As the pound is at a huge low at the moment it has created an opportunity for British businesses and that opportunity is exporting. Helen referred to it last week when she commented:
“The Euro and the Dollar are both giving a golden opportunity to British exporters. At around 1.12 to the pound, the Euro is still some 10% stronger than its 2008 average, making our goods and services attractive to the European market.”
To be honest importing and exporting (IMEX) can be a rather tricky business with many laws in place to protect consumers and promote at home manufacturing. Because of this I have decided to pull together my top five tips for businesses interested in exporting to help make the whole process a little less daunting. This is by no means an exhaustive list, just a few hints to get you started:
1. Start Small
Amongst their tips about exporting success, morebusiness begin with the great advice to start small.
“Pick a product that you're interested in and the next time you have some vacation time, go to a country that makes that product, buy some of that product and bring it home and shop it around.”
By evaluating which products are popular on a small scale at first, you’re less likely to regret any decisions you make. The idea of testing out the waters before making a big leap seems very logical, particularly when first starting out in exporting.
2. Do your research
You’ll need to contact all the necessary associations to find out if there are any special requirements for your products to be exported. A useful start is the British Exporters Association where you can download some key documents and read up about the regulations.
3. Never underestimate the importance of planning
A tutor once said to me “If you fail to plan, you plan to fail” and I have to admit this rings true in many situations. Before entering any market you need to find out exactly what’s going on, how you will fit and most importantly, how you will stand out against your competitors.
4. Take advantage of the internet
As a blogger, you’d expect me to point out the importance of creating an online presence when exporting. Try to develop a website, which will not only represent your company and products but can save you time and money.
But, if you’d rather wait before you take that step towards a website, there are numerous free online trade boards, import-export directories, forums, etc which you should become familiar with.
Morebusiness suggests looking particularly at alibaba to help put you in touch with manufacturers and suppliers of the products you want, or find an online directory for the country you're looking at exporting from.
5. Don't try too much at the beginning and don’t grow too fast
Australian export website, Export61 present some interesting export tutorials and end with some useful information to bring you back down to earth:
“It’s important to only concentrate on one market at a time, moving on to the next only after succeeding in the last. Wait until cash flow is good enough to justify your expansion.”
In the current economic climate it makes sense to take advantage of opportunities but also be extremely cautious and take things slowly, especially if you’re new to the industry.
**Warning – blatant client promotion** And finally, for my sixth tip, 4X provides a great service for those of you starting out in importing and exporting, as its service is an easy, instant and price transparent way to convert your currency and pay any foreign suppliers. I did warn you.
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