Ask James Caan: How can I take my business international?

Small business agony uncle James Caan on how to expand abroad.

Dear James

I have been in business for the past 10 years so already have my own list of clients, new and returning. Naturally, I’m thinking that my next step is to expand abroad but don’t have any experience in this. Can you share any exporting tips?.

Katie Frost

Exporting has become a buzz word in the recent years, with hundreds of businesses taking advantage of the benefits it can bring. Expanding overseas can really take business on to another level, and if you get it right you have the opportunity to become hugely successful.

However, if you get it wrong you can suffer great losses.

There are so many things you need to take into account when going abroad such as regulations, government policies, customer trends, cultures, the currency — the list goes on.

First, and most importantly, make sure you understand your product inside out. You need to know exactly who your target audience are, exactly how your finances work and exactly how you are going to market it.

By the look of things, you have already established yourself in the UK so you are in a much better position to export.

Second, do your homework! Research your market and find out what your potential customers want, who your competitors are, what the average cost of the product is and how you can build relationships with important people in the industry.

I advise you to find yourself a partner who knows all the nuances of that country’s market. This will make life so much easier for you and double your chances of being successful. Trust me, understanding culture is critical: I wasted a huge amount of time in the past expanding into countries I knew nothing about. If you are serious about exporting, speak to an expert. The Business Is Great website outlines the process brilliantly: www.greatbusiness.gov.uk.

For more expert business advice follow James on LinkedIn www.linkedin.com/influencer/jamescaan