11 Reasons to Start Exporting by Small Businesses
Right now is the perfect time for your small company to explore the benefits and merits of exporting. The U.S. Department of Commerce emphasizes that 97% of all U.S. exporters are small businesses. Many smaller businesses are so busy running their day-to-day operations that they don't consider their export potential. But there are many more reasons why a small business should start.
11 Reasons to Start Exporting
1. Increase your overall sales and profits.
2. Increase the scope of your business making you more competitive domestically.
3. Take advantage of relatively lower costs of transportation.
4. Reduce your total reliance on a single domestic market.
5. Extend and broaden your customer base.
6. Add sustainable life into your line of current products.
7. Flatten out seasonal product use and market fluctuations to achieve a more even production schedule and sales performance.
8. Take advantage of current favorable exchange rates or reduce available excess inventory or excess production capacity and staffing due to the struggling domestic economy.
9. Take advantage of improvements in trade finance, the internet, and trade agreements that have dramatically increased access to worldwide markets.
10. Exporting can be lucrative for businesses of all sizes. On average, sales grow faster, more jobs are created, and employees earn more than in non-exporting firms.
11. You may have less risk mitigation than at any time in the past because most companies that export have an easier time riding out fluctuations in economy and are more likely to stay in business.