Regardless of the news on trade agreement negotiations, international trade continues to present opportunities for Wyoming small business. In support of international trade, the state of Wyoming established an Asia-Pacific trade office in Taipei, Taiwan in 2018. This means Wyoming small business has in-country trade specialists to assist in market development by identifying possible buyers and trade events. Below are five exporting tips for Wyoming companies to consider when evaluating if your business is ready to develop an overseas market in the Asia-Pacific region or any other country.
Tip #1: Commitment
Businesses new to exporting can expect to face numerous challenges such as redesigning packaging, establishing logistics, or getting paid. The market development process takes time — often two to three years to establish a foundation. It is important that the business understands this or mistakes may happen and setbacks may occur. Strong management support is critical to achieving success in overseas markets.
Tip #2: Research
To be successful in international trade, a business must research the potential markets. There are many factors to consider, including the market demand for your product, the market growth prospects, and competitive landscape. The Wyoming SBDC Network is available to assist your company in conducting this research.
Tip #3: Focus
Exporting will create new operational processes within your company. In most case, new-to-exporting companies begin by exporting into just one overseas market based on the research. The experience gained from that focused effort is applied toward new international markets. If the Asia-Pacific region provides opportunities for your product or service, leverage the expertise in the Asia-Pacific trade office to assist your market development focus.
Tip #4: Resources
Developing an international market requires resources — primarily time and money. A company with revenue growth from domestic markets is usually in the best position to exploit international opportunities. There is a steep learning curve when entering an overseas market including packaging, regulation, documentation, logistics, marketing, and sales requirements. Having a dedicated person as an export specialist is beneficial.
Tip #5: Knowledge
Look for opportunities to develop and expand the export knowledge for company employees. The Wyoming SBDC Network is a good first stop for international trade education with several export-topic webinar recordings available and an international trade specialist to answer your questions. If your product is value-added agriculture, the USDA Western United States Agricultural Trade Association organization offers cost reimbursement programs to assist in market development; there is no better education than to visit the market.
If you would like to expand your market overseas, contact your local Wyoming SBDC Network advisor for no-cost, confidential assistance by clicking here.
About the Author: John provides business advising services to Wyoming small business entrepreneurs. His work experience spans the mining, manufacturing, information, financial, and retail industry sectors. He has held corporate management positions in product development and international marketing and managed foreign operations offices. John has been a Series 7 qualified general securities representative and a small business owner in information technology and retail start-up companies.