Import Export Institute: Dispelling Export Myths
When companies consider exporting, like any serious decision, they need to weigh the advantages and disadvantages. If, after careful consideration, they come to the conclusion that exporting their product or service will be beneficial, they should proceed, but with caution. However, if the business comes to the conclusion that they should not export and base that decision on perceived myths, then they will lose out on tremendous opportunity. Below, we have some myths that we want to dispel. All decisions should be based on facts.
MYTH: Exporting is only for large companies.
FACT: Small firms account for 97% of all exporters, and 70% of companies have 20 or fewer employees (Dept. of Commerce).
MYTH: I don’t need to export, my domestic sales are strong.
FACT: Your over-seas competition is most certainly looking at the U.S.. market also. Meeting your competition in their market will lead to a global competitive edge for you. Additionally, when your business is dependent on one economy for success, what happens when that economy experiences a down-turn? By casting your sales net wide, and having many successful markets, when one experiences a down-turn, your company will continue to thrive.
MYTH: Only experienced exporters or financial experts can accept payment in foreign currency and understand currency exchanges.
FACT: You can quote your prices in U.S.. dollars. Or, if you have a bank that has an international presence, you can use their expertise in the area of currency conversion. Also, there are government resources available to assist in this area as well.
MYTH: I can’t sell in foreign markets because I don’t know the language.F
FACT: Many foreign business executives and business owners speak English. Additionally, many trade intermediaries or distributors in foreign markets speak English. The U.S.. Department of Commerce can provide assistance with translators.
MYTH: My overseas orders can be handled by my website. I don’t need to actively pursue international sales.
FACT: Is your website translatable? If foreign visitors can’t read about the product(s) you sell, how can they buy? Is the payment system on your website able to accept international payment methods? Additionally, if one order is coming in from one foreign market, it is safe to presume that there are many other potential customers that you can actively reach as well.
At the Import Export Institute, we have export training and services available to give you the edge to make your international expansion efforts successful. Please contact us and we can provide you with the information and tools so that you will be a successful exporter.
We encourage you to contact us. Please call our training office directly at 352-364-4644. Our office hours are Monday – Friday, 8:30 a.m.. – 5:00 p.m.. EST. Weekends and evenings by appointment.