Success in the US for UK Small Businesses
In the modern world, business is an international affair. Not only does this make the business marketplace more competitive, but it also provides many new opportunities for company owners who wish to take advantage of international opportunities.
One such way you can turn the international market to your advantage is to consider importing goods from, or exporting goods to, another country. Using the US as a model, we can immediately identify several ways in which such a venture can result in success for any small business.
No matter what types of goods or services you provide, almost every business has the potential to market itself on an international level. Even if you are only capable of selling your wares in one country, many businesses find success by offering information by way of a blog that can be read anywhere in the world. But if you are able to deliver products overseas, the US is a good market to start with.
The first thing you should be aware of is that the US market is actually comprised of a collection of smaller markets, each with its own cultural and financial identity. The US is a large country with a vast population, and smaller businesses will see more success if they attempt to concentrate on just one or two of these separate sectors.
Exporting to the US
American consumers are fairly discerning, so if you’re planning on exporting to a particular US market you will need to put considerable time and effort into developing and marketing your products. Building good relationships will help you to broaden your market reach, and many small business owners have seen success after attending one of a number of appropriate US trade shows, or by finding a US-based partner who can handle business on that end. Cost is also an issue for small business exporters, so working with a reputable international delivery service will help to keep your business cost effective.
Importing from the US
If you intend on importing goods from the US, it’s even more important to verify that you will be able to market these goods effectively, lest you end up with excess stock that you are unable to shift. Many small businesses operate in niche markets, importing only a few products at a time. This model works very well if you can keep your overhead costs down. Pay very careful attention to import taxes and duties, and also keep an eye on the US economy for any fluctuations that could result in either higher or lower costs for your business.