Logistics
An international export process begins when a company needs to send its goods to one foreign country. The company then sends a ‘call’ or request to the appropriate authorities in that country to arrange for customs brokering services.
After receiving an international export request, the responsible authorities in that country provide a customs broker with a list of possible international export destinations. A corresponding customs declaration is then offered. The commercial invoice carrier uses this declaration to determine which commercial invoice carriers will be authorized to transport the item or items requested to another destination.
After this step, the consignor, or the person making the request, enter into a ‘boundary agreement.’ This agreement establishes the terms of the shipment as well as any duties that may be charged. The signed agreement is then submitted to the designated exporter or his delivery agent.
After receiving the completed customs declaration, a foreign trader may decide whether or not to enter into a formal international export compliance program. Many foreign traders choose to enter into such a program since it helps them avoid unnecessary fees by adhering to the various regulations set forth by both the exporting country and the importing country.
Takeaway
Many people who wish to take their business to the next level try to get all the tips for international export to make their export successful. These tips will help you with your business and make you aware of relevant and useful tips in every international export process.
