As our firm moves into its 3rd month as a member of #MATRADE(Malaysia External Trade Development Corporation) and with the conclusion of the recent FOKEM 2015 (Forum Keusahawanan Malaysia), we ask the business owners out there, whether you are ready to export your product and services. Here are some questions you need to ask yourself before thinking about exporting:-
- What business model do you intent to use?
– Open up shop at the foreign market with your own office and staff; or appoint an agent; or enter into a Joint Venture Agreement with a local business partner. - Do you have the capacity to produce?
– Do you have the capacity to produce your product to meet the demands of the foreign market? Will you be able to ensure that the quality of your product is consistent when you increase your production capacity? - Do you know the laws and regulations of the foreign market?
– Is your product compliant with the laws and regulations of the foreign market? Matters like the size of packaging of your product; the container you export your product; labeling; content of your product; safety are different in different countries. - Do you have the funds?
– Government Agencies are helpful and there are surprisingly a lot of grants and loans available to Malaysian Entrepreneurs, including technical advice. - Do you have legal advice?
– Important matters like Cross Border Agreements; how best to resolve disputes, disagreements & non-payment; legal and regulatory issues; standard operating procedures; etc. - Have you gathered your market intelligence?
– Would your product be popular at the foreign market? Do you know the local competitors? Do you know the local trends? MATRADE would be able to assist with gathering market intelligence as they have offices in most major countries in the world.
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