Are you looking to find new customers in global markets? Are you interested in attending an international trade show? Have you heard about STEP?
STEP, or the State Trade Expansion Program, is a U.S. Small Business Administration (SBA) grant program that has successfully assisted thousands of small businesses in the international marketplace since 2011. Through awards to states and U.S. territories, STEP is helping businesses learn how to export; obtain services to support foreign market entry; develop websites to attract foreign buyers; design international marketing products or campaigns; and participate in foreign trade missions. In fact, last year STEP businesses recorded over $587 million in export sales.
For numerous reasons, selling to international markets is an increasingly attractive way to grow your company’s customers, profits, and successes. These include the fact that:
- the global economy is projected to grow 3.3% this year;
- advancement in e-Commerce and logistics have lowered the costs of doing business overseas; and
- free trade agreements have opened markets in Australia, Chile, Singapore, South Korea, Morocco, Bahrain, Jordan, Israel, Canada, Mexico, and Central America, creating more opportunities for U.S. businesses.
Also, U.S. companies that sell in international markets enjoy greater business success overall. Small businesses with global customers are:
- better prepared to respond to foreign competition and global market trends;
- able to weather downturns in the domestic economy;
- more competitive and less likely to go-out of business; and
- able to extend the sales potential of existing products and maintain productive capacity by stabilizing seasonal markets.
For example, a company based in Baltimore County, Maryland, that makes pneumatic tube systems for hospitals and healthcare clinics has used STEP funds to attend the Arab Health trade show in previous years. As a result, the company reports $6 million in foreign sales to the United Arab Emirates and Qatar and displays at Arab Health in their own booth every year. And there are thousands of similar stories across the United States.
SBA wants to help your business take advantage of these opportunities. To find out more about the ways STEP can help you reach new markets and boost your business, visit our STEP webpage, reach out to our STEP office, or contact your local state or territory trade development agency. We hope to see you in the international marketplace soon.