Is there financial assistance for new exporters?
Some subsidies are available through UK Trade & Investment (although dependent on company size and/or sector, turnover). It is free of charge to see an international trade advisor, an export promoter and free information the UK Trade & Investment website (www.uktradeinvest.gov.uk). For a modest cost overseas staff will report on market conditions, opportunities, customers and potential partners. Also overseas visits, with an interpreter if required, exhibition and trade-fair sponsorship, low cost publicity, market research and grants to cover up to 50% of marketing costs.
Can I find out about regulations for my product in a country?
Yes. Just consult your local International Trade Team or overseas country specialist at UK Trade & Investment. Details of your local team can be found by clicking here and using the postcode search facility in the bottom right hand corner.
Can I sell in overseas markets?
Yes. By using market research services available from UK Trade & investment for a choice of routes,(agent, distributor, licensee, end user), with identification of interested firms. You can also join a market visit that will give you help on your marketing strategy. More information is available from your local International Trade Team. Details of your local team can be found by clicking here and using the postcode search facility in the bottom right hand corner.
Can I find out how long it will take to get my first order?
Yes. You may get a trial order on your first visit to your new market, or even before. Normally however, there is a period as your partners develops familiarity and gains confidence. Just like the home market, it may take 12 months or more to establish a trading pattern. Speak to experienced exporters, use fellow MWTF Members. Use the 'member search' function on this website, experienced exporters are happy to share their knowledge.
Will I get paid in a reasonable time?
Yes. Although it varies greatly. In Europe open account trading is most common. Elsewhere drafts (bills of exchange) are used. In some markets payment by Letter of Credit is the norm. Settlement times also vary. In Northern Europe you can often negotiate payment at 7 or 14 days but in Southern Europe settlement at 90 or 120 days is typical. A letter of credit can provide for payment immediately or after a certain term. Speak to a credit insurance provider or a local bank such as The Royal Bank of Scotland.
Can I find out what happens if the buyer doesn't pay?
Yes. You can and insure against non-payment of export invoices with a specialist provider, or arrange for your bank to take over the risk, eg discount your export sales ledger. Staff in you local offices will advise. You can persue a foreign debt through collection agencies but prevention is better than cure.
Should I really be thinking about exporting?
Yes. You will increase your production, enjoy improved revenue and profit, spread the risk base of your business, having a smoothing effect on your order book, learn about competition, defend UK sales and develop new product ideas. Why not speak to an International Trade Adviser (ITA) based at your local Chamber of Commerce to find out more. ITAs have a background in exporting and offer their advice free of charge. Many MWTF members are in regular contact with their local ITA and find their support invaluable. Visit the UK Trade & Investment website to find contact details using the postcode search facility in the bottom right hand corner.
If you are a member and would like to ask a question of one of our panel of experts, click here. If you are not a member and would like to find out more about joining the Midlands World Trade Forum, click here.