Have you considered conducting business internationally by exporting merchandise from the United States? If so, there are many factors you should take under consideration prior to engaging in an export transaction to ensure that the venture is a success rather than a failure.

Since international trade transactions have become quite involved in today’s world, this article is the first in a series that will outline the steps that should be taken to successfully establish an export strategy.

Step 1: Determining Your Company’s Export Readiness

The first step to exporting involves determining your company’s export readiness. Since the international trade environment as we know it today is always in a constant state of change, it is vital that corporate officer's discuss their corporations' export readiness prior to engaging in export transactions.

You should consider the following questions carefully before proceeding:

• Does your company have a product that has been successfully marketed within the domestic marketplace?
• Does your company have an international export plan with predefined goals and strategies, or is your company in the process of creating an international export plan?
• Does your company have the production capacity necessary to sustain the domestic marketplace as well as the export market?
• Does your company have the financial resources to sustain marketing operations within the domestic marketplace as well as in the export market?
• Does your company have the necessary human resources dedicated to developing and maintaining an appropriate export market strategy?
• Does your company have the necessary human resources dedicated to providing adequate customer service to the domestic marketplace as well as the export market?
• Does your company have the necessary knowledge of foreign import regulations, food safety standards and cultural preferences to effectively modify product packaging and labeling?
• Does your company have the necessary human resources that possess knowledge of international shipping procedures and regulations?
• Does your company have the necessary human resources that possess knowledge of international payment mechanisms such as Letters of Credit?

Should you not be able to completely answer any of the questions presented above, you should consider conducting the research necessary to do so. Obtaining the appropriate information can mean the difference between success and failure!

My next article will focus on the export market strategy as well as the various resources that may be able to provide assistance.