Export Readiness Checklist
Tools & Resources
If you’ve had a lot of success selling your goods and services at a local or national level, you might be thinking seriously about exporting. With this Export Readiness Checklist, you can get a better understanding of the questions you need to answer if you’re serious about trading internationally.
Making the decision to start exporting or expand into a new market can be hugely rewarding if you have a well-managed, well-financed business.
However, there are lots of issues you need to consider if you want to maximise the potential of international trade for your business.
Complete the checklist below to determine whether your business is ready to export and where you might need some additional support.
1
Does your business have a well-established industry reputation?
Having a business that is well regarded and clearly identifiable in your sector or industry can make a big difference in terms of building brand awareness in export markets.
Check out our article on why you need to brand your business to find out more.
2
Is your business financially stable and do you have a healthy cash flow?
Launching your business into new markets can be expensive so it’s important to consider your financial health and whether you have sufficient cash flow to pay for any additional or unexpected costs.
Check out our cashflow forecasting template to find out more.
3
Are there members of your team that have experience of exporting?
Rather than trying to start from scratch, you can save yourself a lot of time by calling on the expertise of those in your team if they have experience of exporting and international sales.
If they don’t, then you can get great advice and support from through your local DBT trade office, or Scottish Enterprise.
4
Do you have connections in your export market that can help you?
Other countries will have different customs, rules and regulations to your home country so when you’re thinking about exporting, it’s important to take the time to understand what these might be.
Speak to other business owners who are trading in these markets or visit them yourself to get a better grasp of the local culture.
Check out The World Bank’s ease of doing business survey to find out more.
5
Have you undertaken market research to quantify how much demand there is for your exports?
Undertaking market research is incredibly important whenever you’re doing something new in your business and getting ready to export is no different.
Check out our introduction to market research and competitor analysis to find out more.
6
Do you have a contingency plan in place if there are market disruptions?
In the current environment, disruptions to the flow of goods and services are commonplace and widespread so it’s important you make contingencies in the event some of your exports are affected.
Check out our guide on business resilience and recovery to help you plan for every scenario.
7
Do you have sufficient capacity in your business to cope with demand from export markets?
Once you start trading in an export market, it’s important to consider how you will maintain high standards if there is, as you would hope, strong demand for your products and services.
The additional paperwork also needs to be completed in good time to ensure you are not penalised by the local authorities.
Check out DBT’s step-by-step guide for exporting from the UK or Scottish Enterprise's guide on how to start exporting.
8
Would you be willing to wait more than 12 months before seeing any ROI?
Exporting overseas is a big investment so you need to ask yourself how long you can fund the project before seeing any meaningful returns.
It will take time to establish operations in a different country so you could be waiting 12 months or more to start making sales.
9
Are your prices going to be competitive in your export market?
Deciding on the prices to set for selling your goods and services in export markets is extremely important as failure to get this right could undermine your profitability.
From customs and duties to payment fees, logistics and packaging, there are many additional costs you need to bear when exporting overseas so it’s important to spend some time considering your price competitiveness before you begin.
The Institute of Export and International Trade has this useful guide for helping you with pricing strategy. Find out more.
If you’ve read through this checklist and believe you have a solid business case for exporting, then there is nothing stopping you from getting started.
Equally, if you are feeling like you need a little more time, the best thing to do is speak to an adviser and get more tailored support.
Next steps...
- If you need support with getting started in export, visit the GREAT website for businesses in Great Britain and Northern Ireland, and Scottish Enterprise for businesses in Scotland.
- To learn more about the different key terms and support organisations for exporting, check out our guide on trading internationally.
- For further reading on the current outlook for exporters, check out our interview with EY Trade Strategy Lead, Sally Jones.