Collaborative Post
With over 650,000 new businesses established in the UK in 2016, there is certainly an appetite for entrepreneurship on these shores. All of the people involved in setting up these companies will want to succeed, but how many of them will be intent on securing customers who aren't on their doorstep? In spite of the goings on with the snap General Election, Brexit et al, ignoring markets outside of the UK is a big mistake.
Exports from the UK to other countries were worth nearly £14.3bn for February 2017. That figure alone is reason enough to look at trading abroad, but to tool your business up for that, there are a few things you need to do, the first concerning your finances. Getting the funding to pay for deliveries to foreign countries and so on will keep you on the right track.
Startups with a focus on Europe would be advised to look at funding pots from the European Union. One such scheme is Invest Horizon, which provides training for companies in EU member states for funding applications. Post-Brexit, this scheme may not be as readily available to UK firms, which is why it's worth acting now.
Funding available for UK Startups comes from a variety of sources. One of the most popular is through the government, whose startup loans have low interest rates. They are available to businesses who have been operating for less than two years.
Savings to be Made
Cost savings can make all the difference to a startup's balance sheets. Ways of cutting down on spending include using free marketing and software tools and shared office space. For the former, social media is a godsend, allowing companies to reach out to thousands of potential customers without spending a penny. It's useful for communicating with clients and sharing products and offers.
Software your business could use for everything from communication to accounting includes free office suites, including Google Docs. Spreadsheets, slideshows and letters can be composed without much effort, saving your business a small fortune on talking to customers and doing all the admin that comes with being an entrepreneur.
Office space is tough to get right. Ideally, it should be in a central location, boasting great transport links to major cities, transport terminals and busy routes. CitizenM have an example of serviced office space in Amsterdam that's close to the Netherlands' largest airport. Office space such as this has all the perks of a traditional workspace, without the inconveniences such as maintenance and utility bills.
Appealing to the World
To court clients from abroad, you need to look at how your business appeals to them. Look at where your business is based, what it does and how it presents itself. A business address in a major city like London or Edinburgh is more likely to catch the eye than a base in a small village. Having an overseas office alongside that, even if it's just for meetings, will make your set-up seem impressive to a new customer.
Your website, social media channels and other marketing outlets should be written in clear, concise language. The main reason why is that, when translated by web browsers into another language, there is less scope for something being, well, lost in translation.
Finally, check that your products and services are in demand overseas. Look at what the UK exports to foreign countries - to non-EU countries, mechanical appliances are the most common export. Conduct extensive research, online and offline, on what the demand is like in each country you're interested in selling to. Then, you should have an idea of what chance you have of succeeding in that market.
