Is Your Business Export-Ready? A Quick Test
Exporting is a big step. If you are thinking of taking it -- or better yet, long before -- assess the likelihood of success.
Of course, a serious assessment takes time and requires expert advice. But here is a ten-question yes-or-no test, adapted from Export.gov. Considering these questions can help you start to figure out whether your business is ready to conquer a new corner of the world.
Yes or No?
- Is your product or service selling successfully domestically?
- Do you have an international marketing strategy with defined plans?
- Can you commit production capacity to an export market?
- Can you afford to go abroad without harming current efforts?
- Do you have staff sufficiently knowledgeable for new markets and are you ready to hire new people as necessary without taxing your existent business?
- Will you be able to offer the same level of service abroad as at home?
- Do you have resources to hire experts on foreign regulations, including ingredient disclosures, packaging requirements, taxes, and more?
- Can you find the appropriate people for all of these needs even if money is no object?
- Can your product and business handle overseas shipping and freight, including regulatory aspects?
- Can you get financing and develop credit abroad?
A Daunting Task
If all of the above makes export sound daunting, do not be alarmed. Taking your business abroad is a big deal and should not be undertaken lightly, nor could it be, even if that were advisable.
You will need the advice of attorneys on how to proceed with everything abroad. From advertising to zoning, your business will be facing a whole new set of regulations to follow, as well as the additional reporting requirements at home created by the new venture.
Get Help Getting Started
Consult with a commercial lawyer to get started. Together, one step at a time, you can take your business abroad.
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Related Resources:
- Browse Business and Commercial Lawyers by Location (FindLaw Directory)
- What to Know Before Your Business Goes Global (FindLaw's Free Enterprise)
- 3 Considerations WHen Your Biz Goes Global (FindLaw's Free Enterprise)