If you are ready to enter the world of international business and begin exporting your goods or services, there are a number of steps you will need to follow. The five tips below will help you as you enter the overseas market.
1. Do your research. This is the first step and one of the most important. You can choose to conduct your own research or hire someone else that specializes in this field. However, you will need to understand the culture and regulations of the country that is receiving your product, along with the costs, packaging, competition and other similar factors. You should use this research to develop a thorough business plan.
2. Choose a distributor. This is the person or company that will be responsible for selling your items overseas. Compare a number of different companies before making your selection. Also, make sure you create a legal agreement that covers all aspects of your business relationship.
3. Ship your product. Choose the best method for sending your product to the distributor, which can include ground transportation, air freight or cargo shipments. Determine the benefits of each one and choose the most cost-effective method of shipping your goods.
4. Understand your finances. You will need to select the payment method that works best for you and meets the legal regulations of both countries. Some businesses choose to use wire transfers while others rely on checks or credit cards. As your business grows, be sure to keep a watchful eye on all of the money that you spend and payments you receive.
5. Develop smart relationships. Find individuals that are experienced in exporting products and use their expertise to help develop your business. You can also consult your local government or community organizations such as a chamber of commerce. Finally, you can conduct online research to answer any questions you may have.