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10 Keys to Becoming a Successful ExporterTo ensure the prolonged success of your export business, you should:Note: If you are looking to quickly fund and kickstart your startup idea, here is your lasting solution✓1. Identify Your Product MarketYou need to identify foreign export markets for your products.Without the right market, you won’t be able to do any business. Thorough market research will help you understand the economic, political, and cultural factors that will impact your ability to successfully sell your products with ease.This kind of information is readily available through government agencies and business-related organizations such as foreign trade associations, chambers of commerce, and trade commission offices.You can easily Visit export.gov and register to become part of the user community. You'll get a wealth of readily accessible data at zero cost, and they will assist you in identifying overseas markets for U.S. goods and services.The key advantage here is that these Information come from savvy trade experts located in countries all around the world.Because their expertise comes from hands-on involvement(as opposed to second-hand information), you can be rest-assured that the data you get is highly accurate.2. Assess Your Product PotentialYou need to focus on what your product does and identify which needs it will satisfy in the foreign market.You also need to identify the strengths and weaknesses of your product in comparison to the available competitive products.Your product may be successful in the U.S., but that is not a guarantee that it’ll be just as successful in a foreign market.There may be no need for the product in the foreign country, or the product may simply need to be modified.To prepare your product for export requires is not just about knowledge of your product, but also awareness of many unique characteristics of each of the different markets you may be targeting.Cultural differences and local customs may also cause you to modify your products in areas such as branding, packaging, and labeling.Awareness of and sensitivity to cultural differences are also very critical to a successful product introduction in foreign markets.Different countries can have different product standards, and to be extremely successful, you need to understand the need to conform if you want to do business internationally.The U.S. Department of Commerce’s National Center for Standards and Certification Information (NCSCI) provides this information for nonagricultural products; you can visit their website anytime.3. Familiarize Yourself With Export Controls And Licensing RequirementsYour business will be exposed to foreign laws and regulations that you may not be familiar with.And these rules can impact your ability to do business successfully in foreign markets.One of these is the U.S. export controls which take the form of prohibitions, restrictions, and licensing requirements.To be successful, you need to be constantly aware of these rules.Violation of these laws can have significant repercussions, from the government seizing your products to a denial of your privilege to export to fines and imprisonment.4. Investigate Import ControlsBefore exporting your product to a foreign market, you need to identify if the country you’re exporting to has any import controls related to the sale of your product.These controls can include prohibitions, restrictions, or import licensing requirements, and they can be based on country of origin, product type, or product characteristics. Products that violate these controls are generally not allowed to enter the importing country.Import documentation requirements and other regulations imposed by foreign governments vary from one country to the next. You need to be aware of the regulations that apply to your own operations and transactions.5. Understand U.S. export lawsYou have to be aware of your responsibilities when it comes to U.S. export laws. These laws are designed to make sure that U.S. exports go only to legally authorized destinations. For example, the Foreign Corrupt Practices Act prohibits a U.S. exporter from offering to pay a commission to a foreign government official, friend, or relative to get the business. The Anti-Boycott Act prohibits Americans from participating in foreign boycotts or taking actions that further or support such boycotts against countries friendly to the U.S.6. Making Sense of IncotermsYou need to understand the costs, responsibilities, rights, and obligations that accompany the use of a specific Incoterm.Every time you prepare a quotation for a customer, the quotation must include a term of sale.If you fail to clearly identify the specific Incoterm to your customer, it can lead to an overestimation or underestimation of costs associated with the goods that you’ll be selling, which can ultimately lead to the loss of a sale.7. Making Sure You Have The Right Insurance CoverageYou need to analyze the amount of insurance on your export transaction—Weather, rough handling of cargo by carriers, long distances, and other common hazards make it important that you determine the type, amount, and extent of coverage required. Also, make sure that you identify who’ll be responsible for insurance against loss or damage while the goods are in transit.If you quote to your customer and use the term CIF (short for cost, insurance, and freight), you’re the one responsible for obtaining the insurance, and you must include a certificate of insurance with all the other required shipping documents that you send to the importer. If you’re quoting with a term of CIF and you don’t have an international insurance carrier, contact your freight forwarder and discuss the option of using its cargo insurance policy.If any other shipping term is used, the importer is responsible for securing the insurance.8. Focusing on Foreign Market Risk And Methods of PaymentWhen you’re selecting a payment method in an export transaction, you need to identify the primary risk factors and then evaluate them to choose the method that’s best for you.Remember: Getting an order is only one step in the process. You also have to make sure that you’re going to get paid. Being paid in full and on time is critical to success, and the level of risk in extending credit is a major consideration.Here are the two primary risk factors that you need be aware of:Country risks: Country risk factors include economic and political stability, the legal system, and the foreign exchange rate.Commercial risks: Commercial risk factors include company ownership/management, financial performance, market share, and payment history.9. Keep Track of DocumentationYou have to get familiar with many documents before exporting your goods.A wide variety of documents are used in exporting; which of them are required in specific transactions depends on the requirements of the U.S. government and the government of the importing country.Because the processing of these documents can be a formidable task, consider having a freight forwarder handle this portion of the transaction. Freight forwarders are specialists in this process.10. Hire a Freight ForwarderAn international freight forwarder acts as an agent on your behalf and assists in moving the cargo from the point of origin to the ultimate overseas destination.Freight forwarders are familiar with the import rules and regulations of foreign countries, U.S. export regulations, methods of shipment, and required documents relating to foreign trade.Freight forwarders can assist you in preparing price quotations by advising on freight costs, port charges, consular fees, costs of special documentation, insurance costs, and handling fees. They can recommend the packing methods that will protect the merchandise during transit or arrange to have the merchandise packed at the port or put in containers.If you use the services of a freight forwarder, you won’t have to deal with many of the details involved with the exporting of your goods. Fees charged by forwarders are modest, and forwarders have access to shipping discounts. The experience and constant attention to detail provided by the forwarder are key to your success.