MCLeod Russel Packaging Launched in Europe by My European Shop
MCLeod Russel Packaging Launched in Europe by My European Shop
Exporting Myths
18/02/2022
Introduction
1. Myth: We have a very Small Business to Export
Only multinational firms can export in a foreign countries or firms with at least a large presence that have abundant resources.
It is normal for large companies to have a successful export business abroad but the fact is that most of export businesses abroad are done by small and medium sized businesses.
2. Myth: I Cannot Afford to Export
I don’t have the money for hiring new employees, for marketing abroad, or expanding production for new business.
There are different ways of marketing abroad with minimal expenditure, handle new export orders, and cash flow. This doesn’t need employing new staff or setting up a product division. Practically no expense for instance, you can conduct nationwide market research, overall market openness, create exchange leads, and observe qualified abroad merchants through different warehouses and Commodity Promotion Committees.
3. Myth: I Cannot Compete With Large Overseas Companies
My products are unknown and my prices are too high for foreign markets.
If your product is already famous in the domestic market then there is a high chance that it will achieve proper consumer base in abroad too. But that does not mean that businesses with a lower reach cannot export succesfully in Europe. They can also create a major cosumer base in Europe for themselves and achieve success by keeping in mind the most important factors such as consumer need, demand, price point, quality and service. The price does play a part but in countries with a very high currency rate such as EU, the play may not even be a matter of concern.
4. Myth: Exporting is Too Risky
I might not get paid.
Selling comes with a risk be it anywhere, domestic or abroad. The risks need to be taken care of with a firm mind and reasonable preventive measures. In order to ensure that you get paid you have to obtain a Letter of Credit (L/Cs). A L/C is a letter from a bank that guarantees a buyer’s payment be issues to them on time and with the correct amount. In cases where a buyer is unable to make the proper payment on purchase then it becomes the responsibility of the bank to cover the entire amount for the seller. Thus proper documentation is extremely important for a export business.
5. Myth: Exporting is Too Complicated
Exporting is too complicated; I won’t understand the laws and documentation requirements.
Exporting may seem very complicated but the process is very easy when guided well. With a number of resources available online and with the help of Government of India and agencies like Commodity Boards and Export Promotion Council provide a lot of help in terms of exporting. The proper methods of export are explained to you via the guide on exporting on My European Shop’s website as well.
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