Exporting is no different to domestic trade in the sense that businesses face a combination of challenges that must be overcome in order to create new sales and make a profit.
These differ depending on the size of your business, the sector, who your customers are and of course the general economic conditions.
You might choose to strictly look at the European Union as your extended home market but even that accounts for only 7% of world population. The world’s a huge place but you can make it more manageable with careful planning and by taking appropriate advice.
Just as with local trading, successful exporting depends on recognising potential barriers your business is likely to face. There are some general challenges for all exporters and others that are specific to your business. These should be dealt with systematically.
Examples of general challenges faced when exporting include:
- Cultural differences
- Poorly established legal and regulatory institutions
- Substandard infrastructure
- Economic or political issues
Examples of challenges that differ from organisation to organisation include:
- Resources, such as staff dedicated to overseas marketing
- Upfront financing
- Knowledge, such as where to target and which approach to take
Specialist help is available through DIT via Cumbria Business Growth Hub, to access this support contact us now.
Register today or contact us to access specialist advice, events, training and more – all designed to help you identify and reach new markets.