Yakima County Development Association - Resources to Grow Markets or Start Exporting

YCDA

Article by:
YCDA

Jean publishes a blog called the Enterprise Corner.  It features articles on entrepreneurship, local industry trends, manufacturing news and periodic ‘toolbox’ articles showcasing assistance, incentives and other resources for local businesses.

Topics

Archive

Resources to Grow Markets or Start Exporting

Resources to Grow Markets or Start Exporting

February 22, 2012

Over the past year export promotion activities have gotten a big boost from the public sector. To revitalize our down economy, both Washington state and the feds have put sizeable investments into helping businesses export products and services. As these business assistance programs take root new evidence suggests that exporting makes a difference. In a recent survey of manufacturers in our state, Impact Washington found that companies involved in international trade were definitely faring better than their counterparts. These results jibe with a study published by the Institute for International Economics that found US companies that export not only grow faster but are less likely to go out of business than non-exporting companies. Research also shows that international companies pay better wages. Jobs supported by the export of goods and services pay 15 percent more than the average non-export-related job. For export-supported manufacturing jobs, the average wage increase is even higher – 18 percent. Opportunities for businesses to grow market share seem most promising within international markets. Ninety-five percent of the world’s consumers now live outside the United States. The fastest growing markets are now abroad in countries like China, India and Brazil.

Even though international opportunities abound, relatively few domestic companies have international customers. The reasons why businesses do not export vary, but the most common issue is a sense among businesses that there is not a market for their products outside the United States. This may be accurate for some companies, but export promotion experts suggest most companies simply lack the ability to research and identify foreign market opportunities. Current export development initiatives are trying to help companies pursue international business. Washington state is offering dozens of classes on exporting this year. These classes orient businesses to exporting and are usually a gateway to more detailed support services for companies that want to actively pursue international business.

 There are numerous programs available for export assistance if a company wants to: 

    • Determine export readiness;
    • Begin exporting;
    • Expand or find new markets;
    • Develop an export plan and more.

Washington Small Business Development Center The Washington State University Small Business Development Center network has two Export Readiness Centers to serve the informational needs of the potential and new-to-export business community.   The Trade Advisors can help assist with the Export Voucher Program, the State Trade and Export Program (STEP) and can also help clients develop an export plan. As a direct result of assistance from the SBDC, Export Center clients reported new revenue of more than $1 million in 2011 with substantially more growth planned in 2012 and beyond.   Washington State Department of Commerce also offers assistance to companies that want to explore or expand exports.

    • China Accelerator program This program provides financial assistance to help Washington State companies expand their sales in China.
    • Export Voucher program The Export Voucher program is a key element of the Export Washington initiative. Eligible small businesses can apply for reimbursement of up to $5,000 for pre-approved expenses related to increasing the company’s export sales: such as training, marketing campaigns, trade show and trade mission expenses, business travel, and other pre-approved business expenses. Download the Guidelines and Application.
    • Export Business Planner  The SBA Export Business Planner is a free, customizable tool for small business owners who are exploring exporting.
    • Loan Programs for Exporters.  The Small Business Jobs Act 2010 increased SBA loan limits. In the first week of the Jobs Act, SBA provided nearly 2,000 loans totaling nearly $1 billion in lending support.
    • U.S. Trade Delegations:  View upcoming trade missions from the U.S. Department of Commerce.



Share this article



RSS Feed [?]

Other stories in:


Back

"...we definitely have the best of both worlds with the rural communities and the urban areas - we have everything right here." - Clara Jimenez, Toppenish City Council