Byline: Rachel Moss
EXPORTING can seem like a daunting business objective, particularly at a time when trading conditions are tough.
However there is still a great incentive to export and develop new markets that can help a company to really grow.
Although your business may have an established UK market, there's often no reason why it couldn't successfully compete overseas too, growing your revenue and profit.
Before you start, you need to have sound knowledge of your would-be markets.
You also need to consider whether your products are right for the chosen target market and whether you have the necessary resources to start exporting. Legal, transport and linguistic considerations also need to be taken into account.
The following are my suggested key steps to consider for successful exporting:
Firstly, research your market. You need to establish if your prospective foreign customer needs what you are selling at a price that will yield a reasonable profit.
Another research objective should be to establish the competition and how they will react to your entry into the market.
After initial research has been completed, implement an export strategy and review your capabilities to ensure that you can function effectively as an exporter and to establish exactly what your business can gain from exporting.
Then construct an export plan to define how you will enter the foreign market. Finalise human resources and marketing strategy and allocate an adequate budget to cover export start-up costs.
As part of your planning you need to choose your sales presence.
Establish whether you need a direct sales operation or if an agent or distributor would be more effective. …