You need a product or service which is in demand in overseas markets
Exporting can be a profitable way of expanding your business, spreading your risks and reducing your dependence on the local market. Austrade research shows that, on average, exporting companies are more profitable than their non-exporting counterparts.
Exporting exposes you to new ideas, management practices, marketing techniques, and ways of competing that you wouldn’t have experienced by staying at home. All this considerably improves your ability to compete in the domestic market as well. By going overseas, you can become more efficient and increase your productivity.
The step-by-step process for exporting includes:
- Getting ready – Learn the basics of exporting and prepare your company for export.
- Export strategy – An export strategy is an essential component of your business plan.
- Market research – Good market research entails finding out what actually drives a market and how to get the best out of it.
- Export marketing and pricing – The right marketing and pricing are both crucial.
- Visiting the market – It helps to visit potential export markets for yourself.
- Financial assistance – Financial assistance and advice is available from a number of government and private sector agencies.
- Agents – Most Australian firms rely on agents or distributors to represent their business in international markets.
To have a successful international business, you need a product or service which is in demand in overseas markets, as well as the necessary commitment, resources, skills and information to support sustained exporting activities over the longer term.