Member Article

Broaden your business horizons

With Business Link

With Easter behind us, many of us are starting to think about summer holidays and the overseas destinations we’d like to visit to soak up the sun, see the sights or experience different cultures. But while we often associate going abroad with escaping from the daily grind and forgetting about work for a week or two, there could well be business opportunities in some of these far-flung destinations that you hadn’t considered or weren’t aware of.

While your business may have an established UK market, there’s often no reason why it couldn’t successfully compete overseas too, growing your revenue and profit. But before you start exporting you need to have sound knowledge of your potential markets. Thorough research is crucial to establish whether your prospective foreign customer needs what you are selling. You should also consider whether you have the necessary resources to cope with overseas demand, so implementing an export strategy to review the capability of your business from the outset is a useful tactic.

If you’ve established that export is an option for your business, then constructing an export plan will help you define how your business can enter your chosen market/s. The Business Link website provides lots of practical information on the areas you should consider such as marketing, financing, legal implications and transporting your goods effectively.

One of the main decisions you’ll have to make is how to organise your sales presence in your chosen market/s. Depending on the product, you may be able to sell directly to your customers, for example over the internet or by exhibiting at local trade shows. Many businesses team up with a suitable partner who already understands the local market. This option could include selling to a distributor who then sells your products locally; employing a sales agent who sells products on your behalf or puts you in touch with potential customers on a commission basis or creating a joint venture with a local business. Alternatively, opening your own local office will give you complete control over your sales, but is the most expensive option.

Another key consideration is to appreciate the traditions, cultures and legislation of the countries you are trading in, particularly when marketing your business. For example, TV viewers in one country may belong to a particular socio-economic group, while in others TV ownership is far more widespread. Also be aware of particular dress codes and be conscious of changing the market preposition of certain products.

The Business Link website provides a useful guide on working effectively with different cultures. You can also find a range of useful information by visiting www.exportnortheast.com or www.uktradeinvest.gov.uk, which can also be accessed via the Business Link site.

So while you favourite holiday destinations might be thousands of miles away, opportunities with potential overseas customers crying out for your goods and services might not be nearer than you think! For Business Link services in your local area, call 0845 600 9006 or visit the website www.businesslinknortheast.co.uk.

This was posted in Bdaily's Members' News section by Ruth Mitchell .