Every small business owner dreams of one day, jet-setting and meeting a client in another country. You want to export your brand across borders and spread your name far and wide. However, it’s a major step and it involves many tough decisions that come with their own pitfalls. Namely, setting up logistical lines, for your products to be stored, packaged, shipped and delivered on time and without quality control being made unhappy. You’re also trying to impress and win over foreign customers who are already happy with domestic brands who claim to understand them more. No one wants to be that brand, who tried and failed to break into a foreign market. It doesn’t look good on the world stage. But there’s no need to be afraid to try.
Export trade compliance
If your business has not been given orders from markets abroad, you are essentially gatecrashing. But that’s okay, it’s not uncommon for foreign markets to be hesitant of non-domestic brands and try to find solutions within their own borders. However, for global expansion you will need to be bold, take risks and win over customers who didn’t know you existed. But in the midst of all that, don’t forget that you will need to meet the market regulations of that market. You cannot wow customers with your brand if you cannot sell your products because you don’t meet the rules and standards of the foreign market. Study the commerce regulations before you adapt and or create new products to sell overseas. It’s a good idea to hire a commerce legal expert for the particular market you wish to export to, and they will guide you through the process.
Transactions made easy
You need not worry about working with a distributor since there are many foreign currency transaction services. Take a look at visa corporate cards from Airwallex. It’s incredibly simple to use. Just place money onto a card you create for your employees or business, and use it to purchase or accept payment from your foreign distributors and clients. The company uses domestic clearing services which will properly calculate and transfer the correct amount of monies from your card. Essentially, the card acts as a vehicle, storing your funds and accepting international payment. All transaction history is stored online so you can see the activity of your account and various cards, wherever you may be.
Breaking the language barrier
Speaking with a foreign client is usually a challenge because of a language barrier. English is the language of business and it’s widely spoken, but it’s not the end all be all. However, you can use translation services online, whether you’re writing an email or need a report written in your native tongue. There are a plethora of translation services and they usually work on a per-request basis. The average price is $0.04-5 per word. Alternatively, you can use online translation software such as Linguee, Fluency Now and Zanata to name a few.
When this lockdown is fully over, there will be a rat race for business to be the first to get fully up and running. Take this opportunity to gear your business up to work with foreign clients.