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Tech Matters: How Technology Could Help You To Trade Abroad

– Contributed content –

1 June 2017. There comes a time in the life of most businesses when they need to expand. That often means trading in new territories and dominating foreign markets. However, lots of entrepreneurs make mistakes during that process. That is why we think they should make better use of technology. Today, we’re going to highlight just some of the ways in which modern tech could help to simplify the process. We’re going to draw your attention towards some ideas you might like to consider if you ever find yourself in that position. At the end of the day, trading overseas is always going to involve an element of risk. You just need to make sure you have all the best information and strategies to hand. Use the advice from this page, and you should have a much better chance of success.

Meeting, overhead view

(Malachi Witt, Pixabay)

Using the Internet for market research

There is no getting away from the fact that you will have to perform a lot of market research before your expansion. That is because you need to know you can sell your products or services overseas. Just because there is a demand in the UK or the US, that doesn’t mean you’ll find the same thing elsewhere. Google is your best friend when it comes to undertaking that process. Millions of new web pages are published every day. So, all the information you require is out there somewhere. You just need to find it! Also, you could use the internet to create surveys people in your chosen countries can complete. With a bit of luck, that could give you a decent insight into the market and what you can expect.

Searching for business experts abroad

Sometimes you’ll need to employ business specialists if you want to navigate the expansion process. People based in your chosen countries are going to know more than experts based at home. Considering that, you should search for people working in that profession overseas. Get in touch with their offices and explain your ambitions. With a bit of luck, they will provide all the information you require to get things right. At the end of the day, it’s in their interests to always provide the best advice. If they make any mistakes, the professionals know you will complain about their services online. That could mean their business takes a real hit. So, search for someone with a good track record, and then drop them a message. Hopefully, they will point you in the right direction.

Apple laptop and coffee

(Barnimages.com, Flickr)

Using specialist websites to find property

You will have to purchase or rent property in other countries if you want to trade overseas. You need a base there to handle customer service issues at the very least. Thankfully, many specialist websites list all available buildings. You will need to rent premises for your operation. However, you might also need to rent house dwellings for your workers. That is the case if you plan to send a few team members over to oversee the expansion. Make sure you research as much as possible in advance. That way, you shouldn’t come up against any unexpected costs. If you know how much you will have to spend to get the required property, you can factor that expense into your budget.

Making use of social media for advertising

Entrepreneurs who plan to expand will have to invest a lot of money in advertising and marketing. That is especially true if your brand isn’t known in that country. It’s like starting a brand new company all over again. However, you can use technology to keep your costs down and get the best results. For example, millions of people use social media websites every single day. So, promoting your firm on this sites makes sense. Facebook has an excellent paid advertising tool you’ll want to use. You don’t have to make a minimum investment, and so you can mess around with the targeting options until you find something that works. The market research you performed earlier will come in handy during that process.

Bank sign

(Steven Lilley, Flickr)

Researching foreign banks

You might have to open accounts with foreign banks if you plan to trade aboard. Don’t make the mistake of presuming they’re as secure as banks at home. Some of them are pretty dodgy if truth be told. That is why you must ensure you put your money in the best places possible. That requires some research you can only perform online. Wherever you plan to expand, just search for the best banks in those countries. You can then view their websites and assess the finer details. For instance, some establishments are going to offer better interest rates than others. That could become important if you plan to transfer a lot of cash.

Researching foreign insurance rules

All business owners need a range of different insurance policies to ensure they’re working within the law. The types of cover required might change depending on where you are in the world. So, it’s sensible to use the internet to uncover all the relevant information. Only then can you guarantee that your workers are safe and the government is happy. That said, you could save a little time if you mentioned that task to your business advisor. Regardless of their advice, you’ll still want to check online to ensure they’re correct. The last thing you need is fines from the authorities because you overlooked something crucial.

Globe

(Amber Avalona, Pixabay)

As you can see from all the tips on this page, technology is your friend when expanding any business. Without the internet, the move would cost considerably more. That is because you might have to pay researchers and lawyers for assistance. You can often avoid that if you just get tech savvy. At the end of the day, all the information you could ever want is online somewhere. You just need to learn how to use search engines efficiently to save lots of time and money. Whatever happens, we wish you the best of luck for the future. You’re doing something many other company bosses never achieve. So, you should congratulate yourself.

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