Selling outside the UK: Should you do it?

The planet is getting smaller. We know by now how tools like the cloud make it possible for us to do business with anyone from anywhere in the world.

Even with struggles like the COVID-19 pandemic and Brexit making business difficult, companies should always be aware of the next opportunity. It is possible to look beyond the borders and to start selling outside the UK.

In some respects, doing business internationally—especially if you’re an independent entrepreneur selling virtual goods—is relatively easy. You simply put the word online about your product with a payment processor that has a built-in currency converter and away you go! Internet marketers are enjoying this freedom since PayPal was invented.

If you have a more “standard” business model, though, there are some things that you are going to have to keep in mind when selling outside the UK.

Currency is not universal

As a UK business, it’s natural that you simply would want to base your products’ prices on GBP and what is sensible, cost-wise. When selling to a world market, you would like to believe how the GBP stacks up against the currency of your export market.

At the time of writing British pounds are struggling again the dollar. So, when in recent times trading in GBP could have been a good deal for both parties, now it costs a lot more for the person purchasing in dollars.

It is like when you spend some time on https://mrcasinova.com/ja/オンラインカジノボーナス/フリースピン/ cashing out your winning in yen can look incredible on paper. However, cashing out 10,000 yen will only leave £66.50 in your bank. Ensure that you are fully aware of the exchange rates you are dealing in and save yourself the disappointment.

Consider cultural translations

There are all sorts of things that “don’t translate.” For example, in the United States “Khakis” is a type of trouser, in Australia, going for a pint of amber is going for a pint of beer! Make sure, then, that before you take your domestic branding for granted that it will translate to the market in which you want to sell. You might have to do some re-branding for your new market to get people excited about your products or services (or even to be able to advertise them—the US has very provincial ideas about what you ought to be ready to say and show on television).

Legal issues

Do not ever assume that you simply can simply start selling outside the UK. For one thing, tariff laws are very real and you’ll need to pay them on your company’s profits and products. For another, not every country awards business licenses an equivalent way. There is a lot of red tape that you will have to sort through before your company can be up and running in another country.

Some companies choose to set themselves up digitally, with domestic addresses, phone numbers, etc. to cut down on this. Before you do that, consult an attorney. You don’t want to put yourself on the wrong side of a law you didn’t know existed!

In spite of the complications of international expansion, it’s still definitely worth exploring. Just make sure to see all the details before you make that decision to start selling outside the UK. Then you’ll sit back and watch the profits roll in!