by LeAnn Young, Global Chamber Baltimore
With the vast resources available in the digital world, exporting abroad is no longer just for the big corporations. An increasing number of small U.S. businesses are growing by finding key markets outside the U.S.
Here are a few items a small business should know:
Demand: More than 70 percent of the world’s purchasing power is located outside of the United States.
Profitability: Exporting can be profitable for businesses of all sizes. On average, sales grow faster, more jobs are created, and employees earn more than in non-exporting firms.
Competitive Advantage: The United States is known throughout the world for high quality, innovative goods and services, customer service, and sound business practices.
Diversifying Risk: Most companies that export have an easier time riding out fluctuations in the U.S. economy and are more likely to stay in business.
Inaccurate Assumption: Exporting requires a huge capital outlay and a scale that is too big for most small businesses.
Truth: A business of any size can make the right connections to enter markets worldwide. Quality, competitive pricing, and business stability are among important global factors.
Are Global Markets Part of Your Growth Plan?
Small businesses continue to make the Maryland economy vibrant. In a recent MDBiz news article, Secretary Gill, Maryland Department of Commerce, reported that 97% of all business employers in the state are small businesses.
If you are a small business, make sure you consider connecting your business to the rest of the world. Companies across borders want American products and services. Interestingly, less than one percent of America’s 30 million companies export – a percentage that is significantly lower than all other developed countries. And of the U.S. companies that do export, 58% export to only one country. Plenty of global business opportunty awaits companies of all sizes!