![]() ![]() For many businesses, the process can seem daunting. The more pressing question isn’t whether you should engage in trade, but whether you’re ready for it. You can strategically choose your markets, suppliers and customers and determine when it’s the right time to expand your exports. You can start small and grow organically. Exporting not only opens your eyes it opens doors.īest of all, engaging in trade doesn’t require a substantial investment in materials, equipment or human capital. ![]() It will also make you more resistant to fluctuations in the American economy. Finding customers overseas allows you to get up close and personal with customers in another culture customers who may ask for improvements in your product and service lines that will result in exponential growth elsewhere. ![]() The possibilities are almost endless.Įngaging in trade isn’t just about expanding market share and increasing profits. And if you’re a manufacturer, you can expand your business by selling wholesale to other businesses overseas. You may be selling the exact thing someone halfway across the world has been looking for forever. That may all sound well and good, but you may also ask why anyone would want to buy what you sell? Even with the best research, no one can predict with any certainty where a particular product or service will catch on, or if it does, if it will generate enough revenue to keep the business in business.īut you would be surprised what people need and want. Increasing the value of your business should you choose to sell it.Increasing the value of your intellectual property should you choose to license it.Protecting your domestic market by discouraging foreign competitors from entering your markets.Smoothing sales cycles, so they aren’t as seasonal or dependent on a single economy.Exporters report being 17% more profitable than those companies that don’t. The short answer is “in most cases.” Exporting has many advantages, including: When it comes to the idea of exporting, the question for many small business owners is, “Is it worth all the effort?” Before the pandemic, the value of exports was an impressive $2.5 trillion, and there’s every indication that this level of interest and demand will return as economies worldwide recover and rebuild. Most of these are small to medium-sized companies rather than the big corporate behemoths we associate with imports and exports. Strikingly, only about 12,000 businesses in Washington are engaged in international trade at the moment. market, 95% of consumers and three-quarters of global purchasing power lies outside of America’s border. ![]()
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