Trading abroad can boost your profile, credibility and bottom line. International markets offer you access to new customers, revenue and ideas. They also help you spread your business risk, increase the lifespan of your products and services, and secure economies of scale not possible at home.
If you have a product or service that is performing well at home, then there will almost certainly be a demand for it overseas.
The UK accounts for just 1/20th of the world’s economy, so confining your business to the domestic market is overlooking a huge potential. There are many reasons why you might not be selling overseas. You might be satisfied with the level of sales you’re making in the UK. Maybe you don’t want to deal with the perceived hassle of regulations, paperwork and cultural barriers. You could think exporting is a risky venture in uncertain times. Or you might be interested but just don’t know where to start. Each of these is a misconception.
Exporting actually reduces risk by spreading it across a wider range of customers and protecting your business if the UK demand for your product or services falls. Any business venture carries an element of risk and you’ll need to weigh export opportunities carefully. But trading internationally, if you’re being smart about it, adds more security than risk to your business.
The Department for International Trade will run a short session on how to grow your business through international sales and outline the support available to overcome the typical barriers and pitfalls. The session will cover potential funding sources and how to access the free expertise and support teams both in the UK and in the DIT’s 110 operations around the world.
This event includes a buffet breakfast and networking opportunity.