Approximately two thirds of the world’s purchasing power and 96% of the world’s consumers are outside of the U.S. Companies that are willing to research and explore international markets can tap into tremendous growth opportunities.
According to Dan Nanigian, president of Nanmac Corporation, exports drove his business’s growth in 2009. While most companies were pulling back during the recession, Dan was seeking new opportunities in growing markets. As a result, his company nearly doubled its revenue from 2008 to 2009, and it expects to grow international sales by 142% in 2010.
Despite the vast opportunity in global markets, many small businesses are hesitant to export because they think the process will be too complicated and difficult.
I attended the SBA’s National Small Business Week Export Forum last week, and heard firsthand about the fears and challenges that prevent companies from exploring new markets.
When Luz Hopewell from the SBA took the podium at the forum, she asked how many small businesses in the room were currently exporting. In a room of more than 100 people, only three raised their hands. Surprisingly, the national statistic is even lower. According to the New York Times, less than 1% of the nation’s 27 million small businesses export.
In the video below, experts from UPS and the SBA comment on the top concerns of small businesses and offer compelling reasons for why more SMBs should consider international markets.
|Category:||Business Insights, Global Impact|
|Tags:||export, small business, Small Business Administration|