Build your business overseas 13 January 2005
If you've had success selling your product or service in the UK and you're looking to build your business - making the step into foreign markets is the logical next step.
Creating an identity and building success in other countries can be a daunting prospect, but now there are a range of online resources to help you to research your potential and achieve business success overseas.
Many small businesses think expanding their business overseas will be overly complicated - but if you apply the same principles you would use in the UK you will be on the right track for foreign business success.
Online help for would-be exporters
UK Trade and Investment - a government-backed online organisation - now offers online help, advice and information on more than 200 countries and 34 market sectors. Its Passport to Export programme provides training, planning, trade missions and support to small and medium sized businesses.
In addition to help and advice, the website also offers contact with trade teams that can put your business in touch with the British embassies, high commissions or consulates in your target countries - helping you identify potential partners abroad.
British Chambers of Commerce Online has invaluable help for would-be exporters. With valuable information on most countries in an interactive format, the website offers a unique insight into the various world markets - letting you explore potential business opportunities without the cost of travel.
The following checklist will help you make the leap into foreign markets:
- Don't wait for your customers to come to you - you have to go to them. A professional web presence will often do more for your business abroad than attending a series of overseas exhibitions. Read our archived articles on creating the right impression online - below
- Research your own company - make sure you have the resources to finance the cost of an overseas presence
- Don't assume your product or service can be sold in every country. Check the cost of adaptation and make sure you can still sell at a profit
- Don't assume you can sell in sterling. Importers may prefer to buy in their own currency, so take advice from your bank
- Make sure your goods or services have sufficient margins. There will be the increased cost of shipping, so make sure you can still make a profit
- Will your goods or services be competitive in your foreign market? Check out the competition
- Make sure you comply with the regulations on goods leaving the UK
Related links
- UK Trade and Investment (link opens in a new window)
- British Chambers of Commerce Online (link opens in a new window)
- Five steps to moving your business online
- Make your website work for you
