While it goes without saying that small businesses often have a deep and personal connection to their locality, many more entrepreneurs are expanding their business – and not just across county lines, but country borders.
According to a recent survey from Bibby Financial Services, 85 percent of responding small and medium size businesses believe they are prepared resource-wise to export goods to foreign customers.
Overall, 50 percent of exporting American small businesses expect to experience growth during the next 12 months. U.S. International Trade in Goods and Services data cited by the company showed U.S. exports rose to $191.2 billion during June 2013 as monthly exports approached historical records of activity.
“It has taken some time for President Obama’s National Export Initiative (NEI), launched in 2010, to affect the confidence levels of U.S. small business owners,” said Leigh Lones, CEO, Bibby Financial Services Americas. “But they now say they have the right tools and level of support to fulfill the export potential of their business.”
However strong their expectations for exporting are, entrepreneurs still have some reservations about exporting to emerging economies, tending to focus on developed countries. Small business owners willing to take a chance can contact National Funding about getting a small business loan to shore up other areas of the business in anticipation of exporting.