Export, everyone believes, is a highly lucrative and profitable venture. Some think carrying out an export project is a piece of cake. This thinking process is wrong and I’ll prove it by showing you 5 shocking things you should NEVER do as an intending or established exporter because doing so can drastically put your business in an irreversible danger.
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I’m sure you’d like to know those five things.
1. Failing to invest in knowledge
As humans, the day you stop learning is the day you die. How do you learn about the dangers and risks involved in a venture when you do not invest in knowledge? How do you mitigate those risks when your knowledge is limited?
2. Failing to localize the product
How exactly do you plan to get rooted in the international market when the local market doesn’t even know you exist? Yeah, being in the foreign market is very enticing, but then, imagine the level of credibility you’ll get if you’re already in the local market and seeking to grow your market internationally.
3. Failing to consider a potentially promising foreign market
A foreign market is promising when it has a high level of demand and a favorable business environment. One needs to know what foreign market is most commercially viable. As a new exporter, it is very easy to overlook this step, thus, resulting in a great loss.
4. Failing to conduct due diligence
When a new exporter gets a buyer, the excitement and enthusiasm to sell will most likely prevent him from making background checks on the prospect. It’s important to find a trustworthy business partner that also has a good reputation.
5. Failing to insure the goods
In any type of business venture, accidents are bound to occur. Nothing is exactly 100% guaranteed. The importance of insuring your goods is to ensure that no matter what happens, you will be, at least, able to minimize the gravity of the loss.
If these points are carefully put into consideration, there is a very high chance of you carrying out your export project successfully.