When it comes to exporting, it’s really easy to stick with what you know best. You may only be exporting on a small scale or to limited areas, but by taking a look at the wider picture, there could be other markets out there for you with lots of opportunities for business growth. For example, with favourable exchange rates, did you know it may be more cost effective for European businesses to source materials and products from the UK? If you would like to grow your exports further and expand your operations, we’ve put together a blog post with the key tips that we think are important to keep in mind – read on to find out more.
1. Choose the markets that are best for you: Not every market will be suitable for your business, so it’s important to do some market research to consider things like location, currency, infrastructure and culture. ACC Freight can also provide examples of freight costs to help you make a decision too.
2. Get some advice from the experts: It’s important to understand the regulations of the country where you are looking to export goods legal implications, customs, payroll and taxation rules all need to be considered, and the Department of International Trade and UK Export Finance can provide information and support systems to assist you with this.
3. Planning is key: Clearly define the who, what, where and when in your plan, you’ll also need to consider things like packaging, labelling requirements, capital costs, it’s also worth considering a trial launch to a smaller market to test the water first.
4. Search out opportunities: A great way to see what opportunities are available in a particular country is to visit trade fairs where you’ll have the chance to meet buyers and potentially generate some new business too.
5. What will your route to market be? Work out how you are going to get your goods to your new international marketplace – will you sell directly, use a distributor or sales agent, or maybe even create a joint venture?
6. Stay competitive: Make sure you have a strong USP, and look closely at your margin so that you can keep your costs down and compete effectively in your chosen market.
7. Make currency fluctuations work in your favour: Choose a payment platform which will let you choose the currency you want your invoices paid in, and consider asking clients to pay upfront to avoid the risk of exchange rates swinging.
8. Partnerships are key: It’s important to ensure you take the time to build key relationships first. By choosing companies that completely understand your needs, some of the pressures and risks associated with exporting will be taken away. Make sure your suppliers any overseas representatives and any other parties involved in your route to market understand your business and objectives. Using the right freight provider, is essential in getting your goods to your new markets quickly and safely.
9. Ensure you get paid on time: Having a strong cash flow is essential for exporting success, if you need help to get to new markets you could go down the traditional route of securing credit from the bank or consider using a Fintech network for a cash advance which will cover the costs of your export operations and avoid the risks associated with securing credit from a bank – for example, URICA.
10. Remember to protect your brand: Maintaining a strong brand identity is really important when exporting abroad – so make sure your trademark and name are legally protected in your chosen country.
If you’re looking to expand your exporting horizons and would like to get a quote for a freight consignment or need support understanding your potential freight costs, our team are ready to help – so why not give us a call on 01454 227 500 or email firstname.lastname@example.org today?