Expanding your business overseas

With current exchange rates being favourable and the interest rate maintaining the 0.5% level it has been at for a while now, more and more businesses in the UK are considering trading internationally as a way of expanding their business. This can be relatively simple or very complicated, depending in how you approach it, so by taking a few initial steps it will make the whole process a whole lot easier.

The first step to take when considering overseas training is to fully research those markets you are thinking about entering. There are a number of territories that you probably won’t have considered, but in the near future, the world trade map will look very different indeed, and economists reckon that the BRIC, Brazil, Russia, India, China, markets could well be bigger that the 6 currently most developed countries within 40 years.

Even though only 30% of the Brazilian population have internet access, it is a ranked in the top countries for spending time on line, meaning that it would seem to be a strategic move to enter the e-commerce market.Brazil’s consumer purchasing power is increasing quickly and more than 50% of the population are now middle class, resulting in significant business opportunities for those looking to target this market.

Russian user have an insatiable appetite for international brands, particularly the luxury ones,which presents opportunities for retail businesses that are looking to import. FITA, the Federation of International Trade Associations, has noted that despite strict legislation and tariff policies,Russiais very amenable to foreign trade, and it is one of the worlds top 20 largest importers.

Indiais around the third of the size of theUS, yet houses one sixth of the worlds population. It is also a very young country in that 40% are under the age of 19, which means it is a fruitful market for those who wish to target the youth sector. Many liberal reforms have taken place in recent years, and trade barriers removed, paving the way for UK importers to target the market.