This article was adapted from Expert Export Guides: Are You Ready to Start Exporting? by Michael Wilson, CEO of Go Exporting.

There’s a lot involved when starting to consider exporting. Far from being an easy route to riches, it can be a drain on resources if not done correctly. That said, with the right planning and execution it can be a real benefit to your business and help propel it to the next level.

According to the US Chamber of Commerce, 95% of the world’s consumers live outside of the US. That means if you’re not exporting, you’re only reaching 5% of potential buyers! And you’ll have a competitive advantage —buyers around the world are looking to source innovative, quality products that are made in the US. Exporting will also help you mitigate risk. Rather than relying on the one domestic market, you can diversify and tap into international markets as well.

So maybe you’re ready to take the next step, but is your organization? Are the other stakeholders, or your bosses, of the same opinion? This may seem obvious, but it is not always the case. Ask the question, get commitment from all involved, make sure everyone is on the same page. This will be doubly important later if things are not quite going according to plan and you need extra support.

Next, we like to make a list of the resources we are going to need to make a concerted effort in export markets, then compare that with the organizations’ actual current capabilities. Start off looking at the people in your company, in every department that will be affected by exporting — so that means every department!

Do they have the skills and experience required for exporting? If not, what training or reorganization is required to meet that need? Make sure the whole organization is aware of your plans and ask each department to prepare accordingly. It may take some time, so start early.

If you are already exporting to other areas, then you likely have the skills in place. But you still need to go through the process to ensure the organization can cope with the extra demands of any new market. Remember each country is different.

For example, if your product needs local approval it could be that you require specific packaging, labeling, and paperwork for each country. That could take some time to prepare and may have unexpected consequences. It’s best to discuss internally to be sure there are no unforeseen obstacles to considering a new market.

I worked with one company who had product approval in France, for example. Their packaging process was highly automated with reels of pre-printed sheets which were then formed around the product. Each reel contained packaging for 50,000 units, but in the early stages sales were unknown and likely to be no more than 10,000 units in the first year. An internal decision was needed to make the required investment ahead of potential sales.

This is what I mean by you have to be sure in advance that your organization is prepared to and able to make the investment.

One key element, which is often overlooked by enthusiastic sales people with eyes fixed on growth is finance. It shouldn’t be a factor, right? Wrong!

Exporting has financial consequences for your organization. Yes, it will eventually be a real benefit and cash generator, but in the beginning phases it may be a draw on resources.

The initial research, travel to the market, marketing, internal costs, cash flow consequences, currency implications, and international payment methods will all be on your financial department’s mind. Best therefore to discuss in advance. Agree how much you are willing to invest and the length of time you are able to continue before expected returns kick in.

As part of this debate it is important to also define your organization’s attitude to risk. Inevitably there will be some additional exposure, not just financially, but also legally, politically — even environmentally perhaps.

When entering a new country, there may be an element of the unknown. Even within Europe there are differences country to country. Get it wrong and it can be costly. Be aware of the pitfalls and if in doubt ask advice.

Work your way through the organization and consider all the touchpoints for export and the potential implications for your resources, your staff, and your organization. Leave no stone unturned. Make sure the whole company is on the same page and everyone is prepared for the exciting journey ahead.

If you’re ready to explore the opportunity of exporting, the Alibaba.com team is offering a tailored program to grow your sales. Fill out this form to find out if you qualify.

This week's #B2BTuesday Tip:

Don’t overlook the importance of researching new markets. Which countries have the lowest duties? Where is the highest demand for your product? What licenses or certifications will you need? Create an exporting plan that addresses a range of topics and issues.