Preparation is the key to cracking the export market

Moving into foreign markets can benefit your business in many ways, from building your profile internationally to experiencing growth that might not be possible at home.

But before you make the leap into trading internationally, it’s important to think carefully and do your research.

LOCATION, LOCATION, LOCATION

Deciding on your target country, state or region is a big decision.  Is there demand for your product or service in the location you’ve chosen? What impact will local trading laws and tax legislation have on your business?  What are the logistical issues involved in getting products to your customers?

Carry out as much market research as you can and speak to those in the know.  The relevant Chamber of Commerce, embassies and local trade teams will be able to put you in touch with companies already exporting to your chosen destination.

WHEN IN ROME

Local knowledge is vital: understanding how a country does business will significantly boost your chance of success there.  Attitudes and laws regarding credit, copyright issues and intellectual property can cause headaches if you’re not aware of them. Make sure your advisers understand the global market. CASSONS accountants are members of BKR International, a global accounting association who are able to speak to advisers all over the world with whom they have relationships.

Access to these advisers is imperative – they’ll be the ones with the local knowledge and more importantly understand the interaction between taxes in their country and the UK.

FIRST STEPS

Consider how you will do business abroad.  Distributing goods direct to consumers using an e-commerce site can seem straightforward, but for sales to EU countries you’ll need to take into account the distance selling threshold of the country your’re exporting to (the limit before you have to register for VAT in that country) as well as UK tax rules.

Wherever in the world you choose to expand your business, do your homework.  Seeking advice from trusted, experience sources will prepare you for any problems that may arise, and help to make your venture into foreign fields a lucrative one.  This article has been produced by Cassons Accountants  @cassons_acc

 

TW Languages concurs with the above and would like to add  that we also see one of the key factors for success is “excellent communication”. Translation services should be seen as part of the exporting process when working with countries where the language and culture are different  and communication is a challenge. Translation is a cost effective way of getting close to your client to further develop business relations.

If you would like free advice and support on translation issues please contact us.

Janet Perkins  T: 0161 826 8777   E: jp@twlanguages.com