Of the nearly 300,000 businesses exporting to the global market, it's estimated that about 286,000 of them are small businesses. In 2010, the Obama administration launched a National Export initiative to help educate small businesses on the game of exporting, a move that can add dimension, diversification and strength to your company's bottom line.
Dario Gomez, a former SBA official involved in the initiatives launch noted that economic opportunity for small business is not just in food or retail products, but that services can also be marketable overseas, are, in fact in demand. Engineering, environmental, architectural and specialty construction services are especially in increased demand in developing nations, including China, India, Indonesia, Vietnam, Thailand and the Philippines.
Research is key as you decide when, how and where to expand your business exports. Understand any potential barriers to trade, regulations, currency exchanges, insurance needs and shipping costs. Use resources available, like the U.S. Commercial Service of the International Trade Administration to help secure viable trade partners abroad, learn to market your product or service and forge relationships to ease the transition from local or national sales to international markets. Read small business exporting success stories to see how others have made it in the global market.
Need cash flow to expand your business from arm's length to across the ocean? Consider a business cash advance to cover insurance, shipping and consulting fees as your business grows. Contact a lending professional at Bizlender today, where personal account managers can help you find solutions to finance your export goals.
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