On March 2, 2017, the Inland Empire Center for International Trade Development starts its popular Export Trade Assistance Partnership (ETAP) sessions in San Bernardino. For small and medium size businesses and entrepreneurs in the Inland Empire, it may be difficult to imagine how international trade can benefit their bottom lines. Below are just some of the beneficial reasons why we believe that every Inland Empire business looking to expand should consider international trade as a part of their growth strategy.
Inland Empire jobs depend on trade- According to the U.S. Chamber of Commerce, over 41 million jobs in the United States depend on trade. Indeed, in the Inland Empire alone, the logistics industry, which is dependent on international trade, is the fastest growing job sector. According to Dr. John Husing’s January 2017 Quarterly Economic Report, between 2011 and 2016 the logistics industry accounted for 54,100 new jobs. The Inland Empire economy is experiencing healthy growth thanks to international trade and so could your business.
International trade can lead to business growth- As big as the market is in the Inland Empire and the United States as a whole, our country only accounts for about 5% of the world’s consumers. This means that there are a vast number of opportunities for your business to sell your goods abroad. Imagine finding hundreds or thousands of new customers with each country you sell too. And this fact is not lost on your fellow small business leaders. 98% of exports from the U.S. are sent by small and medium sized businesses. Your business can be a part of this vast global market too.
Keep your revenues safe by diversifying your risk- The global market is not always a safe place. Markets rise and fall every year, including the United States. By engaging your business in international trade, you can safeguard your business against the buffeting winds of the global market. Sales down in the U.S.? Good thing India is one of the fastest growing economies today. China sales lagging? Vietnam might be a great place to sell too. By engaging in international trade, you can help your business survive when either the domestic or one of your foreign markets hits a slump.
Get paid earlier- One of the best practices used in international trade is to get paid by foreign customers upfront. Not only does this prevent the loss of revenues if there is a problem in the foreign market, but it also means that you bottom line can benefit ahead of time.
Numerous free and low-cost services- Yes, big businesses can afford to hire lawyers and consultants that can walk their product through a foreign market, but there are several free or low cost services available to the Inland Empire. CITD offers free consultations and matchmaking services for those of you wishing to enter international markets. CITD along with its partners such as the Small Business Administration, local Chambers of Commerce, and local Economic Development Agencies offer consultations, mentoring, and grants to help you export your goods abroad and expand your business at home. Many of these resources will be discussed at ETAP.
International trade is not something your business should shrink from. There are numerous benefits and many friends in the area who can help you export your first good. CITD will teach you the basics at ETAP.
Register for ETAP today!