Last week we provided a small business guide to exporting and tips on how you can get started with exporting. If you missed the article, click here to read: Small Business Guide to Exporting. Continuing this week on exporting, you might be asking why it is important to export or where you can find out more about exporting. Below, the U.S. Small Business Administration offers these eight reasons to export:
- Decline in the exchange rate of the dollar is resulting in increased purchasing power in many export markets
- The U.S. has manufacturing capacity and lots of workers available
- Costs for transportation and communication have dropped
- Trade barriers have been reduced
- Exporting can increase sales and profit
- Increase market and reduce dependence on domestic markets
- Extend the sales potential and product life of existing product
- Stabilize seasonal market/sales fluctuations.
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The Internal Revenue Service (IRS) has provided Arkansas Capital Corporation with some educational material based around two topics that, according to their research and experience, commonly trip up new business owners. Those topics are recordkeeping and understanding gross business receipts. Understanding these topics and others presented in the material will help the small business owner be more successful. The IRS deals mostly with taxing businesses, but they also provide materials related to other topics that may be helpful. The goal of these educational materials is to give the user a starting place when trying to troubleshoot problems that may arise when starting their own small business. 