Did you know that exporters tend to perform better than non-exporters?
Judy Hendricks, an independent advisor with Service NSW Business Connect, has helped many NSW businesses identify opportunities and get ready for exporting.
'Exporting goes beyond just sending things overseas. It involves understanding different markets, being aware of regulations, and forming new sales strategies,' Judy explains.
How can I get ready to export?
The key to successful exporting is understanding your new market. 'A new market brings new opportunities and new competitors, so doing your own research is important,' Judy says.
Judy says that there are a few simple ways to do this:
- conduct online research on exporting in your industry
- read export market and global research reports to understand how other countries operate and their current trends
- network with other small business owners.
Here are some questions you can ask yourself to start your research and planning:
- Is your product or service selling well locally?
- Is there demand for a product or service like yours in your target market overseas?
- Can your business meet increased demand?
- What resources will your business need for labels and packaging?
- What are the local laws and regulations of your new market?
- Have you registered your intellectual property in Australia and your new overseas market?
Your answers will help you to paint a picture of what exporting might look like for your business or identify gaps to address.
How can I stand out?
Standing out in new markets may mean offering something different, focusing on quality or setting competitive prices.
Example
A NSW winery wants to explore Asian markets for growth. Their research shows that there is a demand for more environmentally friendly wine. They could look at entering the market with sustainability as their brand ethos and their organic wine priced just above the market average, aiming for a market of eco-minded buyers.
Managing finances and contracts
Extra support and cash will help you along the way. Judy suggests searching for loans and other finance options that are available for your industry and sector.
You also want to get paid, right? Find out what payment practices are available with your buyers – this can help you avoid surprises. For example, can you receive payment before you ship your product, or after? Or can you operate an open account with more flexibility?
Getting your product or service to your buyers
Freight and logistic processes and legislation differ from country to country. Judy advises businesses to consider:
- possible tariffs and taxes
- Australia’s exporting restrictions
- export declarations and certifications
- insurance.
You can find out what product and services you can export, permits you’ll need and any exemptions you may need to apply for by reviewing Australian export restrictions.
There are also different types of insurance to consider, such as marine transit insurance and goods in transit insurance. Your freight provider might be able to provide you with insurance. Otherwise, you can search online for a provider.
Where do I start?
Once you’re ready to start exploring the exporting process, it helps to have someone guide you through it.
A Service NSW Business Concierge can provide personalised guidance and can help you prepare for and connect with Investment NSW’s Going Global Export Program. The program offers eligible NSW businesses the opportunity to apply for free support to expand into new international markets.
A Business Concierge can also connect you to support from advisors like Judy from Service NSW Business Connect. They can provide free, independent advice on growing your business, as well as business planning, marketing and cash flow.
Start the conversation about your exporting journey by booking a call from a Business Concierge.