There is a world of opportunity for those seeking to export their food and agriculture products, considering that more than 70% of the world’s purchasing power is located outside of the United States. By tapping into these new markets before your domestic competitors, you will reap the benefits of having little to no competition, while possibly offsetting slow growth in your home market with the new increase in your company’s sales and profitability. Additionally, an enlarged customer base, as the result of expanding into foreign markets, can lead to your business hiring more employees and create economies of scale in production. Furthermore, diversifying the markets you sell to will help to mitigate the risk that often comes with expansion. For example, if your product sales tend to fluctuate seasonally, exporting can help to counterbalance drops in demand. Fortunately for companies seeking to export, the United States’ reputation for sound business practices and high quality goods appeals to foreign markets.
There are several compelling reasons for why businesses should go global, but many business owners do not know where to start. The International Marketing Program and the Food Export Association are hosting a “Why Export” seminar, specifically for food and agriculture companies, to explore why exporting is an excellent way to boost the profitability of their businesses and how to get started. The seminar will take place January 13th at the Tollgate Education Conference Center in Novi and featured speakers will include Dennis Lynch and Paul Weiss from Food Export. The seminar will also feature a company panel of experienced Michigan food exporters to offer first-hand knowledge of how to be successful. If you would like more information or would like to register, click here.
The mission of the Michigan Department of Agriculture and Rural Development’s International Marketing Program is to assist Michigan food and agriculture businesses in developing trade opportunities to effectively export their products and achieve economic growth through the assistance of the Food Export Association of the Midwest’s programs and services.