Patty Brewer
As I drop my kids off at school, I hear other parents telling their children, “Make smart choices today.” That’s great advice — and not just for kids. I could take that advice as I plan my lunch: Should I pick the nice salad filled with healthy choices or that pepperoni pizza dripping with melted cheese? Needless to say, we have opportunities to make smart choices all day long.{mprestriction ids="1,3"}
Here’s one smart choice that you should not pass up if you are a small-business exporter investigating expanding your international sales into new markets: Get in touch with your “exporter network” to help you find international partners.
This is true whether you are looking for buyers, distributors, warehousing or logistics assistance or you want to make sure your international partner is legitimate and reliable. Several weeks ago, a small-business owner called me excited about the foreign buyer with whom he was currently negotiating a very large sale. I encouraged him to reach out to the U.S. Commercial Service in Denver and within a few hours the business owner verified that the prospective buyer was a fraud. It was a very discouraging moment for the business owner, but it demonstrated the power of the information available at your fingertips.
As you take advantage of international opportunities, check in with your network of export experts to guide you along the way. A large network of federal and state offices, as well as several nonprofits, can provide counseling, training and research during your export journey.
Visit with the Utah Small Business Development Center, where you can get counseling and training on writing your export business plan, digital marketing and understanding financial statements.
World Trade Center Utah is also a great source of information. You can participate in Pathfinding, an initiative supporting exporters as they assess, explore and focus on international opportunities.
Next, go to the U.S. Commercial Service Salt Lake City to get market intelligence that will help you target the best trade opportunities. The USCS also offers business matchmaking with overseas partners and prospects.
As you develop your export strategy and draft your plan, you notice a need for cash. Several grant programs are available to offset costs for international marketing. The State Trade Expansion Program (STEP), administered by the World Trade Center Utah, can provide up to $15,000 per year for international marketing activities, including attending trade shows, researching new markets, updating marketing materials for new markets and compliance testing. For agricultural exporters, the Western United States Agricultural Trade Association (WUSATA) provides a cost reimbursement on eligible international marketing expenses You can even double your export marketing budget with WUSATAs FundMatch.
Finally, the SBA’s Office of International Trade has developed three export loan programs for each stage of exporting: the Export Express for export development, the Export Working Capital program to fulfil export orders, and the International Trade Loan for expanding exporter capacity.
Make smart choices today and reach out to the network of organizations ready to help with your export efforts. Staff at the SBDC, WTC Denver, USCS, STEP, WUSATA and SBA are ready to answer your international trade questions.
Patty Brewer is an export finance manager serving Utah businesses with the SBA’s Office of International Trade. Her territory includes Colorado, Montana, Utah and Wyoming. She can be reached through the local SBA office.{/mprestriction}
