You do a lot of business in the U.S. That’s great, but what about the rest of the world? Your company probably isn’t very big, compared to some of the others out there. You might think you’re “small potatoes” and it just isn’t worth going through all the hassle of the red tape. Well, you might be surprised by how simple it is to get started in exporting. What’s more, there are tons of benefits to “going global.”
Better Exposure Around The World
An obvious benefit to exporting is a larger global presence. When you made the jump from shipping locally to shipping nationally, you noticed a jump in visibility and revenue, didn’t you? It’s like that when you make the jump from nationally to international shipping.
When you have a better global exposure, you have more potential clients. More potential clients means that your business’s success isn’t tied to your country. If there’s a recession, or your industry experiences a softening of the market, there’s a lower risk of you getting caught up in it. Your client base is more diversified.
Better Business Reputation
There’s a certain kind of image that comes with international trade – a good one. When you have a good reputation at home, there’s a good chance that you’ll end up with a good reputation in global markets. You see this again and again with famous brands. Successful companies in the U.S. that are good at telling their story overseas tend to outperform companies that do not carry their company story outside of their home country.
That’s key: when you just market, and don’t tell your story, there’s no reputation being built. Being popular in the U.S. is no guarantee of success abroad. In a way, it’s like starting over (except that you already have the message you need to make your company a success).
Spend time building that reputation using PR. You’ll be surprised at what a little branding can do for you.
More Opportunities For Growth
If you’re a company like ISOStainless, it might not occur to you to sell internationally. After all, there must be thousands of companies out there that are sell banding tools and related equipment, right? Not so fast.
Before you write off the international market as “unreachable,” consider that most of your competition has already done this – write off international trade. They, like you, think it’s “too competitive.” The reality is that international trade is dominated by just a few players in many industries. Even when that’s not the case, the world is a big place. Not all companies try to sell in all countries.
This is a tremendous opportunity for growth for your company. In many “young” countries, or underdeveloped countries, there’s almost no competition. This is especially true when the infrastructure for your industry doesn’t exist or is still rudimentary.
Profit margins can be higher in these instances to account for higher transactional costs, which ultimately results in higher revenues and profits for you.
William Lux is an international businessman. He loves sharing his ideas for how to achieve global success on small business blogs.