The term “global economy” has been bandied about for more than a decade and there is no doubt that with evolving technology, businesses can go global from anywhere in the world.
To that end, if you’re looking for a new direction to take your interests, you may want to consider the United Kingdom (UK). Taking a business to the UK can be a unique and profitable opportunity when equipped with the right insight.
But keep these simple strategies in mind to help avoid pitfalls when entering the UK market:
-Prepare. Before exploring taking your business to the UK, do your due diligence. Be aware of opportunities to launch your business in conjunction with an annual show or exhibition, or by putting on your own event designed to appeal to UK consumers.
-Plan. Several elements of expanding a business overseas are the same as those for expanding within the United States – locating space, hiring staff, and creating local interest and buzz.
However, these tasks can be challenging to complete remotely and having local insight on factors including competitors, the right route to market, and the appetites and demands of customers/consumers allows an incoming business to be more efficient and effective.
-Partner. A common pitfall that businesses may encounter when establishing a foothold in the UK is trying to manage everything from the United States.
Forming a partnership with a local marketing group can help incoming companies understand the local business environment and open up networks.
-Purpose. Determine the goals you want to achieve with your business expansion.
For consumer goods, pop-ups are one way to test the waters by setting up a short-term shop. Consider social media campaigns and focus groups. But remember that what sells in the United States may not sell the same way in the UK. Determine whether your business brand travels well and what products or services will be a hit by utilizing local experts to design ways to target your core audience.
-Profit. Many factors make the UK a desirable place to grow a business and increase profits, including tax breaks, flexible employment, and a diverse population.
Partnering with a local company that specializes in helping businesses enter the UK ensures that you make the most of this new market opportunity.