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| Business Source: thetaxhaven, cc-by-3.0, flickr |
Not too long ago, the only businesses that could go "global" were the big -players. Now, thanks to the age of the internet, every business has the opportunity to reach out across the oceans and expand their customer base into all corners of the globe. The question then becomes, are you doing all you can to expand your business overseas? Consider these helpful steps to take your company global.
Step 1: Pack Your Bags
Before setting up your expansion, you need to identify those markets where your products will do the best business. While there are plenty of online resources to tap into, nothing beats hopping on a plane to see these markets for yourself. This doesn't mean you need to take off six months to tour the world. Instead, start with a focused trip to those specific emerging markets where you think you'll have the greatest success. As you reach out and build personal networks from those other countries, you'll find many more opportunities opening up for your company. An international trade show in your field is a terrific place to start.
Step 2: Hire A Logistics Agent
When it comes to shipping your products overseas, there are a lot of moving parts. Every country has their own import regulations to follow. While you're working on contracts and product development, you don't want to get caught up in the minutia of customs, port labour, and changes in transportation costs. A qualified logistics agent will be on top of all of those items. That will free you up to concentrate on the rest of your business. Essentially, you'll land the contract and then turn them over to this indispensable partner. A good place to start the hiring process is getting to know the UK Border Agency. They set the standard for logistics agents in this area.
Step 3: Take Your Website Global
Those trips you're taking in "step 1" should provide you with crash course of cultural differences. Those concepts need to be applied to your website. The basic option is to offer translations of your site for various regions. Beyond the translations, you'll also want to adapt your pages to fit in with those cultures. This holds true for your Twitter and Facebook accounts as well. Set up each language region with its own account. It might help to hire a local contractor to maintain your social media outlets.
Step 4: Make Sure You Get Paid
All this hard work of taking your company global won't matter if you can't get paid for your services. You need to find a payment system that allows you to utilise multiple payment options. Going through a bank might take time. However, a website like PayPal is already up and open for business all around the world.
There you go. Take the time to do your research into emerging markets abroad and how they can benefit your company. Then personally check it out, make sure you're going in with your eyes open. Then go for it and start your company's international success!
Abi is a financial advisor and stresses the importance of carefully monitoring finances and taxes for your business, especially when expanding. Abi uses Francis Clark Tax Consultancy and recommends them for their tax expertise and helping businesses expand overseas They can offer you step by step support on what's involved in this process.
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