Many of us have probably heard the following statement- “70% of the world’s purchasing power is located outside the United States.” But, what does this actually mean? It’s an easy statement to ignore, but when you’re a business owner trying to deal with fluctuations in the U.S. economy or you believe you’ve saturated the domestic market, you have no choice but to look across waters and gain access to purchasing power abroad. These days, improvements in trade finance, programs and trade agreements have made it easier for markets to open up across the world. As a small business, your competitors may be gaining market share globally, so it’s important to stay ahead of the game and begin believing that exporting is simple, practical and sustainable …
Is Exporting Simple?
Yes and No. Like most things, when you first execute on a business plan or strategy (such as exporting), it may be complicated because you’re trying to understand new export regulations, how to set up an international financial contract, foreign shipping, etc. But once you’ve established an exporting process and have tested out that process, things get simpler and the process can be transferred to other channels or markets in order to scale quickly. Government agencies such as the Small Business Administration, Export-Import Bank, and International Trade Administration have programs to help get your export strategy started as quickly as possible. Click here to download our “2017 Export Opportunities” eBook, which describes all of the government resources and programs available at your fingerprints.
Is Exporting Practical?
Yes, absolutely. It’s known that 95% of world consumers are outside America's borders, and as mentioned above, 70% of the worlds purchasing power is outside the U.S. Yet, less than 1% of America’s 30 million companies export, “a percentage that is significantly lower than all other developed countries,” according to the International Trade Administration. Exporting is practical for U.S. companies as many global businesses seek out doing business with U.S. companies because of our high quality goods and services and credible business practices. This poses a huge advantage for us, so it only makes sense to start looking at opportunities abroad, even if it means focusing on one target country to get your export plan started. Click here to learn more about “practical” exporting: Basic Guide To Exporting eBook.
Is Exporting Sustainable?
The answer is a whopping – Yes! EXIM Bank has a rich history of helping businesses of all sizes get through tough economic downtowns. With our trade financing solutions, companies have been able to sustain themselves by selling to global markets and reducing risk. Not only is exporting profitable, but it has proved to be sustainable because on average, sales grow faster, more jobs are created than non-exporting firms, productivity goes up and exporters enjoy a stronger workforce.
Click here to learn how EXIM Bank can help you grow your sales internationally:
