Virginia Economic Development Partnership, International Trade

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Exporting 101

1. Should you be exporting?

Why should a Virginia company consider exporting? Increased sales and profits, for starters. Virginia manufacturing companies sold $11.6 billion in exports in 2006. And Virginia firms exported an estimated $6.5 billion in services 2003. Profits generated by that level of exports can be substantial. Today, Multimodal transportation, computerized and real-time shipping documents, new trade agreements, electronic banking—and the internet—make it much easier for most businesses.

Exporting 101

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Successful exporting requires a significant commitment. If you envision selling internationally becoming a part of your company’s sales, then focus, planning and preparation are required. Your company should meet at least two of the following guidelines:

Profitable in the U.S. market
Over 3 years in operation
Specific product benefits
Niche expertise in your professional service

Exporting 101

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To evaluate readiness to sell internationally, consider these three major areas:

Management Committment: Senior management must be committed to selling internationally, and must make resources available for a sustained effort.
Financial Committment: It takes capital to export. Upfront costs include international travel, international shipping, translating print materials and websites and sometimes involves training and hiring additional staff.
Time Commitment: It often takes one to three years before a company sees a payoff. Business moves slower in many parts of the world. In addition, selling internationally requires the development of personal relationships with customers and partners.

Exporting 101

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If your product/service is in demand domestically, chances are, international customers would value it as well.
Is exporting consistent with company goals?
If your product/service has seasonal cycles, perhaps selling internationally could help level out the sales process, as various regions of the world have different seasonal demands.
"Adjustments" may be necessary for your products or services, such as patent or trademark protection, product labeling, adding metric measurements, or obtaining foreign standards and approvals.

Exporting 101

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Virginia businesses that are ready to sell internationally have a competitive advantage— being able to call their local VEDP International Trade Manager for assistance every step of the way. VEDP services and programs (described throughout this web site) are available to Virginia businesses. Visit your local Trade Manager’s web page or call us at (804) 545-5764 to find out which international markets are favorable for your company’s products/services.