Selling only in the local market puts your business in strict limits for further expansion and growth. Whereas, focusing on foreign markets can give you limitless growth potential with an advantage to earn 5 times or even 10 times of your normal revenues. Exporting allows your business to expand and spread or balance its risks so that you can continue to earn revenue and to pursue sales growth opportunities even when there is a decline or downturn in your local market.
Exporting also allows you to access new markets where you get the opportunity to expand your potential customer base and increase sales. The more varied your market base, the more successful your business can be in the long-run as you gain knowledge of different types of demands which can be used to manufacture unique products.
Many small business owners feel insecure to export because of the perceived costs of getting started or because the registration process for export seems too complex. However, with a small amount of investment, the profits for your business can be significant. Especially, selling your products to a variety of international markets can help protect your business from local downturns in any one of the countries you deal with, which can help you cope up with those losses.
Exporting can also increase your ability to compete in the domestic market too. As you go global, the awareness of your products and services increases and helps you learn new ways to promote it domestically as well. Further, by trading in other countries you’ll learn more about foreign business practices, which will give you an edge when dealing with international competitors. Ultimately, the benefits of exporting can far outweigh the costs, but becoming a successful exporter requires commitment of resources – both people and financial – as well as solid market research and clear-headed thinking.