7 steps to start exporting your products
Exporting your products across borders is increasingly the way to go. Both for the company that does it, and for the country itself, which benefits from this creation of wealth.
In fact, in the first 9 months of last year, almost 50% of GDP was the responsibility of the exports of Portuguese companies. In euros, we are talking about a value of EUR 88.5 billion.
The export of products and services is therefore fundamental for the financial sustainability of companies and the country itself.
If you are beginning this journey, we will guide you through the 7 steps to start exporting your company’s product/service.
1# Make an analysis of your company
Exporting your business both brings new opportunities and new risks. And you need to know if you’re prepared to deal with both challenges.
Therefore, before going into a deeper diagnosis, it is necessary to reflect on the current situation of your company and the motivations that make you want to expand.
Look at the size of your company, the financial situation and commitments, the profile of your human and technological resources and production capacity, among other factors. Leave your fears behind but understand if you have what you need to start this adventure.
2# Identify potential markets and analyze them
Identifying the potential of foreign markets is not the easiest task of all. But it’s the most important. At the end of the day, the export of your product/service has to find a market with great demand.
To identify these markets and all the fundamental information use entities or use tools that exist for this purpose.
Google, for example, has a tool called google market finder that tells you depending on your activity and industry what are the best markets and opportunities.
Another example is AICEP Portugal Global. Through the website of this public entity, you can obtain information about each country, including the economy, opportunities and legal conditions to address the new market. And it can even make a division between digital and non-digital markets.
In the search for this type of knowledge, it may also be interesting to participate in seminars, actions or events on foreign markets organized by “Câmara do Comércio”. You can check the events calendar in 2023 here.
Also on the entities that can help you, from north to south of Portugal, there are the so-called “Export Stores“, which provide technical support to exporting or potentially exporting companies.
3# Plan and make the necessary adaptations
So far, it is normal that you have already planned parts of your business export. But now that you have the information about the markets, it’s time to go deeper into that planning.
This is where you have to start looking more seriously at your human and financial resources and international marketing. For market entry timings and even for cultural differences between your home market and export market.
Define all of this here, as much as possible, so you can execute your strategy as successfully as possible. However, remember a key rule: adapt and continue to adapt this plan as you gain more information and knowledge about the market you are studying.
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4# Do a financial feasibility study
This study goes hand in hand with the marketing plan and the fifth point that we will talk about later.
Before you start exporting your products/services, you need to know if it is economically viable. The approach to a new market brings many new rules and challenges with which you are not familiar, and you need to understand whether the return you will get on your investment is worth that risk.
This is where the financial feasibility study comes in. If you need help, count on the contribution of Lisboa Investments.
5# Look for the best form of funding for this expansion
In Portugal, you can find financing through programs such as Portugal 2030, banking entities or private entities/investors.
You can also find in the export market some incentive to facilitate your implementation in that country.
In the search for the best source of financing, the most important thing is to respect the financial feasibility study done above, in order to ensure the sustainability of the company while taking this great step.
6# Travel to the market where you want to invest
Knowing the reality of the country to which you will export is very important.
Only by going there will you be able to:
– get a sure idea of your competition.
– truly realize the habits and needs of your customers.
– establish strategic partnerships.
– understand the work culture of this market, which is even more important if you need to recruit human resources.
– understand the marketing culture of that market in order to plan your own marketing strategy.
7# Adapt. And keep expanding.
Like the domestic market, international markets are also evolving over time. Keep an eye out and make the necessary adjustments.
Over time, keep thinking about ways to increase the export of your product/service. If this foreign market is not saturated, what strategies can you take to expand the volume of exports? And what other foreign markets will have the potential for your business to grow?
Continue to adapt, question yourself and evolve. Within Portugal and across borders.
Need help to start exporting your business?
Count on the experienced support of our team. Get in touch with us.
