An export-ready business has the capacity, resources, and management to deliver a marketable product or service on a global scale at a competitive price.
Consider your strengths and weaknesses in these crucial areas as you explore export opportunities:
Is your management committed to sustaining your export effort? Does your management have international business experience?
Do you have the capacity to serve both your existing domestic customers and your future international clients – even if demand increases in one or both areas?
Product design / ability to adapt
Can you adapt your product to suit international preferences and meet the safety, language, and efficiency requirements of international markets? Can you adapt your packaging and promotional materials to fit your target market?
Domestic market success
Does your product or service have a distinct competitive advantage over others in the market?
Have you done the research to ensure that your product will be viable in your target market? Can you make your promotional material available in the necessary languages?
Can you sell or use the technology and trade name associated with your product in your target market without infringing on intellectual property rights?
Do you have access to the capital necessary to produce your product or service? Are your financial resources stable enough to cover unexpected costs resulting from unpaid bills, distribution problems, or language barriers? Are you aware of the financial risk of international trade and familiar with ways to reduce it?
Are you familiar with the labour standards of your target market? Is your staff equipped to deal with language barriers and different cultural norms?