Exporting
One way of growing your business is to consider exporting which involves identifying and exploiting sales opportunities outside the domestic market. Using exporting as a way to grow your business will be more of a long term investment than a quick way to increase profits and it may be easier to ensure that the domestic market has been fully exploited before deciding to export.
Making the decision to export can present a number of new challenges. You will need to consider whether your product or service is suitable for exporting, will you have a competitive advantage in a foreign market, do you have the finance available to penetrate foreign markets as there will be additional costs such as increased manufacturing costs, marketing, and you may need to adapt your product design and packaging for another market.
Supports are available if you do decide to export. For example, the Waterford City Enterprise Board provides funding through an Export Grant Initiative which can part fund the cost of travel, trade fair attendance, exhibiting and the creation of marketing material specifically prepared and needed for export markets. The Enterprise Board also produce a useful Step by Step Guide for Irish Exporters.
InterTrade Ireland has responsibility to boost North/ South economic co-operation by expediting trade and business growth across the island. InterTrade Ireland provides programmes, research, networks and a financial assistance scheme. The MicroTrade programme aims to introduce micro enterprises (1-10 employees) to the arena of all-island trade and to support them in developing sales and inter-business collaboration.
Enterprise Ireland's First Flight Programme can assist those involved in manufacturing or Internationally Traded Services with their export development needs. The Irish Exporters Association can also provide useful guidance on exporting. Download the following guide for more information: A Step by Step Guide for Irish Exporters.