Are you ready to go global?
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 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 or service gets 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 or service.
- Work out the logistics. Freight and logistics costs depend on your exporting method: once you've decided on which one 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 most accessible 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, including 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 seeking professional advice for areas where you require more information.
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- Check out our case studies to discover how we've helped Victorian business owners tap into the global market
- Visit our regional insight pages to read the latest updates on key export markets from across the globe
- Austrade provides more information on how you can be export ready
- Want to know more about exporting live produce or agricultural products from Victoria? Agriculture Victoria or the Department of Agriculture and Water Resources provides valuable information.
- The Export Finance Insurance Corporation (EFIC) provides a range of helpful resources:
- Export Council of Australia (ECA) have published an Australian Export Handbook providing a comprehensive guide to all of the practical aspects of managing an international business.
- LaunchVic is an independent company funded by Victoria Government, providing business mentoring and support for Victorian entrepreneurs, including those looking to export.
- Asialink Business has developed a series of Country Starter Packs for Australian businesses looking to establish or expand their operations in Asia.