Owning a small business or startup is an incredibly exciting and challenging adventure. You have undoubtedly put in countless hours of hard work and dedication to get your business off the ground. Once you have reached a comfortable level of success, expanding your business may be the next logical step. However, you may be wondering what the best way to expand your business is. Have you ever considered exporting? Export Growth Specialist, Norma Foster advises “Exporting is one of the best ways to grow your business, find new customers and make more money." In this blog post, we will explore why exporting may be the perfect next step for your business.
Increased Demand
Exporting allows you to tap into new markets that have a high demand for your product or service. By targeting countries with an untapped market, you can increase your customer base significantly. This approach may also allow you to develop new products or services that have not been popular in your home market. By creating new products, you can attract more customers and drive revenue growth.
Lower Competition
Exporting allows you to target markets where there is lower competition. It is hard to compete in a crowded market, especially if you are a small business. Exporting can help you bypass the crowded local markets and allow you to compete on a global scale with less competition. This approach may make it easier for your business to establish a strong brand and reputation in a new market.
Increased Profit Margins
Exporting allows you to take advantage of economies of scale. By exporting more, you can produce more, thereby reducing your unit costs. This makes it easier for your business to offer more competitive prices while still maintaining a healthy profit margin. Additionally, exporting may be able to compensate for a slower domestic market by driving higher overall profits.
Improved Brand Image
When you export to new markets, it opens up new opportunities to improve your brand image. Exporting allows you to showcase your product or service on a global stage, which may lead to increased brand recognition and awareness. Additionally, exporting can help you establish a strong presence in other countries, which can improve your overall brand image.
Access To Funding and Tax Incentives
Exporting may also give you access to funding and tax incentives that can help grow your business. Many governments around the world offer grants, financing programs, and tax incentives to businesses that export. These incentives can help offset the costs associated with exporting and allow you to focus on growing your business.
With the pandemic creating unprecedented challenges for businesses worldwide, it might seem daunting to consider the idea of exporting. But here's the thing: when done correctly, exporting can actually help grow your business in ways you may not have considered. And with careful planning and the right support, it can be a successful venture. So keep an open mind about exporting – it could be the key to unlocking new growth opportunities for your business.
If you’re considering getting back into exporting post-pandemic or are looking to start out in the world of exporting and need expert guidance, OxLEP Business is pleased to be running an invaluable 4-part exporting series complete with coaching and 1-1 mentoring with our expert Norma Foster.
