Expanding your small business overseas is a rewarding venture, but you need to get it done right the first time to succeed. Luckily for you, here at the Seamless brand, we know everything about small business export and expanding into international markets, guaranteeing you get the help you need.
To help you with your business expansion strategy, we’ve compiled a list of crucial steps to follow to export your business.
1. Research your market
Locating a promising market is key to exporting your business as it ensures your product/service has ready demand. When researching your market, look at all the options available, factoring in consumer wants and needs.
Since you’ll be entering an international market, you’re better off commissioning a specialist in the country you’re looking to export to for research purposes instead of performing it on your own. Alternatively, you can get country and industry insights, profiles and data from international business development companies such as the Sannam S4 Group that have carried out extensive market research in various countries globally.
This way, you get detailed information about your target market from professionals who understand how the local market works. This saves you a lot of headache and stress and minimises the learning curve.
2. Confirm demand
Once you’ve determined a promising market, it’s time to confirm demand to see whether there are growth opportunities for your product/service. You can start by looking at trade figures for your product/service and the target market that offers the best opportunities for your export business. Similarly, you can conduct a trial run to confirm whether the demand is worthwhile before investing.
During this time, consider examining the industry structure to know your competitors and what they’re doing to succeed.
3. Calculate the costs
Expanding overseas is an expensive endeavour, and you need to be prepared for all the additional costs, such as travelling repeatedly to your market. So, create a detailed budget for everything, including:
- Product/service changes
- Marketing materials
- Product development and marketing
- Costs of launching and supporting your export activity
- Legal obligations
- Hiring and training staff, and so much more
All in all, ensure you’re financially able to handle the expansion, whether that means seeking business funding or using company profits.
4. Understand the logistics
This involves knowing what you’ll need to operate or run your business internationally, including product/service warranties, local facilitators if there are language barriers, the most suitable mode of transport for your goods and insurance cover.
It’s wise to get expert help from companies like the Seamless brand to manage your small business export. They understand local routes and international markets, ensuring your business has everything it needs to run smoothly and effectively.
Exporting can be a complex and tedious process that requires long-term commitment to see positive returns on investment. Therefore, don’t rush into it and assume you can immediately crack new markets.
Instead, take time to understand the local market and get professional help. Contact us today for more information about small business export.