Are you ready to go global?
Serious about exporting? Whether you're just starting out or about to enter a new overseas market, you'll need a comprehensive strategy.
- Know your business. Analyse your business to make sure you have the best-operating structure and processes in place. Have clear, achievable and relevant goals.
- Get to know your competitors. Knowing who you'll be up against in your new market helps identify how to position your product or service, and how to price your exports.
- Be risk aware. Any new market may present political, legal, taxation or other market-specific risks and challenges. If you're aware of the risks – you'll know how to manage them.
- Find a way in. Have a clear market entry strategy that sets out how your product or service gets delivered to your target market.
- Think about tariffs. Tariffs vary across product type and market and should be carefully considered when choosing an export destination.
- Get the paperwork right. Without certified export documentation, you might not get paid, or your customer may not be able to assume ownership of your product or service.
- Work out the logistics. Freight and logistics costs depend on your exporting method: once you've decided on which one to use, consider your product's size, weight, value and perishability.
- Secure your funding. A detailed financial plan and adequate funding are essential. Banks remain the most accessible source of funds, but there are other options.
- Be sure to insure. Seriously consider taking out insurance to cover yourself. If your goods are lost or damaged, a buyer can't – or won't – pay, or a seller is unable to fulfil the terms of a contract.
- Choose a payment plan. How will you send and receive payments? There are several options – work out which plan is right for you.
- Stay on the right side of the law. Understanding rules and regulations will reduce the risk of breaching legal and regulatory standards.
- Protect your product. Make sure you understand the intellectual property (IP) rights of your target market, as well as the level of IP protection or enforcement you'll have while operating.
- Licensed to export? The type of goods exported, including the destination country, dictate whether you need a licence to export and if you're entitled to any form of concession.
- Don't forget FTAs. Free Trade Agreements (FTAs) can reduce your costs. Find out which FTAs apply to you.
Still unsure?
We highly recommend seeking professional advice for areas where you require more information.
VIDEO: An eCommerce success story: Goat Soap Australia
Useful resources
- Our Access Program provides assistance for Victorian businesses planning to establish new export markets in key countries and regions.
- Check out our case studies to discover how we've helped Victorian business owners tap into the global market
- Visit our regional insight pages to read the latest updates on key export markets from across the globe
- Austrade provides more information on how you can be export ready
- Agriculture Victoria or the Department of Agriculture and Water Resources provides valuable information about exporting live produce or agricultural products from Victoria
- The Export Finance Insurance Corporation (EFIC) provides a range of helpful resources:
- in collaboration with the Export Council of Australia (ECA), EFIC has released a mobile app to help fill the information gap for Australian small and medium-sized enterprises (SMEs)
- Exporter Journey provides more information on what it takes to make your business export ready
- Export Council of Australia (ECA) have published an Australian Export Handbook providing a comprehensive guide to all of the practical aspects of managing an international business
- LaunchVic is an independent company funded by Victoria Government, providing business mentoring and support for Victorian entrepreneurs, including those looking to export.
- Asialink Business has developed a series of Country Starter Packs for Australian businesses looking to establish or expand their operations in Asia. They have also put together a series of case studies profiling how Australian businesses are successfully engaging with Asia
- Business Victoria provide a range of helpful resources such as;
- funded assistance to help businesses strategically identify, plan and meet their business goals
- mentoring through the Small Business Mentoring Program. Mentors assist businesses in refining their business strategy, mapping out their direction, and setting goals for success
