Transcript for Episode 01 - Choosing the right export opportunities
Imagine you’ve been approached by a buyer to supply your goods or services. But before you commit, you need to know what you're committing to. This is why it’s really important to do a feasibility study.
First of all, clarify who the customer is, what they want, and are they legitimate? If you’re not sure, the Department for International trade can help.
Once that’s sorted, it’s time to ask questions. And make sure you’re clear on exactly what they want. When that’s in place, there are 4 other areas to work on.
Firstly, consider your capability. Do you have the skills, language and capacity to manage the contract?
Secondly, what about your time and money? Assess the costs and think about cash flow. Particularly for things like paying distributors and potential increases in production. Find out about documentation for your market, in case it takes time to obtain.
Then it’s time to analyse your approach to risk.
You’ll need to consider the socio-economic situation of the market. Is the political environment stable or could there be sudden changes, for example?
Finally, could this be an opportunity to grow? Assess the pros and cons carefully, and if necessary seek help.
First of all, clarify who the customer is, what they want, and are they legitimate? If you’re not sure, the Department for International trade can help.
Once that’s sorted, it’s time to ask questions. And make sure you’re clear on exactly what they want. When that’s in place, there are 4 other areas to work on.
Firstly, consider your capability. Do you have the skills, language and capacity to manage the contract?
Secondly, what about your time and money? Assess the costs and think about cash flow. Particularly for things like paying distributors and potential increases in production. Find out about documentation for your market, in case it takes time to obtain.
Then it’s time to analyse your approach to risk.
You’ll need to consider the socio-economic situation of the market. Is the political environment stable or could there be sudden changes, for example?
Finally, could this be an opportunity to grow? Assess the pros and cons carefully, and if necessary seek help.
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