10 Best Practices for Texas Exporters
G lobal business is good for the Texas economy. Exports topped $248 billion in 2015, and account for about 1.1 million jobs in the state. Whether you are an experienced exporter or a new- to-export company, here are 10 best practices for Texas exporters: 1. Assess Export Readiness Conduct a thorough self-assessment of your goals, current capacity and export- readiness. An excellent resource for more information on this topic is the federal government’s Export Readiness Guide. https://texastrade.org/resources/so-you-want-to-export 2. Find Export Assistance Identify resources to help you succeed in your international expansion. For free one-on-one assistance, contact your local Small Business Development Center (SBDC) office in Texas. http://sbdctexas.org 3. Develop an Export Primer Understand the technical language of exporting and interna- tional business. A Basic Guide to Exporting is a comprehensive resource for companies that are new to export, new to market, and/or are looking to expand into new markets. http://export.gov/basicguide/ 4. Conduct Market Research Research overseas markets to determine demand for your product or service.The federal government maintains an online library of more than 100,000 industry and country-specific market reports from trade specialists working overseas.These reports are among the most accessible market research options for exporters.Trade association reports, trade development information from other countries, and numerous online trade portals are additional sources for market research. https://www.export.gov/Market-Intelligence 5. UnderstandTrade Data Do your homework:The Trade Policy & Analysis division of the U.S. International Trade Administration, makes a variety of data available online, including national U.S. trade data, state- level trade data, information about U.S. exporters, data on jobs supported by exports, and information related to tariffs. http://trade.gov/mas/ian/tradestatistics/index.asp 6. Comply with Local Laws Become aware of laws, regulations and procedures for your product or service in specific overseas markets. A widely avail- able and useful legal resource for exporters is the Export Legal Assistance Network (ELAN). Established by the Federal Bar Association, with assistance from the U.S. Department of Commerce and the U.S. Small Business Administration’s International Trade Program, lawyers participating in the
ELAN program provide an initial legal consultation free of charge to companies just beginning to export. http://www.exportlegal.org 7. Participate inTrade Shows andTrade Missions Trade shows and trade missions provide a way to explore markets, test demand, and meet potential partners.The Dept. of Business Assistance, part of the Texas Office of the Gover- nor, coordinates the participation of Texas small businesses in export-oriented trade shows worldwide, Eligible small busi- nesses can receive free, turnkey, shared booth space at overseas trade shows, along with pre-event and on-site assistance from experienced staff. https://texaswideopenforbusiness.com/about/events 8. Find International Buyers Identify Partners who can help develop your strategy, man- age your market entry, and handle in-country representation. A Basic Guide to Exporting devotes an entire chapter to “Finding Qualified Buyers.” http://grow.exim.gov/blog/ step-by-step-guide-to-exporting-a-basic-guide-to-exporting 9. Understand Cultural Differences Understand the differences in culture and customs for your markets in advance.The “Doing Business In”Guides produced by the federal government provide an excellent overview of market conditions, purchasing power, consumer trends, distri- bution channels, navigating entry constraints, best sectors, key contacts, and more. https://www.export.gov/ccg 10. Get Paid Maximize your profits by understanding export costs, the skill of payment negotiations and the how to get paid on time. The Trade Finance Guide: A Quick Reference for U.S. Exporters is designed to help U.S. companies, especially small-and medium- sized enterprises, learn the basics of trade finance so that they can turn their export opportunities into actual sales and achieve the ultimate goal of getting paid—especially on time—for those sales. Concise, two-page chapters offer the basics of numer- ous financing techniques, from open accounts and forfaiting to government assisted foreign-buyer financing. http://grow.exim.gov/finance-guide
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2017 Texas Export Guide
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