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Exporting – Where to start?

This month, Business Support Specialist Heidi Green talks about exporting at your company.

Wanting to grow your business and think export is right for you? Not sure where to start? Here are a few things to consider.

Research is essential – identify the markets with some desk research, look at the potential new market, its demographics, cultural practices and the existing competition.

Having an export plan is vital. It should include if you can drive this with your existing team or whether you need to recruit. Do you need to upscale the premises, do you have the capacity to meet new market demands? Think about the legal requirements to label things differently, do you need to translate and will your design appeal to the new market?

Visiting the countries you wish to export into is essential, showcase at trade fairs. There is no better way to build new contacts than by meeting the buyers.

Consider the exchange rates when it comes to payment, which currency will you be using? An irrevocable letter of credit could be advised which will secure payments according to the terms of the credit and at an agreed rate. Make sure you are insured for your goods during transportation.

When you are transporting, think about duties and customs clearance, vital for getting the goods to your new customer on time in a professional manner.

On the 10 May at Scarthingwell Golf Club, the Department for International Trade (DIT) and Selby District Council are hosting a free joint event from 8.30pm-10.30pm.For more details, visit http://bit.ly/SelbyEFG

For further help and advice on business growth and funding opportunities contact Heidi Green, Senior Business Advisor for Selby District Council via email at hgreen@selby.gov.uk or telephone 01757 292332.

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