Export can be in the form of merchandise (goods) or services (invisibles) like BPO industry. When an entrepreneur wants to expand his scope of business beyond the territory of his nation it is called export, whence he has to prepare himself towards the challenges that he will be exposed to in the global market.
Business by itself calls for discipline whether you talk about your credit policy, quality of your product or services, on time delivery, payments, fund rotation, human resources management and the list goes on and on. When you feel that you are successful in the domestic market, it is rest assured that you can make it to the global market too. You are expected to imbibe not only more discipline and order but you should be very thorough about the procedures and policies of the country from which you export and the varied laws and legal formalities that can hinder your business if not taken proper care of.
Say for example, how many people who have acquired the desire to export their products have a clear idea about the steps involved in starting an export business, First you have to secure the IEC CODE (import export code) from the DGFT (Director General of Foreign Trade) that comes under THE MINISTRY OF COMMERCE AND INDUSTRY.
While exporting you get the following edge over others:
- Exposure to forex market
- Exposure to diversified culture
- Exposure to varied laws and legal formalities
- Exposure to business risks which you must take up as a challenge
Having businesses in different countries is better than having all businesses in one country. It saves you during periods of economic recession. You experience market growth by entering into different countries in Asian and European markets.
Exporters must be aware of the fact that RBI policies are very strict when it comes to foreign exchange. So you should have proper informational inputs from the right source and your capital has to be invested accordingly. Exploring foreign markets is very difficult as they are always dynamic. You should see to it that you have the latest updates on INTERNATIONAL FINANCE, LENDING RATES etc.
You can make a small business big and beautiful by adding some flavor to it like, right time to launch your product in the global scenario, people's preference being given priority by doing some demographic survey, attractive campaigns and of course your unendurable passion for business makes the transformation.