Exporting can be a lucrative option for businesses across the globe, but an option that many are hesitant to introduce into their current service offering due to the significant work that goes into it. However, when planned effectively, exporting can bring significant returns for a business.
If you are considering exporting for the first time, we have put together our top tips to consider to encourage exporting success.
First time exporters
Research your market
In the first instance you should thoroughly research your market on an international level. This will not only help in identifying key locations in which your product is likely to attract interest, but also ensure that demand for your product does indeed exist internationally. In addition to this, carrying out competitor research will help to pinpoint whether they have themselves had experience in exporting, and if so, how successful it was for their business.
Ensure you have the resources
Investing in exporting takes a great deal of time and money, therefore prior to taking this step, it is essential that you evaluate your business’ financial and employee resources to ensure you have the capacity not only to carry out the various tasks required when exporting (e.g. logistical and customs considerations), but to deal with increased demand for your product.
For any business insurance is vital, but particularly for companies that are exporting goods, relevant insurances will ensure that you are protected. Those dealing with air, sea or road freight may wish to consider ‘marine insurance’ for cover of goods that are lost or damaged during transit. In addition to this, when offering credit to clients it is a good idea to take out insurance against the risk of non-payment when carrying out an export contract.
With Brexit still very much up in the air, it is difficult for exporters to put a plan of action in place however doing your research and understanding what you will be required to do when we leave the EU is vital to ensuring that you don’t experience any delays to your service.
Partner with an experienced company
Businesses both new and established in the exporting world choose to partner with exporting specialists. This is the most efficient way to ensure that your goods travel from origin to destination effectively.
Here at Grace Overseas we have been providing expert freight forwarding services for over 30 years. We provide air, road, sea and express freight services to businesses, and with agents in all major locations throughout the globe, we ensure that our customers continually receive a reliable service.
Contact our team today to start your exporting journey.