Successfully establishing a business that engages with, and has built a reputation among the local community is great.
So long as local demand continues and there is habitual need for the product or service in question, to some degree, guaranteeing stability.
Even where there is strong and consistent demand in local markets, for many business owners the need to increase sales and consequently profits is at the forefront of thinking. When all opportunities have been exploited at home, and local markets are considered saturated, the “what next?” scenario comes into play, where business owners and executives start to figure out what steps need to be taken to facilitate future growth.
For some the answer is diversification, introducing new lines or services to appeal to a wider audience. For others it is entering new territories and experimenting with the potential of international trade.
International trade brings with it the opportunity to:
- Grow and develop businesses
- Diversify indigenous products and services
- Generate wealth and employment
- Create competition
- Lower prices
- Source new materials
- Share knowledge and expertise
- Foster better international relations
As far back as ancient times, merchants and traders have sought to travel far and wide introducing new and interesting products and services. Many of the things we take for granted in our everyday lives come from overseas, regardless of the country we live in.
Whilst there are some inherent risks involved with entering international markets such as:
- Lack of knowledge re: local markets
- Lack of knowledge re: legislation
- Cultural differences
- Fluctuations in currency
- Lack of time spent with customers
Many of the risks involved, can be mitigated through thorough research, careful planning and expert advice.
For advice and support on exporting click here