Think about Export business as a journey which starts at a point and finishes at the other and there are a number of stages that need to be followed consecutively. Knowing the export journey will help an exporter to know about the whole picture of the export business process and discover your own position in the journey. In this manner, we will be able to know the strength and weakness of an export plan to get success in export business.
Unlike domestic business, an export deal takes a lot amount of time. In reality, an export deal starts with an export order and ends with the goods reaches at the buyer’s door. In the meantime, there are several different stages to perform sequentially. There are generally four stages of an export journey. Namely:
- Export Readiness Assessment
- Export Marketing
- Export Sales
- Export Shipment
In this blog, we will be talking about the first stage of export journey which is the Export Readiness Assessment:
The first step of the export journey is to assess the export readiness and getting prepared for the export business. At this stage, exploring export businesses are important which will help to take further decision making. It will be helpful to have a primary research on particular products that will be exporting whether it is exportable or not. In addition, getting some market intelligence about the different possible markets of the product and check the feasibility to compete in those markets.
If the product can be exported globally, the next step is to make sure that the business has no legal obligation of export from Bangladesh. In order to export from Bangladesh, the permission or license known as Export Registration Certificate or ERC will be needed.
For running an export business, we must have a skilled team to work for the export business campaign. The team must be skilled at different areas of expertise such as export marketing, sales, export documentation, export terms and condition, etc. One can either hire skilled profession or train the existing team to be eligible to perform export business operation.
After the first stage of export journey, one will have the following understandings:
- If an exportable product is found, the business need to have adequate arrangements to deliver a big order.
- The exporters need to recognize that there are some markets around the world where that product can have single or multiple competitors.
- It is required to have a team that possesses enough knowledge to handle the export business, including export marketing and sales, export documentation and shipment.
We will talk about the 2nd stage in our next blog.