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.
The Export Readiness Assessment (ERA) is an online tool developed by MATRADE to help local businesses gauge where their business stands in terms of entering export markets.
The ERA assesses a business' evaluates and performance to identify improvement areas. By focusing on key aspects such as management commitment, export strategy, product readiness and other export knowledge, the ERA ensures that a business is equipped to compete successfully in international markets.
Complete the 16 questions in the assessment.
This should take less than 5 minutes.
Upon completion, you will have an indication to your export readiness.
You will know the improvement areas you need to help navigate your export journey. If you have any questions or require further assistance, please get in touch with MATRADE.