Maxim Sokolov is a trade consultant and Russian market expert. Since he began his career he has helped numerous companies to succeed in Russia, Ukraine, Kazakhstan and other former Soviet countries.
Maxim is Senior Associate for Handelgate Consulting, a leading international trade and investment consulting firm dedicated to export consulting services, company representation and investment consulting services.
Starting export business in emerging countries poses a new set of challenges, from assessing export skills and resources to searching for the right target markets.
These are the steps we suggest you should follow:
1. Review the strength of your business at home. Remember that domestic market success doesn't always mean that you will easily extend your business abroad. At the same time, many highly specialized export companies manage to sell almost all their product overseas.
2. Assess your skills and resources to export. The basic thing we ask all our clients is if their company is prepared to make the commitment of money and people for the often long-term development of export markets? If not, exporting may become very risky because it is not just visiting trade shows and collecting business cards. Commitments of resources should extend for at least a two-year period.
3. Find additional resources. Given the fast economic growth of the emerging markets, there are many companies that are successful abroad. But at the same time there are some different factors that exporters need to consider to ensure their export success in the new markets. Because exporting to Russia, Ukraine, Kazakhstan, Azerbaijan and Belarus usually involves legal and commercial risks, you need to become very familiar with customs and trade regulations and certification requirements.
4. Choose you target market. Your export market research should include the following:
- The market is underserved with your product or service
- It is big enough to sustain your business
- The market is able to afford what you are selling
- You have the necessary experience and offer excellent products or services
5. Plan your export market entry strategy. The goal of a strategic plan is to organize your export effort efficiently. Make sure everyone in the company is involved in achieving new goals.
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