If you are considering doing business in international markets, an export plan is key. You will learn new things about your business, and it can even give you credibility with lenders and potential buyers. Doing your research and thinking through the steps will give you insight into target markets, goals, required resources, risks, and potential rewards.
1. Identify and document your export objectives
Your list of export objectives should consist of short- and medium-term goals that are realistic and measurable.
2. Conduct market research to determine your best targets
Extensive knowledge of your customers and your competitors is key to determining where your best export opportunities lie.
Start your research with these six key international markets:
The following resources provide additional help in finding the best export market for your business:
3. Select your product offering
Some businesses export all of their domestic products and others export only a selection. Understanding your international buyer will help you decide the best option for your business.
4. Create your marketing strategy
Language, culture, communication styles and business customs vary from country to country. By understanding your target country and customizing your marketing strategy, you will attract buyers more easily.
Learn how to plan the most effective marketing approach for your target market:
5. Identify and manage your risk
Export risks can take many forms – from non-payment for goods to political strife in your international market.
Carefully research the risks of entering the global market and learn how to prepare for them: