In order to tap into new markets and create a global customer base, Australian businesses need to look beyond our shores. This can be a daunting task for small businesses, but with the right advice and support, it is possible to successfully trade internationally. Keep reading to find out more about how you can take your business global!
The benefits of selling overseas
There are many benefits to selling your products or services overseas. Doing so can help you to:
1. Expand your customer base: By selling in new markets you can reach a whole new set of potential customers who may be interested in your products or services.
2. Increase sales and profits: Selling overseas can help to boost your sales and profits, as you tap into new markets and generate new revenue streams.
3. Enhance your brand: Selling in international markets can help to raise the profile of your brand and make it more recognisable globally.
4. Grow your business: Expanding into new markets can be a great way to spur growth for your business, as you take advantage of new opportunities.
5. Stay ahead of the competition: If your competitors are also selling internationally then you need to be doing so too in order to stay ahead. By being present in key markets you can ensure that you are not left behind.
6. Meet customer demand: In some cases customers in other countries may be demanding your products or services, so selling overseas can help you to meet this demand and keep them satisfied.
7. Take advantage of lower costs: In some cases it may be cheaper
How to set up international banking
Setting up international banking for your business can be a daunting task, but with a little research and planning it can be relatively easy. Here are a few tips to get you started:
1. Know your business needs: Before you start looking into international banking options, take a step back and assess what your business needs are. Are you looking to make payments in foreign currencies? Do you need to open overseas accounts? Or are you simply looking for a way to accept payments from customers in other countries? Knowing your needs will help you narrow down your options and find the right bank for your business.
2. Do your research: Once you know what you need from an international bank, it's time to start doing some research. Talk to other businesses in your industry and see who they use for their international banking and global payment needs. Read online reviews and compare features and fees of different providers.
3. Find the right solution: Once you've done your research, it's time to find the right service for your business. Consider things like fees, currency options, customer service, and whether they have experience in overseas business.
What to try an avoid
When doing business globally from Australia, there are a few things to try and avoid. Firstly, avoid any country that has high levels of corruption. This can make doing business difficult and can lead to you losing money. Secondly, try to avoid countries with high levels of political instability. This can make it difficult to get things done and can lead to violence or civil unrest. Finally, try to avoid countries with high levels of poverty. This can make it difficult to find customers or employees, and can lead to social problems.
How to minimise your exposure
Assuming you have a business in Australia and you want to expand globally, there are a few things you can do to minimise your risk and exposure.
1) Use your relationships with a local law firm or accountant who can advise you on the best way to structure your business that involves overseas income.
2) Research the local business culture and customs in each country. This will help you avoid any potential misunderstandings or cultural faux pas.
3) Have a clear understanding of the local market conditions and competition. This information will help you make informed decisions about pricing, product positioning, etc.
4) Have a robust plan for managing currency risk. This is particularly important if you plan to do business in multiple countries with different currencies.