While many businesses are still reeling from the pandemic and economic squalls, many firms are looking to grow and end even expand internationally.
However, there are a number of things they should be aware of.
Carefully plan your strategy
Being one step ahead of the competition gives businesses the edge and most successful business owners never stop planning. Those new to exports need all the help they can get and The Export Plan Builder, from the Department for International Trade, is an online tool that helps construct a business plan.
Check the export rules and regulations for target markets
The Government can provide precise information with the Export Support Service – a free service for all UK businesses – where you can ask any question for your business, including on:
- Exporting to new markets
- Paperwork you need to sell your goods abroad
- Rules for the specific country where you want to sell services
Learn all you can about international trade
There are plenty of areas providing support, including the free UK Export Academy, a resource that connects UK businesses with international trade experts.
Another option, although not free, is training with the Institute of Export & International Trade: the UK’s largest provider of training in international trade. This offers more than 11,000 courses, up to and including master’s degrees.
Know and understand the countries you are exporting to
You will need to tailor your plans according to which countries you export to with many cultures, tariff rates, and ways of doing business. There’s often the language barrier and currency exchanges to deal with. The Government can help with its Market Guides.
Become part of a business organisation
Safety in numbers is an old phrase but very apt when it comes to exports where a business organisation can provide information and expertise.
Make the most of any grants that may be available
The Government’s Internationalisation Fund can help with match-funded grants of between £1,000 and £9,000. As it implies, to win the grant you will have to fund a proportion and depending on where your business is based and will either by 40 or 50 per cent. It can be used to fund areas like:
- Market research
- IP (Intellectual Property) advice
- Translation services
- International social media/SEO
- Trade fairs (where no TAP funding is available)
- Independent market visits
- Consultancy and other international commercial services
Reanda UK is a subsidiary of leading independent accountancy firm Grunberg & Co Limited. Our aim is to help businesses and individuals to navigate the UK’s world-renowned business and tax infrastructure, and to support them with their international ambitions. To find out how we can help you, please contact us.