Take Your Business Global in 2020
When brainstorming how to grow your business in 2020, think big. Expand your plans beyond just your local community and consider selling goods or services internationally.
According to a study by the Institute for International Economics, U.S. companies that export not only grow faster, but are also 8.5 percent less likely to go out of business than non-exporting companies. What’s more, growth opportunities abound for exporters, since nearly 96 percent of consumers live outside the U.S., and two-thirds of the world’s purchasing power is in foreign countries. Ultimately, exporting can help small businesses – who make up 98 percent of all exporters – to increase profits, reduce market dependence and stabilize seasonal sales.
The 2019 U.S. Small Business Administration (SBA) Exporter of the Year, EarthQuaker Devices, was able to expand from a home office to a renovated two-story, 15,000-square-foot building using their increased earnings from exporting. You too can leverage international trade opportunities to advance your business’s goals and flourish as an exporter.
How to Trade Up and Become an Exporter
Are you ready to take the plunge and expand your business abroad? Consider taking the following steps:
Resources for Prospective Exporters
If your state participates in the federal State Trade Expansion Program (STEP), then you can reach out to your local STEP office for help entering the international marketplace. Additionally, the SBA’s Office of International Trade offers a toll-free trade hotline at 1-855-722-4877. You can also receive assistance at U.S. Export Assistance Centers or Small Business Development Centers. Start exploring the many benefits of exporting with the SBA today.
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