erate 100 percent
of their revenues
from exporting than
non-minority firms.
Essentially, many
minorities have
family and cultural
ties in foreign countries which provide
them with a unique
advantage for exporting. For example, many
African Americans have racial and ethnic ties
to other black populations overseas, such as
in Brazil, Colombia, the Caribbean, and sometimes Africa, that may be useful in forming
trade relationships.
The data is in your favor, but why should
you consider exporting for your business? Here
are five reasons, just to name a few:
EXPORTING PROVIDES YOU WITH
ACCESS TO MORE CUSTOMERS
Any business that is selling a product
or service to customers in the United States
should look at exporting for the simple proposition of access to more customers. If you can
sell more, that’s how you grow your business;
that’s how you hire more employees and create jobs; that’s how you create wealth for you
and for your workers.
EXPORTING CAN BE PROFITABLE
Sixty percent (60%) of small companies
that engage in exporting derive 20% of their
annual earnings from exports. Also, according to the most recent U.S. Census, 28,531
exporting minority
businesses have
generated exports
valued at over $30
billion, representing 17.5 % of all
classifiable exporting businesses in
the United States.
EXPORTING ENHANCES YOUR
COMPETITIVENESS
A company with international sales or
service diversifies its customer base so that if
there are changing conditions in the domestic marketplace (i.e., decreased demand, poor
economic conditions, etc.), the product or
service may still be competitive in the international marketplace. For example, a company
may access foreign markets to take advantage
of seasonal differences between their domestic market and foreign markets. By doing this,
a manufacturer of summer-related products
that sell well in the U.S. between May and
August can turn to customers in the southern
hemisphere that would purchase these products during the months of September through
April, thus using international sales to offset
domestic purchasing cycles and the change
of seasons. In addition, exporting can prolong
the life cycle of a product. When a product is
at the end of its life cycle domestically, there
may still be opportunities in foreign markets.
These strategies allow for a company’s continuing competitiveness, which could also lead
to global brand awareness.
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