Just For Starters: How to Start Your Own Export Business

Just For Starters How to Start Your Own Export Business

What is Export Business?

The term ‘export’ is derived from the conceptual meaning as to ship the goods and services out of the port of a country. The seller of such goods and services is referred to as an “exporter” who is based in the country of export whereas the overseas based buyer is referred to as an “importer”. Speaking alternatively, an export’s counterpart is an import.

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Exports are a valuable part of any countries business. By exporting made in country products almost every country earns a lot. Businesses that sell their goods and services to customers in other countries are exporting them – they are producing them in one country and shipping them to another. Exporting is one way that businesses can rapidly expand their potential market.

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Export Business is characterized by The Following Features:

1. Seller called ‘exporter’ is in one country and buyer called ‘importer’ is in another country.
2. Seller can sell his / her goods directly to the buyers or through intermediaries called indirect selling.

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3. Compared to domestic marketing, exporting has been found more challenging.
4. In case of domestic sales, manufacturers typically sell to wholesalers or direct to retailer or even direct to consumers. But with exporting, manufacturers may have to sell first to importers who then, in turn, sell to wholesalers.

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5. On account of extra layer(s) in the distribution chain of exports squeezes margins and manufacturers may need to offer lower prices to importers than to domestic wholesalers.
6. Exporting requires significantly lower level of investment than other modes of international expansion, such as Foreign Direct Investment (FDI).

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7. Exporting allows managers to exercise operation control but does not provide them the option to exercise as much marketing control.
8. An exporter usually resides far from the end consumer and often enlists various intermediaries to manage marketing activities.

How to Start an Export Business?

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An export business is a business that sells products to a country other than the one where the goods are manufactured. While it may seem like most exporters are large corporations, more than 96 percent of exporters in the United States are small business owners. To start an export business, you will need to decide which products you will sell, complete the requirements for establishing a business, find funding, and develop channels to sell your goods in other countries.

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1. Planning Your Export Business.

• Decide what type of export business you will open.
• Figure out what you will sell.
• Identify your target market.
• Understand your target consumer.
• Write a business plan.
• Estimate your startup costs.

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2. Starting Your Business

• Register your business and apply for a business license.
• Find funding.
• Get insured.
• Rent office and storage space.

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3. Exporting Products Successfully

• Partner with a company or individual who can assist you with exporting your products.
• Take advantage of technology.
• Organize shipping.
• Make deals with buyers.
• Set payment and pricing terms.
• File the proper documentation.
• Fill your first orders.

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Benefits of Export Business:

Exporting offers plenty of benefits and opportunities, including:

• Access to more consumers and businesses. If you’re only doing business in this country, you may be limiting the total potential profits you could earn on opportunities to expand your business worldwide.
• Diversifying market opportunities so that even if the domestic economy begins to falter, you may still have other growing markets for your goods and services.

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• Expanding the lifecycle of mature products. If the domestic market seems saturated for your goods and services, you can introduce them to new markets in other parts of the world.
• Potential financing assistance from U.S. government agencies through loan guarantees that can help fund your exporting initiatives.

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