Owning your own business can be stressful especially when looking at ways to expand and grow in the future. One way that many business owners look at growing their business is through international trade.
Overseas trade gives business owners the opportunity to grow their business on international soil – this opens up new lines of customers and markets that your business can then target.
The first thing you should ask yourself is:
Why do you want to begin shipping internationally?
The answer to this question should be that you want to discover new markets, customers and leads from your new location.
If you do not have the right intentions when you begin shipping internationally then it is likely that you will struggle to succeed.
By focusing on the needs and wants of your customers, there is a higher chance that you will accomplish your goals.
What Location do you want to Ship to?
Choosing the location of your shipping destination can be rather difficult. The decision you make should not be rushed nor should it be taken light heartedly.
Much research should be completed to ensure that the correct location is chosen. You should research your target market to discover whether there is a space in the current market for your business and services. Research can be completed online or through telephone services.
You can research local businesses in the area to discover whether your products and services are currently being offered to locals.
Some business owners even take the time to visit the location they intend to ship to, this allows them to be sure that they have chosen the correct location.
What do you want to Ship?
The contents of your shipment are equally as important as its destination. You must calculate whether it is worth trading your goods internationally.
If your shipment is large and heavy, you may find that you will incur high costs to transport your goods overseas. If these costs are unmanageable and you will not receive a high profit from trading internationally then it may be worth considering another way to grow your business.
You should also research the taxing policies in different locations. Some areas will have a combined tax rate for those shipping from EU land, whereas other locations you will have to pay two separate taxes. The amount you pay for tax can be quite variable depending on the area you are shipping to.
You may face many other costs when shipping internationally; this can be custom fees, tax fees and legal fees.
All these costs should be researched so you can know what to expect. These fees will be based on the type of object you are shipping, the weight of it and the destination you are shipping to.
Luke works on behalf of Allenco – The Freight People who offer European road freight services to those businesses who want to ship internationally.