This is a good time to get into the global marketplace. Worldwide, buyers and consumers choose Indian products and services because of a reputation for quality, value, and customer service.
Each year, Indian. companies export well over $530 Billion of goods and services. Many exporters are small or medium sized businesses just like you. But figuring out the best way to expand to new markets can be challenging. You may be asking yourself, where do I start? Is my product or service in demand overseas? How do I find foreign buyers? How do I get paid? And what is required to successfully ship goods and complete the transaction? This overview of the export process and basics of exporting will help break it all down for you.
First, how do you get ready to export? Do you have the resources and capacity to expand into new markets? Does your product have potential foreign demand? Will you integrate exporting into your overall business plan? Do your homework to answer this questions and begin putting together comprehensive export plan.
The second step is to plan your market entry strategy by conducting research on possible foreign markets. Free market research is available online, including country commercial guides produced by our Embassies. Your industry association may also be useful.
The next step is to start finding foreign buyers. To begin, you should develop your global web presence. This may be the first place foreign buyers find your company. Also, consider attending or exhibiting at industry trade shows in India or internationally. These shows are often attended by foreign buyers and many offer business matchmaking services between buyers and exhibitors. Did you know that government also offers business matchmaking and promotion services at embassies and consulates in more than 130 foreign countries? Bringing buyers and sellers together is their specialty.
Next is a very important step, how do I get paid? Your bank is good first stop. Ask about extended terms,money to expand, or insurance to guaranty payment from your foreign buyers. The government and private lenders offer numerous export financing options, some direct and some through local banks. Also, take measures to find a reputable overseas buyer. Get bank references and background checks.
Finally, educate yourself on the steps required to successfully ship goods and complete the transaction. First, apply for import export license. You need to check to comply with the law. Review required documentation and shipping options. Research foreign standards, certifications, or regulations that may apply to your product.
Lastly, research and confirm duties, taxes, shipping, and insurance costs. This can impact your profit margin. And that covers the essential elements of the export process. With this knowledge in place, you will be well on your way to becoming a successful exporter.