Choosing the right kind of banking service is a major opportunity to get your business basics right from the beginning. While it may be inconvenient to maintain a separate account for both your personal and business activities, it is good practice to do so to keep your accounts clean. Here, we’ll look at how to go The post Opening a business bank account in the UK: How-to and best accounts appeared first on Small Business.
Posts published in “international business”
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Starting a business in one’s own country can be a daunting task. It often involves piles of paperwork and navigating hundreds of unfamiliar processes to get the permits you need. Once your business is established and running successfully, though, your eyes may look to other horizons—AKA new markets. These markets provide an opportunity to reach a new and wider customer base. Reaching those customers, however, and selling to them can be hard work. No matter where you decide to set up shop, expanding internationally can be confusing and complicated. However, there are a few things you can do to smooth the process before opening your doors—or your website—to international consumers. 1. Know why you’re expanding your business Aside from the possibility of generating more revenue from exposing your product to new customers, really think about why you’re expanding your business internationally. Despite the fact that you’ve never marketed your product there, are you seeing demand from the country you’re targeting? This could include traffic to your website from other areas or purchases from other countries. 2. Have an international business plan Don’t assume that the business plan you used to start your company in the U.S. will get your international business off the ground. In fact—other than your stellar product—you should act like you’re building your organization from the ground up. Get familiar with commerce and business laws in your new target country. Understand the processes you’ll have to go through to open your doors or start selling your product to locals. Even if the consumers in a specific market seem like a good fit for your product, weigh the costs of setting your company up in a new country against the potential revenue. 3. Learn about the culture of the country you want to expand to Along with a localized business plan, it’s important to understand cultural norms and nuances of your new territory. You’re selling your product or service to people, and successful selling requires understanding their wants and needs, and how they go about their days. Conduct research on your target market’s social and business cultures across…
FOB – which stands for Free on Board – is an Incoterm you might have come across when negotiating the purchase of goods for import to the UK. But what exactly does FOB mean – and why does it matter? Incoterms are important because they help define who is responsible for the costs and risks The post FOB: How it works, price, and risks appeared first on Small Business.
Ex Works – also expressed as the three-letter code EXW – is an Incoterm you might have spotted if you’re involved in buying and selling internationally. They’re only a few letters long, but using the wrong Incoterm when buying goods from a supplier based overseas can be an extremely costly mistake. Read on to learn The post Ex Works: How it works, price, and risks appeared first on Small Business.
There are many reasons that importing from the US might make good sense for your business. The USA is one of the UK’s biggest trading partners, with huge volumes of goods moving between the countries every month. In fact, in 2017, $56.3 billion of exports from the US arrived in Britain, somewhere in the region The post Import from USA: Tips and how-to guide appeared first on Small Business.
The value of imports of goods and services to the UK hit a record high in March 2018 – an astonishing £56 billion in that month alone. Nearly 75 per cent of imports to the UK are goods such as machinery, cars and manufactured items – with Germany, China and the Netherlands being the biggest The post Import guide: Three essential tips and everything you need to know appeared first on Small Business.
If you’ve been researching your business options for importing to the UK, you’ve probably come across customs brokers offering to help make HMRC customs clearance hassle-free. Reducing the stress of importing is certainly tempting – but is it really necessary to use a customs broker, or can you deal with the authorities yourself? This handy The post Customs brokers: Everything you need to know appeared first on Small Business.
If you’re already doing business abroad, you’ve likely heard of freight forwarders before. They promise to take much of the stress out of international shipping – and deal with all aspects of the transportation and delivery of your goods. In most cases they’ll also deal with customs clearance. But do you really need to use The post Freight forwarder: Everything you need to know appeared first on Small Business.
If you’re thinking of starting to import or export goods to the UK, you’ll need to compare your options for both sea freight and other methods of shipping. Sea freight is a great choice for large quantities of consumer goods – and is often used when importing from manufacturers based in the Far East. Since The post Sea freight guide: Process, costs and timelines appeared first on Small Business.
If you’re considering growing your business internationally, or if you have suppliers based overseas, you’ll probably already have heard of the EORI system. Any individual involved in imports and exports within the EU must have an EORI number. If you’re just getting started in importing or exporting, the registration process can seem daunting. Don’t worry The post EORI number: What it is and how to get or check one appeared first on Small Business.