The growth of the Internet means that it’s now easier than ever for a small local business to expand across the globe. There are a few factors that you will have to bear in mind, and here are five tips that can help.
1. Good translation is vital
Business language can be complex wherever your trade. Machine-based translations look shoddy and show that you haven’t paid sufficient attention to the overseas marketplace where you wish to sell your products.
To ensure that your branded message is always accurate it’s a good idea to employ a firm of specialised translators so that you don’t inadvertently insult or confuse your customers. VP Notaries in London has expertise in the area of specialised transitions and is also familiar with legislation requirements, which is also important.
2. Not every country uses credit cards
Credit cards are used extensively in the UK and the United States, but this isn’t the case in other countries across the world. Many EU countries use cash rather than credit cards for trading, so it’s imperative that your website has the right payment methods for the countries where you are selling. It’s also a good idea to ensure that your products are priced in the local currency. PayPal has over 35 million accounts in Europe alone and trades in 25 currencies. Once you have set up your website, it’s essential you make sure that your prospective customers understand your prices and are able to pay for your products.
3. First rate staff are invaluable
Once you’ve pinpointed the countries where you wish to trade, it’s really useful to staff your local office with the right people. The online magazine Business Matters encourages all business owners to take care with staff recruitment and, if possible, ask for advice. These employees will represent your brand so you’ll need to recruit the highest quality staff, pay them well and make sure that you provide strong communication links between local overseas offices and your headquarters. Otherwise staff may feel alienated and not perform to the best of their ability.
4. Research the world
You can never carry out too much research. The Guardian recommends that any small UK-based business that wants to extend its reach across the world should devote time and energy to looking at different markets where their products might do well. The newspaper also suggests that if there is an existing company in your potential country of growth, then see if its customer base is satisfied. Your company may be able to fill a gap and provide a better service. You could always set up some focus groups to test the water.
5. Talk to foreign chambers of commerce
Every country has these organisations and they can prove to be very helpful when entering a new market place. Chambers of commerce can assist in negotiating local tax and VAT laws and they’re a great place to mix with other businesses. If you’re the new company in town, you will need the help of these organisations.Business & Finance Articles on Business 2 Community