Exporting can create a whole new playing field of opportunity for small businesses. Nearly 96 percent of consumers live outside the U.S. and two-thirds of global purchasing power is in foreign countries, according to the U.S. Small Business Administration (SBA). Yet fewer than 2 percent of U.S. businesses export.
The first stage in export planning is to investigate the market and the various reasons to consider exporting to customers. This article details the value in trillions of dollars that U.S. total exports hold and explains some of the reasons why small-to-medium sized businesses are in a good position to leverage selling to overseas markets.
More Michigan companies are realizing that tapping into foreign markets can be a money maker and job creator.
Looking for a way to diversify and weather the economic downturn, the owners of Rugged Liner Inc. in Owosso hired an international sales director in 2010 to expand sales beyond the United States and Canada.
So you want to sell to the world? You’ve come to the right place. Thanks to the Internet, setting up an import/export business can be ridiculously simple and very profitable. Here are ways to make it happen.
Without a website or blog, you can't have a networked import/export business. Get yourself a platform that allows you to develop a presence online and grow your business beyond your wildest imagination.
The goal is to balance the flow of communications, sell products online (or offline) and build your customer base to drive profits for your international business.
The following two maps show the most valuable import and export in each state in America by dollar value. The maps were prepared by cost estimating website Fixr.com using 2014 data from the US Census Bureau.
The US buys many more products than it sells. According to the Bureau of Economic Analysis, the U.S. imported $239.2 billion worth of goods in March compared to exports of just $187.8 billion.
With more than 95 percent of the world’s population and 80 percent of the world’s purchasing power outside the United States, future economic growth and jobs for Michigan and America increasingly depend on expanding U.S. trade and investment opportunities in the global marketplace.
The following pages feature key facts and figures drawn from new Business Roundtable research, U.S. government data, and other data sources that demonstrate the benefits of international trade and investment to economic growth and jobs in Michigan.
Total exports from Michigan helped contribute to the $2.23 trillion of U.S. goods and services exports in 2015. Nationally, U.S. jobs supported by exports reached an estimated 11.7 million in 2014, up 1.8 million since 2009. In 2014, goods exports from the state of Michigan supported nearly 271,000 jobs.
A total of 14,843 companies exported from Michigan locations in 2013. Of those, 89.4% were small and medium-sized enterprises with fewer than 500 employees. Those small and medium-sized firms generated over 21% of Michigan's total exports of merchandise in 2013.
The European Union (EU) is the world's largest single trading block, generating greater than 20 percent of global GDP ($17.6 trillion), which is $950 billion more than the U.S.
In 2014, U.S. exports of goods to Europe was greater than $270 billion and services was greater than $210 billion for a total of more than $480 billion. In 2015, U.S. exports are expected to be greater than $500 billion. Europe wants your goods and services, so this is a great time to grow your exports and business.
95 percent of the world's consumers live outside of the United States, so if a U.S. business is only selling domestically, it is reaching just a small share of potential customers.
Exporting also enables companies to diversify their portfolios and to weather changes in the domestic economy and helps small companies grow and become more competitive in all their markets.
Now that free trade agreements have opened up markets in Australia, Chile, Singapore, Jordan, Israel, Canada, Mexico, and Central America, many more opportunities have been created for U.S. businesses.
For American companies, exporting makes more sense now than ever before. Exporting has become a lot easier for companies of every size, including small and medium-sized businesses that may previously have found it challenging.