95% of consumers are outside of the United States. Thus, there is VAST opportunity in export – and it isn’t as hard as you think.
Last week, I spoke at the Riverside County College of Foreign Trade’s Go Global event with Elizabeth Warren on export and global logistics. There was a lot of excitement about the potential in export. We talked about cultural differences and opportunities in China, Hong Kong, Africa and Europe, along with simplifying the complexities of global logistics, as the 80/20 boils down to starting with the best partners. Have you considered exploring export?
What Should We Consider and/or What Impacts Could Arise?
Exploring export is quite doable. There are events such as Go Global. You can participate with APICS Inland Empire and other trade associations who host tours of manufacturers who are successful exporters. Ask your commercial banker to refer you to their international division. They are likely to have valuable resources. Talk with your local manufacturing groups such as MCIE and Riverside County Manufacturers and Exporters. Contact us and we’ll refer you to international trade resources such as export/trade research, government resources, an international attorney, international marketing and global logistics resources.
We know of multiple manufacturers who have “made their name” and grew their business by focusing on export. Even if you only want to supplement a robust U.S. marketplace, since we are living in a global, interconnected world, why not at least explore the opportunities in your industry? You’d be surprised at some of the success stories – exporting successfully to challenging countries, navigating challenging global trade and logistics issues, etc.
Although there is a BIG world out there, you could start close to your country of origin such as Canada and Mexico if you are U.S. based. Whether NAFTA changes and evolves or not, it is still a great opportunity and one of the best advantages for U.S. companies according to John Tulac, a top notch international business attorney.