1. Can Expanding Into Exports Really Boost Profits?
Here’s 6 Steps to Show You How!
If you’re a small businessownerhere inthe state of Florida,youmaynot realize thatyouhave an
untappedrevenuestreamrightatyour disposal:exports!Nomatterwhat yourproduct is,if there isa
marketfor itoversees,youare missingoutonpotential profitsbynotofferingyourproductsinthat
market.
But, can justany small businesstake advantageof thisopportunity?Are some bettersuitedthanothers?
Here are six stepstohelpguide youonyour decisionmakingprocessaboutif exportingisrightforyour
businessandif itis,the correct way to proceed:
Step One: Assess Your Readiness
Do a little researchaboutproductssimilartoyoursonthe global market. Whatprice pointsare theyat?
How doesyourproductcompare inspecsand performance?Are youable todelivera“better
mousetrap”tothe internationalmarketatpricesthatwill actuallybe profitable?
Additionally –howpreparedare youto meetthe increaseddemandthatopeningupintonew markets
will create?Make sure youare settingyourbusinessupforsuccessbygettingintoexportsbefore doing
anythingelse.
Step Two: Get the Proper Training
The nextthingyou’ll needtodoisreach out to a local US Export Assistance Centerwhere youcangetall
the material andhelpyouneedinorderto prepare to engage inExportsales.There are US Export
Assistance Centersineverymajorcityinthe US.
At the center,you’ll findall sortsof helpfromemployeesof the SBA,the departmentof Commerce,and
the US Import-ExportBankaswell asmany otherorganizationswhosesole purposeinbeingatthe
centeristo provide resourcestoUS businessesthatwantto engage inexportbusiness.
Step Three: Develop an Export Plan
The US SBA had developedanextremelyhelpful BusinessPlannerthatwill helpguide youthroughthe
specificsof gatheringthe informationyouwill needdevelopingandsettingthe goalsyou’llneedto
achieve forsuccessinthe exportmarket.
Thisplannerwill be akeyresource inhelpingyoudetermine the exportoptionsavailable toyour
business.
Step Four: Market Research
Thisis an extensionof the firststep.Now,insteadof simplyresearchingtosee if the move iswarranted,
youneedspecificlocationsaboutthe absolute bestmarketstoexpandinto.Be sure toaccessthe
publishedinformationbythe USgovernmentaboutwhichmarketsare bestaroundthe world.Be
specificanddeterminethe actual marketsyouwill be sellingtoat this point.

2. Step Five: Locate Customers
You’ll nowactuallyneedtolocate foreignbuyers,suchasretailers,etc.whowill buyyourproductsin
the foreignmarketyouare expandinginto.There are anumberof resourcesavailable toyouatthe
local,state,andfederal leveltohelpwiththis.Be sure toenlistthe helpof yourbusinessattorneyas
well asyourlocal US ExportAssistance Centertoleverage these opportunities.
Step Six: Check out the Export Financing Options Available to You
One of the bestwaysto ensure yourexportexpansionisasuccessisto take advantage of the financial
aidavailable toyoudesignedtodojustthat – helpmake US businessownerssucceedmore easilyin
international markets.Here are afewoptionsyoumaynot currentlybe aware of:
SBA Export Express
Thisprogram offersbusinessesasmuchas $500,000 to helplaunchan exportdivisionof theirbusiness.
Withapprovalscomingas quicklyas36 hours,it doesn’ttake longtosee if youqualify.Basiceligibility
guidelines are:
 Have beeninbusinessforatleast12 months
 Be able todemonstrate the loanwouldsupporteligible exportactivity
SBA International Trade Loan Program
The ITL providessmall businessesoffersavarietyof workingcapital,fixedasset,anddebtrefinancingin
orderto helpanybusinessthathasbeenadverselyimpactedbyimportbusiness.Tobe eligible,you
mustbe able todemonstrate there isanexportmarketyoucan move intoand that yourbusinesshas
currentlybeennegativelyimpactedbythe importmarket.
Still have questions?
Please call us for a free appointment with Miami business attorney
Yoel Molina in our Miami office at 305-548-5020.