The World Really is Getting Smaller
Since the pandemic, we’ve seen a significant rise in international business. If you need help navigating through the rules of exporting, please get in touch with our team of accountants, tax consultants and business advisors for tailored support and guidance.
In the meantime, here are some tips for expanding your business overseas.
Carry out market research
As with doing business here in the UK, when exporting you need to make sure that your products or services are in demand and that there’s an audience ready to purchase them. It could be that you have a niche product or believe that your level of customer service will be welcomed by people in other countries – either way, the first thing to do it determine how strong the competition is and how smoothly the transition into international trade will be.
Consider the politics and economy of the region
Another key point to consider is the political and economic stability of the countries you’re planning on serving. General information that needs looking into includes GDP, unemployment rate and levels of disposable income, as these will have an impact on how well your business performs in other countries, but there are also other factors to take into account. The most important is how your target countries are faring politically and economically, as conflict and war, civil unrest, embargoes, crime levels, labour strikes and natural disasters are major barriers.
Remember that laws can differ enormously
Every country has its own laws and regulations, some of which might affect the amount of business you can carry out there. It’s likely there could be limitations on the types of products that can be imported and exported, or even bans on particular items entirely, such as alcohol.
Analyse other potential stumbling blocks
All manner of native customs can have an impact on international trade, from religion and traditions to cultural norms and language barriers. By studying the local business etiquette and working out how trade is carried out in your chosen country, you can determine whether or not it’s a good fit for your business and what it offers.
Seek advice from a specialist
Here at TreyBridge, we can provide one-to-one support and help you to expand your business internationally in a smooth, confident and compliant way. To get started, call our Northern office on 01482 235575, our London office on 0207 885 0605, or fill in the contact form below.
Tagged as: Small Business Help
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