With the vast resources available including the services of Global Chamber®, exporting abroad is no longer just for the big corporations. An increasing number of small U.S. businesses are growing by finding key markets outside the U.S.
The following are a few items a small business should keep in mind.
Demand: More than 95 percent of the world’s population and 70 percent of the world’s purchasing power is located outside of the United States.
Profitability: Exporting can be profitable for businesses of all sizes. On average, sales grow faster, more jobs are created, and employees earn more than in non-exporting firms.
Competitive Advantage: The United States is known throughout the world for high-quality, innovative goods and services; customer service; and sound business practices.
Diversifying Risk: Most companies that export have an easier time riding out fluctuations in the U.S. economy and are more likely to stay in business.
Inaccurate Assumption: Exporting requires a huge capital outlay and a scale that is too big for most small businesses.
Truth: A business of any size can make the right connections to enter markets worldwide. Quality, competitive pricing and business stability are among important global factors.
Are Global Markets Part of Your Growth Plan?
Small businesses make up the bulk of the U.S. economy. In Maryland, 97 percent of all business employers in the state are small businesses. If you are a small business, make sure you consider connecting your business to the rest of the world. Companies across borders want American products and services.
Interestingly, less than 1 percent of America’s 30 million companies export — a percentage that is significantly lower than in all other developed countries. And of the U.S. companies that do export, 58 percent export to only one country. There are plenty of global business opportunities awaiting companies of all sizes!
LeAnn Young is the executive director at Global Chamber® Baltimore