Export your product intelligently

A grandmother’s wisdom is useful even in business. Evidence of that is Yasiri Álvarez, co-founder of the business Take a Sip.  She tells us that she learned from her grandmother about the benefits and medicinal properties of the hibiscus. From there, Yasiri got the idea to make a natural drink from this leaf, a tea called Hibiscus Beverage. Additionally because the leaves cannot be easily obtained on the island, Take a Sip sells the leaves so customers can prepare their own infusion. Yasiri is ready to export. In fact, she has begun a market study, but she knows she still has a lot to learn to make her launch in other countries a solid success. To provide appropriate guidance on her export process, we connected Yasiri with Astrid Vélez, president of Stratego Alliances, experts on the topic. Astrid shared several recommendations with Yasiri, including the following:

• Identify who is your primary consumer in the countries where you want to export your product. Also, confirm where they are located, so your marketing and sales efforts can be localized.
• Obtain information about legal and technical issues, such as trademarks, taxes and expenses.
• Study the sales potential so you will know ahead of time if you have sufficient production capacity to satisfy the demand that will be generated by entering the markets.
• Determine which export model is best for you: direct sales, sales through a representative or through a distributor. This depends largely on all of the factors above and the type of product or service you are going to export.

As Astrid explained, getting ready to export can take around a year and the investment will depend on how many changes you have to make to adjust your product to the market(s) you are going to enter (raw materials, packaging, and more). What’s important is that this process is done in a responsible and prudent way, taking informed and well calculated risks. Obviously, there are many variables to think about when exporting. Consider these tips to promote growth for your product and your income. This will make your business even more popular, in Puerto Rico and beyond.   This article is for informational purposes only and does not constitute an endorsement or guarantee of accuracy or applicability for any particular purpose. Neither Popular, Inc. (“Popular”) nor any of its affiliates, subsidiaries or related companies shall be liable for, any special, direct, indirect, or incidental damages including but not limited to loss of profits, that may arise from of be related to information or advice provided in this article, which was created by a third party. Popular provides financial services and is not dedicated (directly or indirectly) to providing any type of service related to the contents of this article. Should you require any service related to this content, you should seek the advice of a competent professional of your choice. Popular expressly denies all liability for any such advice.