The possibilities of starting an international SME export business

To sustain the needs of your UK small business, exploring on expanding your tasks outside the country would help you realize success. One of the most successful exports from the United Kingdom is golf. While there are a lot of potential risks which British businessmen are very cautious about, finding opportunities overseas can help you get the boost you need for your company.

According to the UK Trade and Investment (UKTI) studies, most companies who export their products and services acquire a boost of 34% in productivity in their first few years of exporting. About 11% of them have survived each year. This is the primary reason why the succeeding governments have encouraged several UK companies to expand their businesses internationally.

However, about 20% of the entire SME’s in the UK have already risked overseas trade. Comparing it to those who have dealt trades across the EU, which is 25%, the number is quite low considering the fact that around 2 billion people are now exploring the wonders of online world – which gives more access to overseas markets.

While it may be difficult for you to decide on breaking into the overseas market, it can be a worthy risk you have to take to succeed in the future. You just need a lot of research to assess the kind of market you are about to take plunge into. Many large businesses have analysts and consultants to study the profitability and productivity of penetrating the worldwide market.

Some of the challenges in doing so will be different rules and regulations from each country, varying tax laws which need mastery and organizing foreign exchange flawlessly. New costs are also included in the list of things to consider. Environmental, cultural and other practical issues will be encountered in the process in terms of sales and marketing.

In the end, you can always take suggestions and recommendations from UK-based banks. UKTI can also help you in conducting market research and scouting grants for your plan on expanding your business internationally.