Step 1: Assess Your Export Readiness
The first step is perhaps the most important: assessing your readiness to export. There are certain characteristics that are common, but not necessarily essential to being an export-ready and successful exporter. For example, successful exporters are typically successful domestic sellers, and large enough to have staff, time, and the resources to devote to international travel, marketing, and sales. Typically successful exporters are also able to sustain themselves for a year or more until international sales grow and become profitable.
If you are thinking about exporting your product or service assess your export readiness by completing the Export Readiness Checker that has been prepared to help exporters assess their strengths, weaknesses, objectives and possible strategies as they explore opportunities in foreign markets.
In addition you should also consider the following;
- Complete a SWOT analysis of your company
- Market Information Readiness: gather market information to ensure you are informed of market and trading conditions in the export target market
- Management Readiness: ensure you and your team are committed and geared to pan and implement the export initiative
- Product Management Readiness: ensure your products and production process are geared to meet the requirements of the target market
- Resource Readiness: ensure your business has access to sufficient resources to support the export initiative
- Transactional Readiness: ensure your business is geared to embark on export sales transactions
Note: Original text from the Exporter Toolkit from the Caribbean Export Development Agency (CEDA).The content has been updated for the Bahamas Trade Information Portal with permission of CEDA.