VEDP’s International Trade division recently released an exporting guide focused on the unique needs of service companies called “Exporting Services: A Guide for New Exporters.”
Some of the issues addressed in the guide include assessing export readiness, understanding export regulations, identifying a target market, protecting intellectual property, acquiring work permits and certifications, developing a market entry strategy, and negotiating financing and payment terms.
The services industry is thriving in Virginia—professional, scientific and technical services was the top sector for job creation in 2011, announcing 12,769 new jobs. With human capital as the major input, it’s no surprise that Virginia’s highly skilled workforce has proved to be a key advantage in growing this sector.
According to The Brookings Institution, Virginia’s service exports accounted for 42.6 percent of the state’s total exports in 2010, illustrating an opportunity to grow Virginia’s exports in a sector where the Commonwealth has the resources to leverage its success into international markets.
Helping Virginia companies grow sales overseas not only benefits Virginia businesses, but it also creates jobs at home. According to The Brookings Institution, Virginia exports supported more than 236,000 jobs in 2010.
To learn how VEDP’s International Trade division can help your company grow, go to www.exportvirginia.org.