Expand beyond the local market
Thereâs good business to be had beyond the local market and itâs easier for service providers to export their services than it is for manufacturers.
Service exporters are people who are paid for services by someone from another country, regardless of where the service is provided and the payment is made.
If you have a specific knowledge niche and you are a sought-after expert, then there is probably an international demand for your services. You can become an exporter.
Have you heard of the Services Sectoral Classification List, known as W/120? It is a services classifications system, compiled by the World Trade Organization and within the categories, there are over 140 types of exportable services.
Some of these services include business and professional services like accounting and advertising; health related, like health and wellness tourism; and construction, like architecture and design.
For example, if youâre in the health related services sector, you can develop a training programme for health care facilities in other countries or become a motivational speaker, sharing physical activity and good nutrition techniques.
As a service exporter, there are four modes for delivering services. With Cross Border Supply, only the service crosses the border. The service is most often done electronically. With Consumption Abroad, the service is supplied in the country of the supplier, so the consumer goes abroad. There is also Commercial Presence; the supplier sets up a subsidiary branch in another country; and finally, Movement of Natural Persons, the service provider goes abroad.
To succeed in the international market you must have a comprehensive export plan or international business plan.
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