International Trade

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Got global ambitions for your business? Here are five titbits for world domination

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Knowing which markets to prioritise and the best way to market, sell and distribute your products or services is not easy. Add to that, different local laws, cultural factors and buyer behaviours and it can seem overwhelming. But don’t be put off.

A group of founder-friendly experts have come together to present Go-To-Market USA on September 6th 2016. This seminar explains why the US is the perfect market for UK companies wanting to expand and provides information on key issues including how to launch, protect and market your business in the US.

Ahead of the event we’ve summarised the five key things every business should do before they go global:

(1) Do your research

Talk to bodies such as UKTI and London & Partners and reach out to other entrepreneurs operating in similar markets. Be prepared to adapt to new markets. Key areas of research include: Tax, trade laws, IP, buying behaviours and logistics.

According to www.gov.uk: “Many lawsuits arise in the USA because of poorly drafted contracts. It is better to incur legal fees to prepare a well-drafted contract for the USA market that will help you avoid potential claims and lawsuits.”

I worked with Kelly Hoppen a few years ago. She believes it’s essential to really understand new markets, and can mean the difference between success and failure.

“The nuts and bolts of your business are just as important as your big sell so make sure you know it inside and out. Be clear on the logistics, it’s not enough to have an amazing idea, the key to success is how you execute it,” Hoppen said.

As a marketer, you need to understand:

· Your competitors
· What’s distinctive about your brand
· The gap in the market
· Your audience

“There are 28 million small businesses in America that account for 54% of all
U.S. sales and 55% of all available jobs,” the US Small Business Administration says.

Stripe Atlas to help UK entrepreneurs scale online companies into the US

(2) Get professional advice

Entrepreneurs are fearless, tenacious, committed and hard working. But they aren’t the best person to do everything. If you’re planning on doing business overseas, consult advisers with a proven and relevant track record.

For businesses looking to enter the US, talk to Morrison Foerster which specialises in helping UK companies operating in the US and Moore Stephens which provides specialist business and tax advice.

Continue on the next page for details on how to invest more than just money in your brand to grow globally, as well as understanding how storytelling can help.

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