The food and beverage industry has been on a roll because of the growing demand. However, thriving in the local scene doesn’t guarantee export success. Exploring new markets is one way to grow your business, but the process is painstaking. To measure your readiness, try to answer the following questions
Have you analyzed profitability?
The smallest inaccuracies can affect the whole system. For instance, Acme Scale Technologies noted that it’s better to pay for quality calibration equipment than lose potential profits. Also, when it comes to profitability, pricing is crucial. Determine your selling price by considering the transport cost, insurance, documents, and certificates, taxes, and other fees. Otherwise, what you would earn might not worth all the inconveniences you’d have to go through.
Have you established marketability?
Having a unique or excellent product isn’t the only contributing factor to the marketability of a product. You have to determine a need and demand for your products from a targeted market segment. You should have done your research and testing to be sure that target consumers would be willing to pay for your product at the price you would prescribe. Avoid doing trial and error with market segments.
Have you recognized your capacity?
You should have decided on how your volume production can meet the requirements of your expansion through exporting. Aside from volume, quality must never be compromised. You also want to look at your resources and be certain that your technologies, equipment, and even personnel can handle the expected growth rate. Otherwise, it’s going to cause a lot of chaos within your company.
Being able to export your food products is a good indicator that your business has not reached a plateau yet. Bringing your food products outside the local market requires massive commitment. Acknowledging that there’s potential outside your home country is just the first step; you need to be ready and back up your expansion plans by concrete strategies.