There are a number of prerequisites for starting an export business, and it’s important for you to know what they are so you can factor them into your planning process.
Know what export conditions are applicable for your particular goods and services.
Ensure your compliance with international legal requirements, Free Trade Agreements (FTAs), Intellectual Property Rights (IPRs), and international sales contracts.
Secure funding for increased production and operation expenses, and have an efficient payment process in place for international payments.
Investment in new machinery and production technologies might be required, besides additional supply of raw materials.
Get the right talents to manage shipping, logistics, and customs procedures. Multilingual skills and cultural awareness will be valuable for those international negotiations.
Identify the right export marketing strategies and establish connections with local distribution channels to ease your market entry.