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Tips for Exporting

First and foremost, take time to decide if the export business is for you
Ensure your company’s export readiness from the aspects of financial resources, staff dedicated to exports, suitable sales literature, business card, price lists, website and Intellectual Property (IP) registration
Understand the market’s rules of doing business, particularly on issues such as duties and paperwork. Visiting the market and/or your prospective distributors/representatives would be a good way to lead to business potentials
Conduct market research to help you to identify the right target market, competitors in the market, customers, distribution channels and the best way to promote your product
Draw up an export business plan as this document can support a loan application, outlines in detail the direction of the business, describes the strengths of the company – and more importantly – helps to set a value to the business
Embark ok effective marketing is to set your business apart from other competitors
Select distribution channels and market entry strategies
Identify the most appropriate export pricing mechanism for their business
Formalise a distribution agreement between the exporter and the country’s distributor (overseas buyer/importer/reseller) to avoid any future misunderstandings
Negotiate and follow-up with your customers to get orders secured, retain customers’ loyalty and sustain business presence
Make effort to know the export documentations required to export your products or services, as this may differ according to certain industries and/or international markets.
Have a good understanding of the various methods of payment settlement is essential to ensure that you select the most appropriate terms of payment for your business transactions and that you receive payment for it. You will also need to have a good understanding in exchange rate volatility as fluctuations can affect profitability and pricing

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