“Deal or No-Deal #Brexit” – Top Tips to Source Trade Outside of the #EU For Small Businesses
As we are in the final stages of our negotiation in departing from the #EuropeanUnion the government is making contingency plans for the once-unthinkable prospect of a no-deal #Brexit … which has now become a realistic one. Now more than ever do we have to look at sourcing trade from outside the #EU and many small business owners are intimidated by the prospect.
We have to remain positive, the world has become smaller and bigger markets have opened up. Your company will experience tremendous growth if you sell your products in Middle Eastern, African, and Asian countries. In these crucial and uncertain times We Can Build Your Business, encourage our clients to expand their reach and tap into emerging market.
Here are some helpful tips that can help you:
1.Determine the Best Markets for You
Before you start selling to places outside the #EU, determine which markets will be most ideal for you. Markets of different countries are different so you need to determine which country will accept your product more easily before you go further. You can think of further expansion after you’ve established your product and brand in more favourable markets outside the EU.
2.Conduct Feasibility Assessments
Just because you have a lucrative market doesn’t mean you can afford to send your products there. Consider the overall shipping cost, import taxes, and other such expenses, and determine if the profit margin you earn from sales will be worth the effort. If you gain too little profit for too much work, you should wait until your company is in more financially stable condition. The assessment can help you save money and ensure you don’t invest in a sinking venture.
3.Research the Laws of The Countries
All countries have their own trade and commercial regulations. These regulations don’t mean you can’t conduct business in the regions. It just means that these countries won’t operate along the same lines as your own. For example, if you are a cosmetics brand from UK and want to sell your products in China, you need to consider Chinese laws. The country requires you to test the cosmetics on animals before you can sell the products there. If you’re a cruelty-free brand, you’ll have problem with this.
4.Look at Licenses and Permits
It’s a good idea to call in professionals for this process because they understand the legal jargon and can simplify the information for you. They will also explain what kind of licenses and permits you need to market and sell your products internationally. An expert counsellor will know which documents are important and help you fill all the information accurately. They will also keep an eye out for changes in the rules so you don’t accidently violate any laws.
5.Explore Preferred Marketing Channels
Some countries have adapted to online or digital marketing, while others have not. If you want to sell your products in countries with fewer internet users, you need to use traditional marketing techniques like TV. You should launch your product only after your presence is established in this industry.
We Can Build Your Business #smallbusinesssupport in Manchester can offer solid advice to small businesses. We are happy to help you as we have a team of professional partners on hand who can make a difference to your business success.