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Loading the container with a Many countrie flags in the cargo airplane.
It’s not an easy decision to make, but it is one that you shouldn’t take lightly. Being an exporter is not for everyone. But, I believe that exporting is one of the most important things you can do to grow your business and increase sales. More than 95% of the world’s inhabitants live outside the U.S.
Exporting has its advantages
The world is open to business! The world is open for business!
The United States is home to most of the world’s buying power.
If your products can be sold in the U.S., you will almost certainly be able to sell them outside the U.S. and to a large customer base. 95% of the world’s consumers are not located in the United States, as I already mentioned. This is a lot of potential clients to ignore if you don’t export.
Exporters have a lot of opportunities in Asia’s growing middle class. An estimated 2 billion Asians will be part of Asia’s middle class in 2020. By 2030, this number will increase to 3.5 billion. This is a total of 3.5 billion people who have disposable income and are willing to buy goods.
Exporting companies are more profitable and can employ more people to help the U.S. grow its economy.
Exporting companies are 17% more lucrative than non-exporting ones. According to the Institute for International Economics in the United States, companies that export are 8.5% more likely to succeed than those that don’t. Companies that export learn to compete better than those that are not.
According to the U.S. International Trade Administration (ITA),:
It can be transformative to do business in a foreign market. It’s a rewarding experience to build new relationships, get to know another culture and learn how to solve new business problems. This also results in improved products and services and strengthens companies in any market.
Exporting small businesses can get plenty of support.
Potential exporters worry that they will be stuck in a sea of confusing international rules and regulations. They’ll have to figure it all themselves and then end up failing. It is false! This is not true. The ITA website states that 98% of nearly 280,000 U.S. exporting businesses are small and medium-sized.
Many resources, agencies, and companies can help exporters get started in international commerce and offer assistance at every stage. All of these resources will be discussed at the end.
Exporting can help you to protect yourself from downturns in U.S. economics.
Exporters can protect themselves from the changing economic and competitive conditions in the United States. We don’t know how the U.S. market will change, so having the U.S. in your sales portfolio can help you weather any tough times that may come your way.
These statistics are from the ITA
- An analysis of U.S. exporters revealed that 60% of small businesses derived 20% of their annual earnings from exports. 44% of medium-sized firms did.
- 77% and 83% of medium-sized businesses responded when asked if export sales would increase at least 5% annually over the next three years.
There are many markets where you can sell your products.
Exporting is a good option if your products are near the end of their life span in the U.S. Companies that produce seasonal goods can market their products in other hemispheres to increase sales year-round.
