Broaden Your Horizons: 5 Steps To Trading Internationally
Taking your trade to foreign countries isn’t as difficult as you may think. Digital technology has made it easy to communicate with people in other countries online, whilst international delivery methods have improved drastically.
Trading internationally has its advantages – you can access a wider audience and get more business. Of course, trading internationally also comes with its challenges and it’s important to overcome these before getting involved.
Here are five steps that will help you to become successful when taking your business overseas.
Breaking the language barrier
Whilst English is the universal language of trade, you may still come across some clients that don’t speak English. Google Translate has its limitations.
A commercial translation service such as Architekst Translation Services may be needed in some cases to help negotiate the language barrier. This will depend largely on your line of business.
Trading internationally involves accepting foreign currencies. Online payment services like Paypal are able to accept all kinds of currencies, although you may have to manually select this option in your Paypal options.
Accepting cash may be a little harder and you may have to find a reliable forex service that you can exchange this money at. Be wary of fluctuating currency rates as you may have alter your pricing when trading abroad.
Dealing with different time zones
You may have to cater for different time zones when trading internationally. This could involve working more flexible hours to communicate with clients across the world.
In most cases you should be able to make this work for you, but it’s still something to be aware of – you don’t want to forget about the time difference and accidentally wake someone up in the middle of the night with a business phone call.
Finding the right delivery method
Delivering items abroad will require using an international courier service. This is likely to add to the cost, which may require you to adjust your pricing.
The likes of Parcelhero Global Express Delivery can compare various couriers to find the cheapest rate. Certain items like contracts are better off emailed.
Understanding the culture
Getting to know the culture will help you to market your business abroad more effectively. There may be less or more of a demand for your service abroad, which could involve changing your marketing methods.
Different countries may even prefer different styles of advertising that you may find corny or even too conservative. You might be able to get around this by using a foreign marketing company.
On top of marketing, the culture may have an impact on the way people communicate and do business. If you’re a business-to-business company, you may find that there are different customs that need to be followed before making a deal. Things like swearing may be seen as gravely disrespectful in some countries.
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