Exporting is one of the primary means of accessing some of the world’s top economies, such as the USA and Germany. Therefore, doing business in such markets has proven very lucrative for many exporters in Ghana. However, if you’re currently venturing into exports, you may find the rules, technicalities, and other requirements quite overwhelming.
Hence, we’ve put together a list of must-know tips every business needs to know before exporting in Ghana.
Just like every other business, you need to begin by establishing demand. This starts by finding buyers that are willing to pay money overseas for the products you offer. Here you need to call on your overseas connections and business networks both at home and abroad.
You might be lucky to have an international distributor purchase your goods at a good discount and distribute them abroad. This will spare you all the sales legwork but give you enough profit to enlarge your clientele. Also, you can consider partnerships and joint ventures with foreign entities.
Whatever way you decide to get connected, it’s essential to assess the associated risks.
Marketing is now very democratized. You have several options to choose from, and you don’t want to limit your choices. It could either be digital marketing, ads in trade magazines, or other outlets with international reach. You want to spread the word about your business and the products you have to offer the global market.
It’s not unusual to have distributors, suppliers, and businesses abroad reach out to you through a strategically placed advertisement. Some of these ads also serve your marketing purposes if you can have them appear during trade fairs and other international trade exhibitions where foreign buyers will be present. It shouldn’t always be abroad; you can use these opportunities in Ghana too.
Look Out for Your Cultural Ps and Qs
Selling your export goods through a foreign investor surely makes for more accessible business. However, you’ll have to prepare yourself to miss out on some of the creamier profits. In some cases, it makes sense to sell your exported goods directly to foreign consumers.
But mind you, there are several challenges you’ll have to overcome. These could be as basic as language barriers, taxes, extra marketing costs, and other regulations of trading directly with consumers abroad. Each time you enter a new country, you’ll have to surmount these difficulties before you can make any significant profits.
Hence, you’ll have to thoroughly research each market and ensure you’re using the best strategy to meet each market’s needs. Beyond this, you also want to maximize profits by making sound financial decisions that cut down the costs of exporting in Ghana to foreign buyers.
Finally, you might need some professional and experienced hands to help you put everything together.
Once you know all your tips and have figured out the different conditions you need to satisfy to begin exporting into a particular market, you can replicate your success by applying your experience to other economies in the international market. Remember, it’s best to start with countries with similar characteristics. Register with Export Portal today to make the transition to international trade!