Preparing to Export

There has never been a better time to unlock the potential of new markets, here are 5 key things to consider as you begin your exporting journey:

1) Choose your markets carefully – There can be a temptation to see the whole world as your marketplace, your best market may not actually be one of the major economies. For example, don’t target the whole of the USA, you’ll get “swamped”. Set your sights on a particular state or region and make sure you thoroughly research your chosen market before deciding. Think about the language, think about the tax and currency issues, and ensure your trademarks don’t have the wrong connotations in your chosen market (remember “BUM” crisps in Spain?)

2) Have a plan – Many companies export by accident. Develop a plan to export and make sure that plan is integrated across all areas of your business. Set up the right systems, relationships and support structures.

3) Understand the rules – For exports to countries outside the EU (so-called “third countries”), you will need to submit an export declaration may need an export licence. You might also have to pay custom duties and taxes in the destination country. Understand any cultural differences, which may affect how you approach doing business.

4) Make sure you get paid – If you’re owed money by a foreign firm, you cant simply go knock on the door and ask for it. Set your trade terms to ensure that you are paid before goods are delivered or, failing that, ensure that you get credit insurance from an international specialist broker.

5) Get some help – There is lots of help for UK exporters, particularly through the Department of International Trade (DIT). DIT advisers can help with all of the above’ particularly with market research and they can also make “warm” introductions through their worldwide network of embassy-based researchers. Local Chamber of Commerce and Local Enterprise Partnerships (LEPS) can also be a good source of advice and support.

If you find the idea of exporting for the first time daunting, Argento can provide lots of practical advice and hands-on support. CLICK HERE to book your free, no obligation, Discovery Meeting.