5 basic steps to consider for 1st time exporters
At Full Circle we recognise that for SME’s in particular, beginning to export can be quite a daunting task! Here are 5 steps that you should consider if exporting is the next step in your road to success.
1. Research is key!
Decide on a location. You should do this by conducting both primary and secondary research and identify the best location based on the market opportunity for your particular product or service. There are great research resources available both online and through Invest NI’s Business Information Centre. A geographic region close to home is often the best export market to begin with. For example, if you are a Northern Ireland based business then ROI or GB would be a great place to start. It’s close to home and the markets are quite similar in that they are English speaking and share the same time zone.
2. Have a plan
It is important that you don’t take your eye off the ball with your current operations in your domestic market, so you need to make sure that you have both the capacity and the resources to make your export journey a success. Building out an export development plan will provide you with a clear strategy that you can then begin to implement.
3. Consider the best route to market
The internet has dramatically enhanced the opportunities for SME’s to expand internationally much faster and with less risk- selling directly to B2B and B2C customers. An E-commerce strategy that targets particular export markets well may be the best route to market for your small business. Alternative routes to market that you might want to consider include appointing a strong and reputable distributor or working directly with a sales agent.
4. Ask for help
There is an abundance of help and support available for SMEs from both local and national government departments. Engaging with your local economic development office or enterprise agency is a good place to start.
5. Monitor your progress and set realistic targets
The creation of sales targets gives you something to aim for and helps to make exporting a priority in your business. Monitoring and evaluating your progress is then the crucial step in what should be a continuous cycle of improvement on your export journey. It is important to review and tweak your strategy so that it is fit for purpose and not just a document gathering dust.
To discuss how Full Circle could support you with your export endeavours, contact us to arrange a consultation.