Since the announcement of Brexit in 2016, businesses have been concerned about access to the European single market. Now, with less than a year until the deadline, Theresa May has stated once and for all what we already expected – that the UK will have less access to European markets.

When learning this, it’s not surprising that business owners have been considering their options, including accessing markets beyond Europe. But could this be beneficial for businesses? Here are 5 reasons to consider it for your small business.

Reduce Risk

While business expansion inevitably involves risk, if successful, it could help to stabilise your small business. No longer reliant on just one market or set of trends, your business will be more likely to survive and thrive if the pound further weakens, or if the UK economy slows, both of which are possibilities after Brexit. Essentially, when done well, accessing new markets could help to safeguard your business.

Beat Competition

In the UK, your industry may be over-saturated. As such, competition can be fierce and bringing in new clients or boosting sales may be challenging. However, your products or services may be in demand in another market overseas, which may also have very few providers. Do your research to find out if a new market has the potential to boost company profits in this way.

Increase Value

You’ve put a lot of time, energy and commitment into building your small business. You’ve grown it from a solopreneur venture and you’re proud of your achievement – as you should be. While the thought of selling it may not be very enticing right now, it never hurts to increase your company’s worth. Exporting to new markets can boost its value while also making it more appealing to potential buyers, should you decide to sell later.

Company Growth

If you’ve been considering growing your small business, expanding into international markets could provide the opportunity. It’s possible that the goods or services you are delivering in the UK market could also be sought after elsewhere. This could be the stepping stone for growth and if successful, your small business could expand operations overseas, opening new offices and hiring more staff.

Build Reputation

Lastly, trading in new markets could help to bolster your company’s reputation. If successful, your small business will be transformed into an international enterprise, which could improve its standing. This could impress shareholders, partners and investors, with a strong reputation that could help to grow your small business further.

While there are many potential benefits of accessing international markets beyond Europe, expansion in this way also poses challenges. Before deciding to do this, research your chosen markets, assess the need (if any) for your products or services, look into competitors, determine price and profit, and consider your export strategy – sending a parcel overseas can be a more difficult and expensive procedure.

Related Posts Plugin for WordPress, Blogger...