Many businesses are increasingly looking for customers outside their domestic market. With a sound strategy, foreign markets can offer new opportunities, competitive advantages and new challenges. Internationalization has become a commonly used term in business and is no longer reserved only for large corporations.
International trade can be an attractive business area, although it involves challenges and difficulties that a company may not face in its domestic market. Setting up your business overseas, obtaining a license for your product or registering a trademark can involve procedures that are different from those you might normally do at home. Companies like Notary Vanner Perez offering a service meant to help with some formalities. Specialized legal advisers may also be required for visa requirements in certain countries. Chambers of commerce and other agencies can assist with the commercial aspects of the move.
These are a few things to keep in mind when planning your expansion to other countries:
– Make sure you understand the market You will trade: local knowledge is key and can help you identify opportunities and be better prepared than other international competitors. Having some prior connections with relevant countries, and a network of local contacts, can be very helpful.
– Get legal advice for the correct business setting. Whether you’re setting up a branch, setting up a completely independent company, or appointing a local agent, there will be legal procedures to follow. Depending on your setup, you may have to register with the local commercial registry, local tax authorities, and even social security authorities if you employ staff locally. You may need a permit or license to begin commercializing certain products or offering certain services. If you export from the UK, it belongs to the UK government guidelines for new exporters could be a good first port of call.
– Take advantage of the help available from chambers of commerce and other agencies that offer assistance to businesses like yours. Assistance may be offered by chambers of commerce that promote exports and business growth overseas, or by local government agencies that promote foreign investment in the country concerned. Website from UKTI contains extensive information for businesses wishing to export and operate in foreign markets. Keep an eye out for events such as international exhibitions relevant to your sector, or trade missions and commercial visits to your target market.
– Protect your products and services. If your business owns trademarks, patents or other intellectual property, make sure they are properly protected. Registering your trademark at home doesn’t automatically mean you’re protected anywhere in the world. For businesses trading within the European Union, the Office of Harmonization in the Internal Market perhaps the best source of information on trademarks and designs.
– Use professional language and translation services. If different languages are spoken in the market you are developing, ensure that any language barriers are effectively addressed. It’s not just about communicating effectively with your contacts in the country. Adequate translation of any creative is key to engaging with local consumers. Dedicated translation agencies offer localization services that will help you not only translate material into the local language, but also adapt it to local culture and consumer expectations.
There is no doubt that a good product and a well-thought-out strategy are essential for a successful business, both at home and abroad. However, there are many other factors to consider if you are trading internationally. Make sure you research the market well and benefit from any help available. It is very important that you obtain adequate and professional legal advice to help you navigate the legal procedures and requirements of the selected market and, if necessary, seek specialized language services to ensure your business communicates effectively with the intended audience. Most importantly, before taking any big steps, make sure you’ve armed yourself with all the advice and information you’ll need to take on this new challenge.
