There are many reasons to consider exporting your products or services:
- The USA is the world’s 3rd largest exporter, with exports of $1.6 trillion. Exporting is not just for giant corporations as 98% of exporters are small to medium size companies.
- 95% of the world’s consumers and 70% of the world’s purchasing power is outside of the USA. Imagine if you decided to sell your products in Virginia and Washington state, but nowhere else in the USA. That is what selling only domestically is like.
- Trade finance, trade agreements, and the internet have made exporting internationally easier than ever. A small business can compete globally just as multi-national corporations do.
- Companies are better able to ride out fluctuations in the USA economy and are more likely to stay in business when they export. Foreign countries might be ripe markets for existing products that have saturated the domestic market.
Offset Seasonal Slumps
- When its summer here, it might be there winter there. Global markets can help even out seasonal domestic purchasing cycles to create more stable annual sales.
- Increased sales and a stable sales pattern may mean you can put idle production capacity to work. Leverage your fixed overhead costs to do more with what you have invested in.
- The USA is known worldwide for high quality, innovative goods and services, customer service, and sound business practices. Being based in the USA tells international customers and partners that you play by the rules and can be trusted to do what you say. Use this to your advantage when competing globally.
- Research shows companies grow and innovate more quickly as a result of exporting. Diversification of sales markets is one reason. However, the knowledge gained from exporting to different countries will help companies adapt their products to specific markets and learn about global sales trends. Your domestic sales will likely increase as you become more globally aware.