Exporting to new and different markets can require a complete shift in culture and way of operating. SMEs need to think about:
Regulations and compliance.
Domestic and foreign markets are likely to have their own regulatory and compliance requirements, which come with practical and financial considerations, including consumer protection rules, product standards and product liability insurance. Don’t get caught out by overlooking local regulations.
Many exporters overlook the time and resource that needs to be dedicated to shipping and freighting when they first start out exporting. The logistics component of an exporting business is huge – how are you going to get your product to your market, how long will it take, how much will it cost, how will you manage the process?
Marketing and labelling requirements.
Some markets will have specific requirements around how you package, label and market your product which you will need to adhere to.
It’s important to consider whether there are any language, religious, cultural or climatic market factors you need to be aware of and adapt to. For example in China, red is considered a very prestigious colour and generally, red packaging symbolises good luck.