Accessing the global market could help to massively expand your customer base. It could be particularly worthwhile if you sell a niche product or service, or there is less competition and more demand for your product overseas. Of course, turning a local business into an international business is not easy. To help you make the transition, here are some of the important steps you’ll need to consider.
Connect via the right platforms
There are many platforms online that you can use to connect with customers around the world. Many companies selling products find that the likes of Amazon and Ebay are ideal. Meanwhile, there are many global online marketplaces you can use for services like Upwork and Outsourcely. Of course, the internet is just one way of connecting with customers – through global networking events and trade shows, it may also be possible to win over business.
Budget for the added costs
Opening up business in another country could come with all kinds of added fees. When selling products to other countries, you’ll have to consider the added shipping fees. Make sure that you price your products high enough to cover this. There are ecommerce international shipping solutions that can help you compare carriers and find the cheapest routes that could be essential to use. Exploring solutions like dropshipping may even be recommended when selling products to certain parts of the world.
Be wary of different legal requirements
Some countries may have different laws regarding certain products and services that are worth looking into. You may have to pay different taxes, meet additional health and safety requirements, or refrain from using certain marketing tactics. Product redesign may even be necessary in some cases. International trade solicitors can help advise you on any laws you may need to follow when selling your product or service in specific countries.
Understand the cultural differences
Cultural differences can affect how you market your product. The biggest cultural difference to conquer is likely the language barrier. Even between the US and the UK, there are differences in spelling and slang that could be important to consider in advertising. You may also want to consider the connotations that different colors, symbols, hand gestures and images could have in other countries. Religion in particular could have an impact on certain customs and taboos to watch out for in your marketing.
Set up accounts to accept different currencies
In order to sell to customers in other countries, you’ll need to accept different currencies. Many payment processors like PayPal and Stripe will be able to convert currencies into your preferred currency. Some banks can also convert currencies for you. The downside is that you or the customer will often be charged fees for this service. There are special bank accounts that you can set up to reduce fees. You could even consider setting up a multi-currency bank account for holding multiple currencies. This could allow you to also pay out money in different currencies – which could be useful when paying for marketing or shipping services in other countries.
