Earn In Dollars & Pounds: A Guide To Export Business

As good as it is to trade in the local market, selling your products and services, a guide to export business would no doubt be ideal

This is because the export market no doubt, presents greater potentials for an entrepreneur.

In addition to the international clout that it gives to a manufacturer or producer, export business is a guarantee of income earnings in foreign currencies like dollars, pounds sterling, Euro, Swiss Francs and others.

However, it is not just a business that you can throw yourself in without first mastering the technique. In this guide to export business, we present the first part of a serial on how to explore and excel in selling internationally, relying on sourced vital information from the Nigerian Export Promotion Council (NEPC) primarily and other relevant agencies. The guide to export business is to support entrepreneurs genuinely interested in the export business

What are the basic things to do or know first?

1. Understanding The Market

To develop a successful export business, a good understanding of your target market(s) is essential. This involves conducting research on your export destination(s).

A good market research should not be based on facts and figures only, It should also focus on factors that drive the target market(s).

Tips to understanding the market

-Gather basic market information regarding import regulations, trade statistics, tariff regimes and much more. Various Market Analysis tools can be handy in this respect.

 -Focus your research on a specific product or service, especially on your competitor’s market(s) where they exist. Find out what they are doing right.

-Build your trade, investment and business information bank by reading relevant materials and also attending market-specific seminars.

-Seek practical advice from experienced exporters.

-Develop direct contacts with potential buyers. You can make use of authentic online directories.

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-Understand the market environment (culture, demography, religion, currency…)

-Attend relevant trade fairs; visit relevant embassies for critical information.

 Important Research Areas

Some of the important areas of market research include:

-Trade statistics and trends

-Trade policies

-Regulatory framework

-Business environment

-Business culture

-Distribution channels

-Logistics

-Risk assessment

 2. Developing An Export Plan

Next in your Step By Step Guide for going into the export business is developing an export plan

Export plan development tips

Keep your plan simple and to the point

Always include your unique value proposition (this describes what differentiates you from your competitors)

Develop a feasible budget plan

Focus on your target market when defining your export plan

A good export plan guides you seamlessly through different export processes.

Ensure you incorporate relevant stakeholders (financial advisers, brokers and governmental bodies)

 Note that a well-written export plan:

-will assist you in defining export goals and match your resources to those goals.

-Focus your resources and allows you provide good service delivery to your clients (importers).

-Projects your Unique Selling Point (USP) .

-Guides management on long-term commitment for exports.

 Key elements

A good export plan consists of certain key elements which include the following:

-Company profile (about us)

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-Key features of target market(s)

-Competitors’ analysis

-Market entry strategy

-Unique selling points

-Promotional strategy

-Branding (if relevant)

-Logistical planning

-Action plan

-Resources required

3 Getting All Documentation Items Ready

It is important you get all your documentations ready and handy. Having these ready helps you to:

-Minimise your export risks

-Ensure that exported goods conform to importing country specifications

-Ensures you meet buyers requirements by providing evidence of origin and delivery

-helps you to formalise your export business

-assists you in qualifying for export incentives

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Required export documents

1. Exporter Registration Document
2. exporter’s certificate
3. a signed export contract

There is more to the guide to export business and potential exporters are advised to contact the Nigerian Export Promotion Council for a comprehensive guide.

The agency has the requisite experience, connection and manpower to make an entrepreneur’s success in the export business become a reality.