Exporting Myths - 7 Misconceptions and The Facts

7 MISCONCEPTIONS AND THE FACTS EXPORTING MYTHS Export-Import Bank of the United States exim.gov | 2 Are you a small business thinking about exporting to international markets because you’re looking for new revenue streams? Take a look at our “7 Exporting Takeaways from the 2016 Small Business Exporting Survey” blog which breaks down the most important takeaways from the latest small business survey. The discussion between what is fact and what is a myth has always existed. However, in order to make sure the facts are being heard and supported, it’s important to discuss them periodically. In the business world, common “negative” myths about exporting are ubiquitous, but below, we’ve decided to break down these myths and give you a quick snapshot of the new reality. 7 Exporting Myths EXPORTING IS TOO RISKY I’M TOO SMALL TO GO GLOBAL MY PRODUCT OR SERVICE PROBABLY WON’T SELL OUTSIDE THE U.S. I WON’T BE SUCCESSFUL BECAUSE I DON’T SPEAK ANOTHER LANGUAGE GETTING PAID IS CUMBERSOME AND I’LL LOSE MY SHIRT MY DOMESTIC MARKET IS VERY GOOD— I DON’T NEED TO EXPORT EXPORTING IS TOO COMPLICATED Export-Import Bank of the United States exim.gov | 3 7 Exporting Myths (continued) 1. Exporting is too risky The new reality: Exporting to some markets, such as Brazil, is no more risky than selling in the United States. Any risk can be identified and reduced through affordable assistance now available through the Commerce Department, the Export-Import Bank of the United States or your local chamber of commerce. 2. Getting paid is cumbersome and I’ll lose my shirt The new reality: Trade finance and banking have evolved to the point where, with the right tools, selling things internationally is routine, safe and efficient. 3. Exporting is too complicated The new reality: Most exporting requires minimal paperwork. Researching markets and finding buyers can be done through the U.S. Department of Commerce, the Export-Import Bank of the United States or your local chamber of commerce. 4. My domestic market is very good—I don’t need to export The new reality: Few markets remain static. To remain viable most companies must recognize it’s a global marketplace. 5. I’m too small to go global The new reality: Not true. Even 10 years ago, nearly 42% of all U.S. exporters had fewer than 19 employees. 6. My product or service probably won’t sell outside the U.S. The new reality: If it sells here, chances are it sells elsewhere. Plus, help is available to test its acceptance in more than 100 countries. 7. I won’t be successful because I don’t speak another language The new reality: Cultural knowledge is always helpful, but you can learn as you go. English is usually enough in the business world and help is readily available for situations in which interpreters and translators are necessary. The Export-Import Bank of the United States (EXIM Bank) is an independent, self-sustaining federal government agency with more than 80 years of supporting U.S. jobs by facilitating the export of American goods and services. Export-Import Bank of the United States exim.gov | 4 Are you ready to work with EXIM? Before getting started, it’s important to know the basic requirements for working with EXIM Bank. While it’s always a good idea to call us with any questions about our policies, generally your business will need to meet the following criteria: • Been in business for at least one year • Has a positive net worth • Exports U.S.-made products and/or services Let’s get started: Request a free consultation with an EXIM Bank regional specialist: grow.exim.gov/contact-a-trade-finance-specialist Additional Information BASIC GUIDE TO EXPORTING GUIDE TO EXPORT CREDIT INSURANCE EXIM.GOV grow.exim.gov/basic-guide-to-exporting grow.exim.gov/eci-ebook exim.gov Learn the basic fundamentals of exporting and turn export opportunities into sales. Learn how to protect your foreign receivables from bad transactions. For more in-depth information about EXIM, visit our website.