08/10/2007

News / How to Export on a Shoestring Budget

Making the decision to export requires careful assessment of the advantages and disadvantages of expanding into new markets, especially for small and medium-sized companies. But there are various sources that help you export your product or service on a shoestring budget. Look at the following numbers, which show that the number of small exporters is growing:


Small and medium-sized firms account for the vast majority of growth in new exporters.


Small and medium-sized companies account for almost 97 percent of U.S. exporters.


Because nearly two-thirds of small and medium-sized exporters only sell to one foreign market, many of these firms could boost exports by expanding the number of countries they sell to.


More than two-thirds of exporters have fewer than 20 employees.

Planning

Once the decision is made to export, it is essential to develop an international marketing plan. An international marketing plan will allow you to develop an export strategy and plan your budget around that strategy. For assistance in developing an international marketing plan, please visit A Small Business Guide to Exporting. You can also find assistance at Developing a Marketing Plan.

Marketing

Thorough market research is also necessary when you begin exporting. The purpose is to identify marketing opportunities abroad as well as to identify prospective buyers and customers. Use market research to determine your product’s potential in a given market, the best prospects for success, and the market’s business practices before you export. If you are just beginning to sell internationally, narrow your focus by concentrating on no more than two or three best-prospect markets. Please visit A Step-by-Step Approach to Market Research and use this research guideline to get you started.

Financing

Financing options are available. There are two types of financing programs that help exporters finance their costs related to exporting. The Export-Import Bank (Ex-Im) of the United States and the U.S. Small Business Administration (SBA) offer the Export Working Capital Loan Guarantee Program (EWCP). The EWCP was developed to help business obtain private sector loans to meet their transaction financing needs through short-term working capital. EWCP guarantees are transaction specific, to be used to finance actual orders that companies have received from overseas customers, however they can be used for single or multiple transactions. Please visit Access Financing for Export Operations for more information. SBA and Ex-Im have a variety of loan products that may assist in executing your international strategy.
Source: http://www.export.gov/articles/caftada_issue.asp

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