Ten key steps to successful exporting

Exporting goods and services to international markets presents many challenges and carries a fair share of risk. But exporting can deliver big benefits - including increased revenues, reduced reliance on domestic markets, or fast track growth.

In fact, there are many reasons why you may choose to export. You may decide:

• There is international demand for your goods or services
• There is scope for charging higher prices in international markets
• You want to reduce your reliance on domestic markets
• You want to grow or grow more quickly than you can solely in domestic markets
• You have the expertise to exploit unsaturated or growing international markets
• Competitive pressures in domestic markets force you to export to maintain profits
• Foreign competitors enter your domestic market, forcing you to counteract
• You want to launch an offensive into foreign markets before a competitor does
• Your business has relatively low production/labour costs compared to foreign competitors
• You have a strategic need, such as a desire to acquire technology, increased capacity or industry partners

So if you have good reasons to export… What are the next steps?

Assessing your export potential is crucial. Undertaking market research helps you identify and evaluate potential markets, encompassing an assessment of industry structure, likely levels of demand, the general competitive landscape and other factors such as whether you will need to develop your goods or services to adapt to foreign markets.

If your research suggests viable options, a carefully compiled export plan should be built defining precisely how you will enter your chosen markets.

To find out what’s next… Take a look at our Ten key steps to successful exporting

More info - View more resources on Exporting at the Business Link website