Digital technology has made it easier for businesses of all sizes to start trading internationally. Taking your business global can have all kinds of advantages, allowing you to reach out to more potential customers and opening up new opportunities. That said, there are certain considerations that you must make when opening yourself up to foreign trade – here are just a few things that you can do to prepare yourself.
Research the foreign market
The demand for your product abroad may not be the same as it is back home. The way you market your product may also need to be approached differently. This is all important to research if you want your product to be successful abroad. You could consider getting help from marketing companies abroad to see what angle they think is the best.
Start accepting multiple currencies
You’ll need to start trading in foreign currencies if you’re taking your business abroad. Many online payment services such as Paypal accept foreign currencies – consider looking into these services. Keep an eye on changing currency rates so that you know how much to charge customers abroad.
Take into account the time difference
Different countries may operate in different time zones – if you need to communicate with clients you may need to time it strategically so that it’s likely to be a sociable time for them. You could even consider outsourcing a 24 hour service for customer queries just so that someone is always there to answer.
Consider interpreter services
If you’re communicating with people that speak a different language, consider whether it would be beneficial to hire interpreter services. Even if they speak some English, there could always be a chance that wires could get crossed when having to discuss complex matters. If anything, it could help to speed up communication.
Shop around for delivery services
If you need to mail or import items from abroad, you may need to look into courier services that trade internationally. Shipping things over by boat is generally the cheapest method of delivery, but this can take a matter of weeks – there may be times when you need to pay extra to ship something via air and get it there more quickly. Negotiations may need to be had as to who pays for this delivery charge.
Save money with video communication
As exotic and thrilling as travelling abroad for meetings can be, it can soon add up costs. In many situations, video communication can be just as effective at getting across the information needed – you can use programmes like Skype to do presentations, demos and even guided tours. On top saving yourself money, it will also speed up communication. If you don’t currently use video communication, start getting to grips with this technology now as it will come in handy.