Trustworthy Facts vs. Misguided Myths About Exporting

A break-down of the most common exporting myths from the Export-Import Bank of the US

Facts are often obscured by myths. These myths can take us down the wrong path or keep us from moving forward. It is important to ensure that what we see as fact is supported by real information and not just hearsay or unfounded beliefs. Below you will find six myths associated with exporting:

Myth 1: “Exporting is risky.”

The reality:
The fear of nonpayment is what keeps small business owners awake at night. EXIM’s Export Credit Insurance is an insurance policy that covers foreign receivables, protecting against nonpayment by international buyers and providing peace of mind.

Myth 2: “Exporting is too complicated.”

The reality:
Researching markets and finding foreign buyers can easily be accomplished with support from several sources, including EXIM, the U.S. Department of Commerce, the Small Business Administration, and state and local government economic development agencies.

Myth 3: “Getting paid is cumbersome and I’ll lose my shirt.”

The reality:
With the right tools, selling internationally is routine. EXIM can help you be more competitive and drive revenue growth while protecting your financial assets.

Myth 4: “My product or service won’t sell outside the U.S.”

The reality:

American products are sold around the world and the “Made in the USA” brand has never been stronger!

Myth 5: “I’m too small to go global.”

The reality:

Not true. Nearly 42% of all U.S. exporters have fewer than 19 employees. At EXIM, no company and no deal are too small.

Myth 6: “I don’t speak another language and it will be difficult to communicate with foreign buyers.”

The reality:

According to the World Population Review, more than 60 countries around the world (shown in green) speak English as their native, official, or second language. That’s over 3.3 billion English speaking potential customers worldwide.

 

TIP: A country’s culture will have a direct influence on how business is conducted, and negotiations are handled. To learn more, read the blog post: Understanding Cultural Norms Can Make or Break Your Business.

This article was originally posted by the Export-Import Bank of the United States.


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Speakers:

  • Susan Widmer, U.S. Department of Commerce, U.S. Commercial Service export programs & New Jersey District Export Council
  • Kelly Brozyna, Small Business Development Centers, SBDC business development programs
  • William Spear, State of New Jersey, Business Action Center & STEP Grant
  • Regina Gordin, Export Import Bank of the U.S., ExIm Bank export financing programs
  • Abby Martinez, Small Business Administration, SBA export financing programs
  • Victoria Hosendorf, Minority Business Development Center, The Enterprise Center, business development programs

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