This month is all about business exporting. Each week we have talked about exporting and how it can benefit your small business. The first article introduced you to exporting and provided you with a guide to small business exporting. Last week’s article gave you 8 reasons why you should export. This week we want to determine if your business is ready for exporting. To find out if you and your business is ready for exporting, ask yourself these six questions:
- Have you received any unsolicited inquiries from foreign firms?
- Are domestic sales of your product doing reasonably well?
- Do you have a relatively strong share of the domestic market?
- Is your product price-competitive in the domestic market?
- Does your product compare favorably with domestic competitors in features and benefits?
- Is management committed?
You can seek out additional information on exporting from websites that offer training, seminars, and trade events such as: www.export.gov.
Register for upcoming training. Search for opportunities by industry or country. Peruse the FAQ. Visit the Blog. SBA State Trade and Export Promotion (STEP): Grant monies were awarded to 47 states to promote exporting. Learn how this promotion can assist you with exports through incentives such as training and travel reimbursement. The SBA has three loan programs to help small business build export capacity. They are:
- Export Working Capital Program for capacity building to support sales,
- International Trade Loan Program for businesses that plan to export, and
- Export Express that helps businesses expand their export sales.
If you’re ready to apply for a business loan now, click here to contact us. To learn more information on small business loans and to find the one right for your business, visit the loan products page.