Thanks to the growth of e-commerce the world is shrinking, and there has never been a better time to begin exporting. Over the last decade, the targeting of overseas markets has proved to be the key to success for thousands of UK businesses, offering them the opportunity to apply their business model all over the world. But while there is great potential for growth, exporting is not without its challenges, and businesses have to take many risks to be in with a chance of international success.
For many, the vast opportunities available around the world are worth the risk involved. However, preparation is key to help you face the challenges ahead and keep risk to a minimum. We’ve put together a list of five things that need to be addressed before you begin exporting.
1. Find the Right Market
Research, research, research. Before you begin exporting it’s vital that you thoroughly investigate the culture and e-commerce setup within the countries you’re considering exporting to.
Start by thoroughly researching the current competition within each country to ensure there is a market for your product. In some cases, you may find your niche has already been targeted by a number of local companies, which could suggest you may struggle to find a market for your product.
However, if there are very few competitors it’s possible that cultural or legal implications could make it difficult for your product to sell. Speaking to local industry experts is a good way to help establish your chances of success.
2. Establish your Budget
Due to the expanse of variables involved in exporting, it’s likely you’ll struggle to define an exact budget before things are actually up and running. However, setting realistic expectations for budget will be essential to get operations past the early stages.
To ensure you’re covered, consider the implications to your business if you should overrun by 50 per cent. If such an oversight would put significant strain on your UK operations, it may be best to start small until you have a better understanding of the market. Things like legislation and exchange rates can dramatically increase costs for any business. By conducting careful research prior to making the jump, you can ensure that your business is able to ride out any additional expenses.
3. Adapt your Marketing
Once you’ve established a market for your product abroad you’ll need to address the implications of the local culture on your marketing strategy. Rather than directly translating your marketing material into another language, consider working with a professional translation service provider to assess the contextual implications of your content and campaigns.
While your brand values may be appropriate in your home country, it’s possible they could offend or simply not translate in a different environment. On a broader scale, research into the most successful marketing channels in your target market will assist you in investing wisely when it comes to marketing your exports and there’s nothing like professional advice to see you through this process.
4. Address Payment and Operations
Before your begin exporting it’s crucial you address the issue of operations, which should be established before your products are offered to a new market.
It’s not always possible to replicate your usual operations and delivery system in a new country, so do your research when selecting your new process and make sure you take any additional costs into account here.
Online sales are the perfect stepping stone when starting to export, offering an easy set up to companies with limited funds. However, many countries still have their own expectations for online sellers.
In Brazil, for example, instalment plans are treated as the norm for many sectors, particularly for larger purchases. On the other hand, customers in China expect online sellers to be registered with the government to prove their legitimacy. Do your research and know what your target market expects. You may need help translating some of these contractual documents too.
5. Consider the Legalities
Legal obstacles can be one of the most challenging aspects of exporting. In some cases, the additional finance required to meet legal obligations abroad can render export attempts null and void. Tax laws, customs laws, import restrictions and liability laws can all have financial implications on your exports, and require serious consideration before you begin exporting overseas.
Time is also a factor when it comes to the legal aspects of exporting, and many countries require new sellers to meet a number of requirements before sending their products overseas. When considering your choice of export location, research the regulations that are applicable to your industry to ensure you can meet your legal obligations. We offer legal translation experts for this exact challenge.
If you’re ready to export, we’d love to speak to you and if you’re exporting already but embarking on new territories – let our expert translation services team help you achieve your international business goals.
