If you decide to start exporting, you’ll certainly be in good company.
In fact, according to export.gov, small- and medium-sized businesses in the U.S. represent almost 98 percent of U.S. exporters. And 98 percent of these exporters have fewer than 500 employees.
Exporting offers plenty of benefits and opportunities, including:
- Access to more consumers and businesses. If you’re only doing business in this country, you may be limiting the total potential profits you could earn on opportunities to expand your business worldwide.
- Diversifying market opportunities so that even if the domestic economy begins to falter, you may still have other growing markets for your goods and services.
- Expanding the lifecycle of mature products. If the domestic market seems saturated for your goods and services, you can introduce them to new markets in other parts of the world.
- Potential financing assistance from U.S. government agencies through loan guarantees that can help fund your exporting initiatives.
Of course, there are some complexities that come from exporting. These include: more paperwork, potential added financial risk, cultural and language barriers, possible requirements that you modify your product packaging, among others.
Some small businesses are ready to export, whereas others may need help assessing their opportunities. If you’re ready to consider exporting, there are many resources that can help you make a decision and get you started.