Is your business ready for export success?
As a business owner in the City of Cockburn, you might be wondering how to take your business to the next level by entering international markets.
Held on Wednesday, 23 October, Cockburn Global 2024 is an annual, one-day conference designed to make exporting accessible for local businesses - large and small - and promises to be an invaluable resource for those looking to explore bilateral trade and investment opportunities.
You don't need to wait until October to start your journey into the global market - we've put together a handy guide to business export basics below to get you going now!
Understanding the Export Journey
For many businesses, the idea of exporting can seem overwhelming. However, breaking down the process into manageable steps can make the journey more accessible. Here's a brief overview to get you started:
1. Market selection
- Research Potential Markets: Identify markets where there is demand for your product or service. Consider factors like market size, growth rate, and competition.
- Understand Market Entry Requirements: Each country has its own regulations for imports. Familiarise yourself with these to avoid any surprises.
- Cultural Considerations: Understanding the cultural norms and business etiquette of your target market is crucial. For example, in many Asian markets, building relationships is key to successful business dealings.
2. Logistics
- Shipping and Distribution: Decide on the most efficient way to get your product to market. This could involve working with a freight forwarder or logistics company.
- Customs and Tariffs: Be aware of the customs duties and tariffs that will apply to your products. This will affect your pricing and profitability.
- Packaging and Labelling: Ensure your products meet the packaging and labelling requirements of your target market.
3. Finance
- Funding and Insurance: Exporting can require significant upfront investment. Look into financing options and consider export credit insurance to protect against non-payment.
- Pricing Strategy: Set competitive prices that reflect the additional costs of exporting, such as shipping, tariffs, and local marketing.
- Payment Methods: Decide on the payment methods you will accept from international customers. Letters of credit and documentary collections are commonly used in international trade.
Cultural considerations in exporting
Understanding cultural nuances can significantly impact your success in foreign markets. Here are some practical tips:
- Build Relationships: In many cultures, establishing a strong personal relationship before doing business is essential. Invest time in getting to know your business partners.
- Communication Styles: Be mindful of different communication styles. Some cultures prefer direct communication, while others might value a more indirect approach.
- Business Etiquette: Familiarise yourself with the business etiquette of your target market. This could include appropriate greetings, dress codes, and gift giving customs.
Practical tips for market selection, logistics, and finance
- Market Selection: Use resources like Austrade (Australian Trade and Investment Commission) and the Export Council of Australia to gather market intelligence and identify potential markets for your products.
- Logistics: Partner with experienced logistics providers who can help you navigate the complexities of international shipping and customs procedures.
- Finance: Consult with your bank or a financial advisor to explore funding options and financial products designed for exporters.
Cockburn Global 2024: A platform for growth
Keen to learn more about growing your business with exports?
Whether you're just starting your exporting journey or looking to develop your existing strategies further, Cockburn Global offers valuable insights and practical guidance from industry experts and government representatives.
Last year's attendees shared their experiences and the impact of the event on their businesses:
Andrew Outhwaite, Managing Director of For Blue:
"Without Cockburn's leadership, there is no way we could have gained the exposure, planned travel, met key people, nor had the confidence to progress the initiatives that we have. It has been foundational and just slightly ahead of the State Government's approach. The connections have proven 'real', matching technical expertise in the Cockburn region with markets and opportunities in Indonesia. While relationships are key and will take a long time to develop, this has been an incredible kick-start."
Steve Hall, General Manager of The Electrical & Communications Association WA Inc:
"Entering the international trade market can be daunting, but the City of Cockburn's forum demystified doing business in South East Asia. The opportunity to meet not only business leaders but also key government officials, such as the Consul General, really made the forum worthwhile. Their insights and positive reinforcement of the opportunities and commitment to working together was a particular stand-out. Also, meeting with like-minded businesses and hearing their journeys provided valuable intelligence on how we could better approach entering the market. This included understanding IP protection and cultural awareness in doing business."
Event Details
Don't miss out on the opportunity to gain valuable insights and make important connections at Cockburn Global 2024. Here are the event details:
- Date: Wednesday, 23 October 2024
- Time: 07:30am - 2.30pm
- Location: AMC Jakovich Function Centre
A precursor workshop will also be held, providing a comprehensive introduction to exporting. Stay tuned for more details on this workshop.
Buy Your Ticket Now
We look forward to welcoming you to this exciting global trade gathering and the opportunities it presents.