Exporting: Key Questions to Ask Before you Export
If you’re planning to trade internationally, your small business needs to be as prepared as possible. Are you ready?
- What are the unique selling points to your business proposition? Will there be a market for your products and services?
- Are there any legal barriers to your business model?
- Where in the market would you start?
- Do you have sufficient resources (management time, project finance and expenses) to fund your overseas projects?
- Who will be leading the project within your company?
- Do you need to work with an overseas partner to succeed? Can you communicate with them effectively?
- Have you evaluated business risks (such as protecting your intellectual property) and conducted research and due diligence?
- Do you know how to secure payment and get the right quality products?
Export Case Study – WOW Toys
Quality toy manufacturer WOW Toys decided to adopt an export strategy shortly after opening for business in 1997. Today, the London-based company trades with 40 countries around the world.
Managing Director Nadim Ednan-Laperouse says:
“These days, our international sales far outweigh sales within the UK. The revenue we generate from our overseas customers allows us to be a completely independent business. We also spread the risk, rather than relying on just one company.”
“If you’re serious about exporting, you need to recognise it as your number-one priority, focus on it and make it happen. Be open-minded and even opportunistic about which markets to pursue.”
“Sometimes smaller markets such as those emerging in Eastern Europe are easier and quicker to access. And make the most of support available from UK Trade & Investment. They can help you get on the right path to international success.”