Export Week is here! Get on board!
Is your company ready to start work on an export strategy to take your business global as well as to the next level of growth? With UKTI’s 7th Export Week approaching next week, 18-22 May 2015, we take a look at the issues to consider before embarking on an export journey.
Successful exporters are those who select their markets carefully and allocate their resources to the markets where the best returns are available. It’s about knowing where and how to tap into potential demand for your products, technology or services. Choosing the right international market is crucial to your success, whether your company is already experienced in exports or just beginning to branch out into international business.
Choosing the right export market
Thorough market research is essential before you launch your business in a new country. Yes, you need a country where demand for your exports will be high, but understanding the market will be just as significant if you are to get your market entry strategy right.
Assessing overseas market risks
Research into potential export markets should include detailed analysis of any:
- Business risk – how will you avoid the pitfalls of a different business and social culture? Knowledge of local custom and practice will help you to avoid causing offence, misunderstandings and delay.
- Legal or regulatory risk – what difficulties might arise from doing business under an unfamiliar legal or regulatory framework and dealing with different regulatory bodies?
- Political risk – how stable is the market politically, economically and socially.
Of course, researching all the above takes up a lot of precious time, a resource which is often in short supply among business owners in the SME sector. How many realistically have time to travel to other countries to find out how local business operates? And that’s before you even start on the pressure such research could place on cash flow. Although some help may be available through UKTI at the outset, more detailed knowledge about an overseas market may be harder to come by without some form of partnership with an agent or company with the right knowledge and experience.
Finding the right support to make a success of your venture into export is key. Specialist companies like Kazopp can help you cut out certain stages of preliminary work completely by guiding your business directly to where the demand is and working with you to fast track your route into exports to Kazakhstan. We’ve already done the leg work in country and have built up knowledge, experience and most importantly, the business contacts and relationships which can give SMEs new to the country a head start.
If you’re interested in starting or even expanding your export portfolio this Export Week, then get in contact with us.