Once you’re confident that your business can handle the financial challenges of exporting, the next step is to put together an export strategy.
This is similar to your existing business plan and can cover:
- the country or countries that you will target, including the size of the market, the cities or regions you will be targeting, the demographics of your target market
- the market segment in each country that will buy your product or service, where they are located, how much they will pay
- your competitors in each country, including their strengths, weaknesses, distribution strategy, price point and customer service strategy
- your distribution strategy, covering how you will distribute your product or service, the delivery costs, how you will service your customers
- regulatory requirements, such as the government standards that you will need to adhere to, the licenses that you will need to apply for, the warranties and after-sales service that you will need to provide
- marketing and branding, whether your business name, brand or logo is suitable for the country you are targeting, any trademark or brandmark
- registrations you need to complete, if your company’s ‘look and feel’ needs to change.
For each of these categories it is a good idea to include realistic cost estimates and some best/worst case scenarios, as this can help you to manage the new financial challenges.
Austrade’s Export Strategy and Planning guide and Export Plan Template takes you through all the key elements of a sound export strategy.