When you get involved in an import-export type of business, you will need to chase opportunities along the way. Paying attention to the trading process is even more important for your export company if you want to break into new markets. There are ways to develop your international trading that involve spending more or fewer funds and resources.
The chances are that if you own a small business, you will want to save your funds for serious investments. Even with good guidance, it takes some time until you break into a new market with the perfect export goods. And if you are wondering what the best ways to identify export opportunities are, keep reading to find out!
- Check the export-import statistics
- Choose your country of destination wisely
- Stay active online
- Evaluate your chances
- Have a plan
1. Check the export-import statistics
Statistics are exposed each year to help people just like you. You can find them online or at different governmental authorities and study them by yourself. Be sure to check statistics of exports and even imports for at least the last five years. It will help you get a clue considering the changes that can happen on the market from one year to another.
When it comes to export trade statistics, you will find valuable information such as the type of goods that are most exported but also the amount that they sell for each year. Not only will this help you to identify trends but also adapt your business to those trends. When you want to grow your business, statistics might be the key to certain opportunities found on the market.
If you have a small business, you might need to get familiar with these statistics yourself. But if you have a special research department things should go much easier. Your team should be able to analyze local statistics concerning the market that you want to enter and give you a good result to rely on.
You might be surprised to find out that you can already export the most popular goods wanted on the market. In this case, the opportunity is in your hands, and you can develop your business significantly by taking advantage on it. Watching the economic news and following the major newspapers in the country will also help you get a good idea about exports. Most countries base their economies on import-export businesses, and you should be aware of the big picture of these trades.
2. Choose your country of destination wisely
One of the main aspects to consider is the country you want to break into. If you have your heart set on a country or another, but you can’t meet the export requirements, you might want to reorient yourself. Maybe choose a different country that is in need of the goods you can export easily. It is important especially if you are a beginner in the import-export type of trading.
When you export goods to an African country, you will be pleased to realize that there are plenty of opportunities for you. African countries import everything from rice and other foods to technological products and even pharmaceutical ones. All you have to do is find the best match between your possibilities and the country’s needs.
You can also look at the type of industries that country has and where they could use some help. Usually, a country will not import a lot of a good that they export for instance. So, if you find an African country that is famous for exporting cocoa such as Ghana or Ivory Coast, you might not want to consider importing the same product into that country.
These are mistakes that beginners can easily make in the import-export process. But as time goes by and you gain more experience, you should know how to avoid them. Breaking into a new market is a perfect way to start a foreign trade that will improve your business altogether.
3. Stay active online
In this type of business, if you are not online, you don’t exist on the market. Both importers and exporters negotiate and identify new opportunities on different forums. But before you start making your presence known, you have to build your website and your brand awareness.
Make sure to have an attractive logo and slogan that represents your business well and advertise it. It will attract new clients, and it will also build your trust in the eyes of the importers, which will be your main partners. Also, include testimonials and reviews on your website so that new potential clients will find it easy to trust you.
Once you have your website in place and a few social networks to advertise your activity, it will be time for an SEO campaign. It will make it easier for your clients to find you through different search engines.
Not to mention that it will be a perfect way to advertise your business abroad. Try to stay in touch with potential importers from the markets that you want to break into. Let them know your offers and be willing to negotiate better deals in case it is needed. If you keep yourself flexible to their needs you increase your chances of working together.
Each market has its requirements and standards, and as an international trader, you will have to meet them. But the good news is that you can find all the information that you need online and incorporate it into your import export strategy. It will also help you get new import-export business ideas which are priceless for your company!
Ideally, you should consider investing in an IT department that will make sure your online presence is a quality one. Also, you can choose certain people to be in charge of certain tasks and responsibilities for the outcome. This type of strategy will not only ease your job but also increase the quality of your services in the long run. The more you get involved in international trading, the more reliable you will be on your IT department.
4. Talk with the experts
You can do all the research yourself and even develop your export strategies for the long run. And while this might make you successful, it is always better to consult the experts in the matter. Some companies will help you get in touch with importers and also identify new opportunities for you. At the end of this article, you will find out about a very good way to talk with experts in the matter and develop new plans together.
You might think that you have it all lined up for the future of your company. But more often than not this is not the case for new exporters. An expert will guide you on how to grow your business and how to break into new markets easier. They can also help you adapt your business to the new requirements of the market and develop it from there. But you have to be willing to learn new ways to do import-export business and implement them correctly. It will help you understand how the market works and how you can reach success on it. By contacting experts, you will save time and stay on the right track from the beginning of your import export process.
But make sure to be aware of your products and their quality. Also, have prices set in place before starting to look into opportunities to advertise them. Once you give this type of information to experts, you can expect the best feedback and guidance. But you can’t start finding new opportunities before you know your company’s potential very well.
5. Evaluate your chances
There are always new chances to get financial success, especially on the import-export process. But the secret of success also stays in your ability to evaluate those changes in a realistic way. Before exporting a new product to a certain country, make sure that there is a high demand for the imported products on the market of that country. When it comes to imports, they usually are very closely connected to the exports which work in your constant favor.
If you want to break into an African country, it will be easy to find the most popular imported products and even try to join the trends. You don’t have to find a revolutionary product and start exporting it just to see how it works. You can start by adjusting your products and goods to the ones that you already know the market needs. And once you generate profit, you can develop new import-export paths and improve your company along the way.
By evaluating your chances, you have to keep an objective eye on your potential profit. Understand that what you invest at the beginning might take time to bring profit along the way. Also, most exporters collect a significant profit in the first year of activity on a new market. Stay optimistic but also realistic when it comes to all the details involved!
An accountant, as well as a lawyer, will help you understand the risks that you expose yourself but also the potential profit that you can reach. While evaluating your chances, try not to make important decisions without consulting people who know what they do in the matter. You might want to organize your company in such a way that will help you reach your goals easier and faster.
6. Have a plan
Before starting any investment, it is important to have a plan. Start by having a brainstorming session with your team and decide on the ideas that are worth it. You will have to consider more aspects when you are putting together your plans such as marketing ideas, logistics, and actual sales. You will have to pay attention to both import and export goods because they are all connected to each other.
You can’t make a plan for exporting a certain product without having a plan for importing it on the country. This is where you will work closely with your importer partner. If you export goods to Africa, you will be able to find many importers to meet you in the middle of the process. And importers are a key element to take your plan to a successful end which is why you can’t neglect it!
While you are making your plan, you might need to evaluate your team and decide if you can use new people in it. Sometimes you might discover that a new specialist is needed or a new accountant. And these adjustments can be crucial to your overall success. You can also find such people in the country that you plan to export your goods to.
Many exporters grow to become local importers in African countries. They develop new businesses to support certain industries and offer jobs to locals. It can also be part of your plan especially if you are an expert exporter and know your way well.
Putting your plan together is also important to evaluate your capacity well enough. Be aware of your capital and your capacity of investment before diving into a new market. If you notice that you need some internal improvement, you should consider it.
Once you get into the import-export process, you will not have time to invest in your company. Your funds will be directed mainly toward your new export process, and that can cost you a lot. This is why setting things in place in your own company is important before trying to invest in new and ambitious projects.
And last but not the least; you will have to consider a shipping method for your goods. Especially when you export large quantities of it such as tons of rice and sugar. When it comes to Africa, you can ship goods by sea or by air, and both options are reliable.
But the final decision will depend on many factors such as goods insurance and type of products. You will find it very useful to talk to your importers when it comes to deciding on a shipping method.
They will be able to suggest which one is the best for your goods and the easiest for you. Along with the shipping method, you will have to fulfill some paperwork that will be the connection between you and African authorities.
Why You Should Start Exporting Your Goods To New Countries
If you are still wondering about the benefits of this process, you have to find out that the reasons are many. First of all, you will achieve a whole new level of financial success by breaking into new countries. Second, you will reach more brand awareness on a global scale which is important for your development. And last but not least, you will have the freedom to indulge in new import-export businesses.
It can make a difference for your company and overall for your professional status. Not to mention that you can always get to be an investor in any African country and contribute to the social and economic aspects of it.
You can also start an import-export kind of relationship with a certain country. It will allow you to import certain goods from that country while you export others. Such a trading chain can only bring you benefits for the long run and steady relationships to maintain. However, such situations might be rare so you will want to stay focused on small goals, to begin with. Reach a financial success as an exporter and then try to find new ways to develop your company.