Is going global your next market opportunity? Are you ready?

file7971292337680Substantial business opportunities exist for small business in the international marketplace. But it doesn’t come free. A small business must prepare itself before crossing the big ponds. Here are some facts and tips to help.

How is the USA doing?
• $1.83 trillion US exports
• 12.5% of GDP
• 6.8 million jobs supported by exporting

How are exports affecting jobs?
• 19.4% of manufacturing workers depend on exports for their job
• 8605 companies export
• 7550 are small businesses (less than 500 employees)
• 30% of total exports generated by small business

How is Wisconsin doing (economy)?
• $23.0 billion in merchandise shipments
• Largest export markets

    Canada – $7.6b
    Mexico – $2.1b
    China – $1.5b

• Largest export categories

    Machinery – $6.9b
    Computers/electronics – $3.0b
    Food products – $1.7b
    Transportation equipment – $1.8b

How is your state doing?
Check with the U.S. Export Assistance Center in your area

Business readiness
1. Take the Export Readiness Self-Assessment
2. Get training and counseling
3. Create an Export Business Plan
4. Conduct Market Research
5. Find Buyers
6. Obtain Financing

Self-Assessment Components

1. Do you have a successful domestic market?
2. Do you have an International Marketing Plan?
3. Do you have sufficient production capacity?
4. Do you have financial resources and human resources to take on International Trade?
5. Can you deliver the same level of service as you provide to domestic customers?
6. Do you understand foreign regulations for packaging and ingredients?
7. Do you understand shipping challenges?
8. Do you have adequate knowledge of export payment mechanisms/foreign currency exchanges?

If so, you are probably good to go!

For more assistance click here.

About Guest Blogger

Guest bloggers for the TDS Business Blog.

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  1. Why now is the time to make the global leap | TDS Business - October 30, 2013

    […] blogger, Laura Schmitz, recently outlined several things to consider before determining if going global is your next market opportunity. In addition to her excellent advice I’d like to share insights I gathered from attending an […]

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