Tuesday, May 7, 2013
The Ten Commandments of Exporting
I You MUST have a plan before starting your exporting effort. Target specific markets and be wary of unsolicited business from unfamiliar sources. The risk of non payment cannot be overemphasized.
II Check the tax situation overseas to he sure you are in compliance. Establishment of a local overseas entity will be permanently impacted by taxation.
III Protect your trademark, patent or copyright carefully so as not to lose your right of ownership.
IV Do not invest heavily in any one country too quickly. Instability of politics & economic conditions are uncontrollable.
V Obtain qualified export counseling thru associations specializing in Int'l. trade: ex: SCORE; Dept. of Commerce - and see below.
VI Be wary of joint ventures. Joint venture means local overseas guidance. The guide will influence you rather than you forge ahead independently.
VII Persevere. Longer lines of communication create delays. Market entry has a longer half life. Do not neglect export opportunities in favor of domestic.
VIII Exercise extreme care in selecting agents or distribution channels. Legal constraints can make separation difficult if not impossible. NEVER sign any contract in exchange for an order.
IX Payment options are limited in export. Know your customer. Check credit by requesting at least three other suppliers to the customer, preferably from the USA. Credit practices by foreign suppliers are totally different than ours.
X Completely change your collateral material to the language of the target market - make your offer comprehensible to your buyer. Caveat: communicate with your customer only in English to avoid misunderstanding due to language barriers.
ON LINE HELP FOR EXPORTERS:
www.export.gov useful info on exporting including regulations, industry & country reports
www.exportbis.doc.gov resource data: Dept. of Comm. Int'l. Trade Div.
www.buyusa.gov/home/fuse.html listing of exporters' products for customers around the world.
YOU CAN LIST YOUR PRODUCT
http://us.kompass.com directory of foreign firms. You can identify prospects and/or you can list yourself to reach prospects
www.export-u-com a site for training yourself on How to Export
www.webportglobal.comq you can communicate with other exporters for information sharing on markets, etc.
for more contact Hank Samuel; Certified SCORE counselor:
visit us at: www.scoresouthflorida.net