1. Is exporting risky?
The risk of exporting fluctuates depending on the market. Some markets, such as Canada, are no more risky than selling to the United States. Even then, any risk or fear that exists can be reduced or even eliminated by the counseling services offered by both the federal and state government.
2. MY BUSINESS IS DOING WELL DOMESTICALLY, WHY SHOULD I START EXPORTING?
Exporting is an excellent way to grow your small or medium sized business. If there is a market for your product in the U.S., there is definitely a market for your product overseas. Going global can only grow your market and increase its receptivity. Furthermore, getting involved internationally decreases your business’ sole reliance on the American economy thereby increasing opportunity for longevity and stability. Competition in your company’s market is increasing within the United States, especially from foreign businesses. There might be a higher demand for your product abroad. With trade growing exponentially and trade barriers falling, staying domestic is missing an opportunity.
3. IS IT DIFFICULT TO GET PAID?
With the increase of globalization and the exponential growth of international trade, trade finance and global banking are becoming more common. Trading internationally has become the norm. It is safe and efficient. There are several reliable payment collection methods that can be employed depending on your company’s needs.
4. IS MY BUSINESS TOO SMALL TO EXPORT?
No. A company of any size can go global. If there is a market for your product in the United States, there is a market for it overseas.
5. I DON’T HAVE INTERNATIONAL EXPERIENCE. HOW DO I WORK WITH OTHER COUNTRIES?
Speaking the language of your clients is always helpful, English will take you far. Having a friendly disposition and a willingness to learn will smooth over most cultural differences, and research will take care of the rest. Before you do business with people of a different culture, inform yourself about the differences between American culture and theirs. Simple things such as humor, dress, religious holidays and dietary practices are all tricky areas that could create problems. Research ensures that you will avoid those problems.
6. This all seems too complicated.
Where do we start?
Exporting is relatively easy and requires minimal paperwork. If you are confused about where to begin, start by reaching out to local resources available to you. The federal and state governments are prioritizing exporting simply because of its economic benefits, which means that a plethora of resources are available for businesses. The TNTrade team can guide you through the process step by step and be there to answer any questions. Contact us today to get started.