The Business Exchange Swindon & Wiltshire Edition 36: April/May 2018 | Page 19

BUSINESS ADVICE
Business owners & Brexit - Do your
research if exporting is part of your plan
Many UK businesses have been quick to recognise and consider possible
new export opportunities offered by Brexit.
It’s clear that forward thinking business
owners see potential in growing off the
back of a looming Brexit and a weak pound.
Now that UK exports are suddenly more
competitive on price, overseas buyers are
keen to get hold of high quality British goods.
However successfully selling in a new market
does require careful research to avoid costly
mistakes or misunderstanding.
Here are five things to consider around
exporting to a new country:
1. Do your homework – contact the
Department for International Trade or a
local organisation such as a chamber of
commerce to find out more about your
area of interest. Demand for your product
will vary from country to country. You must
also understand cultural sensitivities and
expectations. Careful, detailed research is
needed.
2. Don’t overstretch yourself – start small,
perhaps by starting digitally. Then get
a reliable local workforce and build a
sustainable infrastructure. One tip might
be to translate your existing website into
the target country’s language and accept
payment in local currency. This ‘invest to
test’ approach is relatively low cost and risk
at first before committing to employing
staff locally or setting up an overseas
branch or limited company.
3. Find a reliable logistics partner – if you
sell a product and goods arrive broken or
damaged your reputation will be tarnished
before you’ve started.
4. Don’t cut corners – poor quality or service,
even if sold cheaply, is not sustainable.
5. Understand the tax and legal implications of
trading overseas. Legal structure, local tax
rules, and VAT are just a few of the thing