Are you ready to go global?
If you're serious about exporting – whether you're just starting out or about to enter a new overseas market – you'll need a comprehensive strategy.
- Know your business. Analyse your business to make sure you have the best operating structure and processes in place. Have clear, achievable and relevant goals.
- Get to know your competitors. Knowing who you'll be up against in your new market helps identify how to position your product and/or service, and how to price your exports.
- Be risk aware. Any new market may present political, legal, taxation or other market-specific risks and challenges. If you're aware of the risks – you'll know how to manage them.
- Find a way in. Have a clear market entry strategy that sets out how your product and/or service will be delivered to your target market.
- Think about tariffs. Tariffs vary across product type and market and should be carefully considered when choosing an export destination.
- Get the paperwork right. Without certified export documentation, you might not get paid, or your customer may not be able to assume ownership of your product and/or service.
- Work out the logistics. Freight and logistics costs depend on your exporting method. Once you've decided on which method to use, consider your product's size, weight, value and perishability.
- Secure your funding. A detailed financial plan and adequate funding are essential. Banks remain the easiest source of funds – but there are other options.
- Be sure to insure. Seriously consider taking out insurance to cover yourself. If your goods are lost or damaged, a buyer can't – or won't – pay, or a seller is unable to fulfil the terms of a contract.
- Choose a payment plan. How will you send and receive payments? There are several options – work out which plan is right for you.
- Stay on the right side of the law. Understanding rules and regulations will reduce the risk of breaching legal and regulatory standards.
- Protect your product. Make sure you understand the intellectual property (IP) rights of your target market, as well as the level of IP protection or enforcement you'll have while operating.
- Licensed to export? The type of goods exported – and the destination country – dictate whether you need a licence to export and if you're entitled to any form of concession.
- Don't forget FTAs. Free Trade Agreements (FTAs) can reduce your costs. Find out which FTAs apply to you.
We highly recommend that you seek professional advice on areas where you require more information.
Video: Lab architecture studio - export advice
Other useful resources
- Austrade provides more information on how you can be export ready.
- For information on exporting agricultural products from Victoria, visit Agriculture Victoria or the Department of Agriculture and Water Resources.
- The Export Finance Insurance Corporation (EFIC) provides a range of helpful resources:
- In collaboration with the Export Council of Australia (ECA), EFIC has released a mobile app to help fill the information gap for Australian small and medium-sized enterprises (SMEs).
- Discover a range of SME Information Series to help you get export ready.
- Exporter Journey provides more information on what it takes to make your business export ready.
- LaunchVic is an independent company funded by the Victorian Government, providing business mentoring and support for Victorian entrepreneurs, including those looking to export.
- Asialink Business have developed a series of Country Starter Packs for Australian businesses looking to establish or expand their operations in Asia.
- ECA have published an Australian Export Handbook providing a comprehensive guide to all of the practical aspects of managing an international business.