Originally written by Mike Wilson on Small Business
More and more start-ups and small companies are incorporating international sales as a core part of their business strategy from the get-go. Exporting for the first time is something more small businesses are thinking about.
In fact, around 10 per cent of all UK SMEs are exporters, with hungry, outward-thinking small firms breaking international markets and capitalising on the average £287,000 additional sales revenue each year which facilitating international orders can deliver for small businesses.
And research from the Government’s export credit agency, UK Export Finance, has found that firms trading internationally grew at a rate of over 15 per cent compared to just 8.4 per cent for those focusing on domestic markets over the last two years.
But exporting for the first time can be a tricky operation, particularly for firms with little experience of selling overseas, or indeed for small and sometimes very successful local business looking to expand horizons into new markets.
So, what are the key challenges for businesses exporting for the first time? What are those key barriers to entry?
>See also: Exporting: Liam Fox to announce financial support package for SMEs
5 things to remember when exporting for the first time
#1 – Identifying