Starting a business can be daunting, but these are exciting times and the scope for business growth is limitless. Small businesses are no longer confined to a small geographical area. Thanks to the internet, businesses are now able to reach customers all over the world. If you are growth minded, the world is your oyster and there is plenty of scope for international trade.
Not all businesses need to expand their customer-base or forge relationships with international suppliers, but if this sounds like something you are ready to do, here are some tips to help you expand into the global marketplace.
Is Your Business Ready to Trade Overseas?
Just because you dream of expanding your empire overseas, it doesn’t mean that the business is actually ready for such a move. Going global is risky and if you get it badly wrong, you could end up destroying everything you have worked so hard to achieve.
Some products sell well in foreign markets, but others are not so welcome. There are huge differences between different cultures, so do your market research very carefully.
Are You Happy to Travel?
It is very difficult to set up a business overseas without spending at least some time there. If this is your business, or you have a significant stake in the business, you may have to live in locally in order to get things going. For many people, this is all part of the fun. However, if you have a young family or other commitments at home, make sure you are willing to sacrifice your time and energy for the sake of the business.
Plan a Global Trading Strategy
Once you have established that there is a market for your product, it is time to start planning how you intend on finding overseas customers.
The internet makes life easy in many ways. If you want to sell overseas, all you have to do is set up an e-commerce website and start marketing to customers in the target location. For larger businesses, setting up an e-commerce website might not be enough. In this instance, it might be worth setting up an overseas branch to sell locally. Either way, have a detailed strategy in place and make sure you have done a thorough risk assessment.
Language Issues
Language problems can make it difficult for smaller businesses to do business overseas. Many people wrongly assume that English is widely spoken everywhere. Unfortunately, it is not, so depending on the market you are targeting, you may need to hire translation services.
Export Legislation
Different countries have different rules. Make sure you adhere to local regulations governing import/export of goods. It isn’t difficult to ship goods to and from abroad, but it is very easy to fall foul of local regulations, which can be costly.
There is an awful lot to think about when you first start investigating the possibility of expanding your business into the global marketplace. There is lots of help out there, so talk to other businesses that have already followed this route. That way you can learn from their mistakes.
