Are you a Small or Medium-Sized Enterprise doing business in UK or in Europe? Are you looking to protect your business against the risk of decline in your domestic markets, reduce your dependence on the market you have developed or simply looking to improve your growth potential? Don’t be afraid by entering a new market abroad. You cannot afford to freeze your business and wait for uncertainty to lift anyway…….
We all agree that growing a business abroad is risky enough but there isn’t any one idea that won’t work somewhere. EUROPE and UK are great places to go global as long as you know how to act. There are indeed many factors that can either make or break your business when you try to grow by going abroad. Here are some key questions to ask yourself:
- What will be the product or the service that you want to sell abroad?
- Is your offering unique, better or cheaper? What differentiates you as an exporter?
- Which country do you expect to address? Do you feel comfortable in that country? Are you familiar with the local language?
- Have you done a market research? What is the infrastructure like?
- What do you know about the local Business Partners that could help you to enter a market and mitigate the risk?
- Do you know your competitors in the other countries?
- Do you know the local segments currently underserved?
- How to deploy an innovation strategy for your activities abroad?
- How to collaborate with the local medias and communication experts?
- How to get access to local National funding’s and European programs for research and innovation?
Along with promises, expanding abroad may also carry substantial challenges: chasing too many opportunities, currency fluctuations or cultural barriers for example. Doing business in another country can be indeed a long way from doing business in your hometown. Here are the basic steps to avoid making costly mistakes:
- Plan to evaluate your needs, set your GOALS and BUDGET.
- Conduct market research.
- Evaluate methods of distributing your product or services abroad: working with local agents, representatives, distributors or setting up a subsidiary.
- Learn how to set local prices, negotiate deals, get advises on legal and tax matters.
- Get information about government and private sources of financing.
- Be compliant with local regulations.
- Build local relationship before getting down to business.
Working with distributors could be a very good start to develop your business abroad. You simply sell them your products and let them worry about reselling at a profit in their domestic markets. Distributors are easier for you do deal with because they typically buy enough of your products to build up an inventory. They must also ensure adequate levels of necessary supplies at all times. You may be able to find a foreign distributor by simply contacting Trade Associations, Foreign Chambers of Commerce or ……..considering the advice and guidance offered by the Independent Business Consultants from LYS TRADE Ltd.
Why working with LYS TRADE Ltd?
Acting skillfully between the United Kingdom and the EU is our major asset. We are a team of International Business Developers and Trade Representatives based in Luxembourg and in London having the expertise to provide valuable help the first few times you are trying to evaluate a foreign distributor or partner. We can eliminate many foreign distributor prospects by deciding whether you need a stocking or non-stocking distributor. Stocking distributors are generally larger firms that will commit to purchasing an inventory of your product.
- If your product requires a salesperson knowledgeable about special aspects of your product, we will obviously select a distributor or a Business Partner who can provide that type of sales force.
- We’ll also identify the distributor with the best track record selling to the target market.
- Unless you are fluent in the language of the country you are selling to, we’ll choose a distributor who can speak your language well.
- The selected distributor will meet your prospects in person, provide high quality of services, tracking sales data, preparing reports, maintaining databases, maintaining promotional materials inventory, planning meetings and trade shows.
Just reach LYS TRADE (email@example.com) to set up an appointment with our representatives in Luxembourg or in London. As a Lys Trade client, you will beneficiate from the joint expertise of sales specialists and international consultants. Together we will be able to advise you about the requirements for your business start-up in Europe, in/ from Luxembourg or in UK.
Philippe Johan Castelain
Managing Director@Lys Trade