Gathering Foreign Market Research
Posted on January 4, 2008
Some Key Questions to Ask Yourself Before You
Begin Exporting Are:
* Should I expand my company through exporting?
* Do I have any products or services I can export?
* What is the cost of failure?
* Are we prepared for the demand of success?
When you are ready to begin your research, you need to start by identifying the most profitable foreign markets for your products. To get this process underway you will need to classify your product by the HS-Code/Schedule B number found in the Small Business Administration's export guide or in the export assistance center.
Once you have the HS-Code/Schedule B number, you can then focus in on finding the countries with the markets that will be best suited for your product. This will help you determine which foreign markets will be the easiest to penetrate with the products you intend to export and further define those export markets you intend to focus on.
If you are aware of any U.S. customers or other companies who are doing business with the country you are hoping to export to, talk with them and learn from their experience. Additionally, you can learn a great deal from companies who are exporting, even if their product or industry is different than yours. Often times you can gain good market data through the US International Trade Administration, who also many times has a list of trade associations in a specific industry on their web page.
The following is a list of government resources available to you to help in conducting your research on your international expansion.
* U.S. Export Assistance Centers (USEACs)
* The U.S. Small Business Administration
* The United States Export-Import Bank
* The United States Department of Agriculture
* The United States Department of Commerce and Trade
There are also many resources available that may or may not be tied to the government, but are not considered federal government resources.
These include:
* State Economic Development Offices
* Foreign Embassy Commercial Sections
* Exporters' Associations
* Trade Associations
With the number of avenues available and the ease of which information can be accessed, you will have no trouble finding and evaluating opportunities for exporting your product or services.
Doing Business Internationally
Avoid Being Taken When Selling Internationally
Posted on February 19, 2008
Any number of seemingly perfect international sales opportunities could very well be scams in disguise. As you consider selling internationally, there are some precautions you need to take to make sure you don't end up the next victim. Read More »
How Value-Added Taxes Effect U.S. Exporters
Posted on February 15, 2008
The Value-Added Tax (VAT) was created in the 1950s by French economist Maurice Laur. It is a government tax that is charged at each stage of production. Here's what you should know about it. Read More »
How to Create an Export Plan to Sell Internationally
Posted on February 15, 2008
Once you have decided to sell your company's products overseas, it's crucial that an export plan is developed. When preparing your export plan, you'll be able to research and carefully examine your potential export markets, develop company goals, and determine what (if any) limitations exist. The result: a custom-designed strategy that prepares your company, products, and promotional efforts to succeed in the export business. Read More »
