August 23, 2015
What to consider when looking to expand overseas
The UK is the Stepping Stone into Europe for the English speaking world. Being within the European Union, the United Kingdom acts as not only a test site for businesses looking to expand overseas but also a stepping stone into a much larger global market. Despite some local limitations, once you are operating within the UK you are operating within the European Union. Therefore using the UK to trial your overseas expansion removes language barriers and ensures a smoother (because nothing worthwhile is ever completely issue free!) transition from local to global market expansion.
The UK has a population of over 64 Million and the EU has a population of over 500 Million – a very large and very affluent market making the opportunities for success much higher. See More Information Market Statistics UK and Europe
How to expand your business overseas. 10 Questions to ask before expanding overseas:
- Have I built a solid foundation at home?
- Do I have the bench strength for international expansion?
- Will I find the talent I need in another country?
- How will I need to adapt to the local culture?
- Do I understand the cultural implications of the sales process?
- Have I sized up the local competition?
- Do I need an international partner?
- Am I financially able to sustain an overseas expansion?
- Where’s the potential for red tape?
- Should I simply expand my online presence?
For a detailed answer to each of the above questions Click Here
Ask the Experts: Those that have walked that path before us.
See a few tips and advice from Entrepreneurs that have made the successful leap to a global market:
Seek First to Understand
“It all starts with understanding the culture. People do business with people they like, trust, and respect. Working in other countries requires even more careful planning and a sensitivity to cultural norms and relationship building. In Europe alone, their 28 countries have 24 official languages. Some countries like Austria, Germany, and Switzerland speak the same language, but differently. Don’t assume your style is universal.”
–Michael Ross, EO Orange County, Founder and Managing Partner, Altitude 7 Group.
For more advice read on.
The Why’s and Why Not
Why Not? To some these may be excuses, to others, legitimate reasons to evade a risky venture:
- Language barriers.
- You may be unfamiliar with cultural practices and etiquette.
- You may be unfamiliar with local law and politics.
- Limitations of foreign labour laws.
- Time-consuming and complex.
- Difficult to find a partner you can trust.
Why? A list of reasons to overlook the risks in order to help your business grow:
- 95% of the worlds’ consumers reside outside the U.S. (according to the Office of the U.S. Trade Representative) – those are all potential new customers!
- Possible untapped market.
- Because if you don’t, your competition will.
- You don’t have to actually move overseas to do business there – the internet is your gateway to expansion.
- The risk, reward and challenge are appealing.
Romax – An overseas partner with the local UK and European market experience.
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