Did you know that exporters tend to perform better than non-exporters?
Exporting isn’t just about sending products overseas. It involves understanding new markets, complying with regulations, and adapting your sales strategies.
So how can you get ready to expand your business into international markets?
Do your market research
The key to successful exporting is understanding your new market. A new market brings both opportunities and competition, so doing your own research is essential.
Some simple ways to start include:
- conducting online research on exporting in your industry
- reading export market and global research reports to understand how other countries operate and their current trends
- networking with other small business owners.
To start researching and planning, ask yourself questions such as:
- Is my product or service selling well locally?
- Is there demand for a product or service like mine in my target market overseas?
- Can my business meet increased demand?
- What resources will my business need for labels and packaging?
- What are the local laws and regulations of my new market?
- Have I registered my intellectual property in Australia and my 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
Access to finance and support can help you make the transition into exporting. Research the loans and funding options available to businesses in your industry.
It’s also important to understand how and when you’ll be paid. Different buyers and markets may have different practices. For example:
- payment before shipment
- payment after delivery
- open account arrangements with more flexibility.
Getting your product or service to your buyers
Freight and logistic processes and legislation differ from country to country. Key things to consider include:
- possible tariffs and taxes
- Australia’s exporting restrictions
- export declarations and certifications
- insurance options.
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 the steps.
The Service NSW Business Bureau can provide personalised guidance and 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.
Start the conversation about your exporting journey by booking a call with the Service NSW Business Bureau.