This section provides all the latest news, expert views and case studies from businesses that have built their brands globally, as well as in-depth features on how to successfully grow your business domestically and internationally.
Some of the most successful businesses are born global. There has never been a better time for growing businesses to look at becoming exporters. The internet has made it much easier, and with e-marketplaces like Etsy and Amazon, you don’t even need your own store – or even your own website.
Exporting isn’t for everyone, and with global uncertainties like Brexit looming ahead, there’s a lot to consider when looking beyond Britain.
If you’re an exporter or considering international trade, this section outlines how to go for growth by getting your products and services overseas.
How to choose a market
First and foremost, a business needs to consider which markets it plans to reach and when. You need to understand your demographics, the language, the culture barriers, the laws, intellectual property rights, and the supply chain. Even simple things like labelling might need a rethink for a new market. This step is something you should take your time with, and perhaps even visit the countries in question on trade missions.
Once you have chosen a market, you need to think about how to protect yourself. Have you got all the appropriate intellectual property in place?
How to manage currency fluctuations
When you start selling abroad you need to factor in price points, and currency. When the pound took a dive, this was great for some exporters – without lowering their prices, they suddenly looked more competitive to other countries. Whereas at the same time, for those buying goods from other countries, everything got just that bit more expensive.
Looking at currency fluctuations might help you pinpoint where you want to target, and for the risk averse it might help to consider currency hedging.
How to sell in your chosen market
If you set up online, you could be born global. You might only have a small store on a crafts platform, but your first order could come from France, Poland, New Zealand – anywhere, really. Alternatively, you might choose to set up your own website and target regions more strategically, or perhaps you want to launch bricks and mortar stores in new countries – whatever option you go for, at the end of the day you will still need to consider logistics.
Will you have your own warehouses overseas, or will you employ a logistics provider? How much will pick and pack, and shipping, add the to the cost of your products?
There’s a lot of planning that that goes into nailing international trade, but even for new businesses there are opportunities out there.
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