14 Steps to Selling Abroad Profitably
Conduct market research: Reach out to resources; e.g., SBA.gov, SBDCs, ITCs, Trade.gov, and WomenEntrepreneursGrowGlobal.org
Pick a market: Choose a market that’s easy to get into and most of all, choose a market where you know there are customers for your product.
Pick a product: Preferably one that will sell like hotcakes globally.
Develop a market entry strategy: How will you enter? Directly? Indirectly? Global strategic alliance? Foreign office setup? E-commerce?
Find customers: Through a wide variety of methods—including social media and networking, government-sponsored programs, trade shows, trade missions, and related trade-networking services.
Establish a payment method: Focus on getting paid, period. Ask your bank for help. Wire transfer? L/C? Financing (e.g., Exim Bank)? Don’t forget to track currency fluctuations or service fees on online payments. Post-coronavirus, it will take longer to settle an invoice.
Set prices: Make a profit but don’t gouge your customer. Easy as that.
Protect IP: Patents, licenses, trade names, internet platforms that you own—websites and blogs, for example. Consult with a good international lawyer.
Ship: Move your products efficiently through an experienced shipper. Go where trade agreements are in place. Remember, no sale under any circumstances should be made that violates or potentially violates the U.S. export regulations and laws.
Practice cultural diversity: Understand cultural differences, establish trust, and create a team destined for success. Essential: listen more, do your homework, and focus on what’s best for everyone, not just for you.
Revisit your global supply chain: Diversify sourcing and digitization to build a smart, sturdy, and nimble global supply chain to ensure a lasting recovery and one that will weather future storms.
Translate: Everything from a website to marketing materials. That’s the intelligent way to grab, gain, and grow your international audience.
Provide exceptional customer service: Respond to all messages, not just ones that look like more business. Use Zoom, Skype, Microsoft, and Google Meetings to enhance your relationships.
Create a superior online presence: Make your business a destination point the world cannot resist. Invite people in by strengthening all your social media engagements.
Be kind: How else will you earn and receive success?