The decision to start working overseas is almost a no-brainer. The wider global markets give you access to more customers, more opportunities and more chances to make a profit. If you do this right, you could turn your small business into an international empire and while you’ll probably be eager to get going there are still some pitfalls, of which you need to be aware.
To help you in your business endeavours, here are some of these issues that you should consider before you start to work with other nations.
The Market Gaps
You first need to treat the international markets in the same way you would your local ones – it may just take a little longer. Research and look at the situation and demographics in the areas of the countries you want to work with, to fully assess whether or not there are any gaps you can fill or provide for.
Language and Cultural Barriers
Different countries also have different languages and ways of doing business – and the last thing you want to do is offend any future partners. The simple step here is to either employ someone who speaks the language or knows the culture of the country, or at least carry out your own research into business etiquette and expectations when you’re pitching to clients.
For those businesses wanting to set up supplier routes or work with imports and exports, there are certain restrictions on goods that you should research first. If your main base is within the EU, the trade agreements in place makes moving goods more straightforward, with fewer restrictions. However, going outside of the EU can be more problematic, plus certain nations have stricter regulations than others, such as the China and the Middle East.
There are plenty of online guides to advise you with this, but also you can outsource shipping goods to external companies with international expertise, like Parcel2Go, who can help you overcome any trade barriers.
How Involved you will Be
Another big consideration is how much you will be involved in the whole process – as you’ll have your main business to think about as well. The workload can be quite demanding – especially for smaller firms – as such, you shouldn’t be afraid to invest in extra help or hand responsibilities to your trusted staff.
So, make sure you take note of the above when you’re planning your international business moves and you should put your company on the right path to overseas success. Good luck!