Although your business may have an established UK market, there's often no reason why it couldn't successfully compete overseas too, growing your revenue and profit.

But before you start, you need to have sound knowledge of your would-be markets. You also need to consider whether your products are right for each target market and whether you have the necessary resources to start exporting.

Before you commit to exporting you need to honestly assess your export potential - both in terms of the readiness of your business and of your product or service.

It's essential to carry out detailed market research to identify and evaluate the target market. Examine:
• the industry structure
• the predicted demand for your product or service
• competition and how you plan to fit into that marketplace
• any modifications required to make your product or service saleable

The UK Trade & Investment Accessing International Markets programme can provide support and help in planning your entry into new overseas markets, including market research.

After completing your market research, you can draw up an export plan defining how you will enter the new market.

Consider whether you have:
• a marketing strategy that incorporates international trade development
• the necessary financial resources
• the right people to develop the new export markets
• adequate knowledge of the requirements of your chosen market - eg modifying packaging to meet local regulations and standards
• an understanding of export payment mechanisms and export finance

Then assess whether your product is suitable for export. Consider:
• product standards and regulations in the overseas market - the British Standards Institution offers help for exporters
• the costs of adapting your product or service

Selling and distribution in overseas markets
There are a number of elements you need to consider to sell successfully overseas. How you organise your sales presence in export markets is one of the key decisions.

Depending on your product, you may be able to sell directly. For example, you might be able to sell over the internet or by exhibiting at local trade shows.

Many businesses look for a partner who already understands the local market. For example:
• You can sell to a distributor who then sells your products locally.
• You can use a sales agent who sells products on your behalf, or puts you into contact with potential customers on a commission basis.
• You can enter into a joint venture with a local business. This gives you a share of the management and profits of the joint venture, but is a more complicated and expensive option.
• If you want complete control over sales, you can set up your own local office. This is the most expensive option.

When arranging a sales contract with an agent or distributor, you need to ensure that responsibility for delivery and payment is clearly defined.

It's also important to remember that intellectual property (IP) protection becomes more complicated if you sell goods overseas. Patents and trade marks are only recognised and protected in the country of origin, so you will need to secure IP protection in each country you intend to sell into.

Marketing your product or service overseas
To succeed, your marketing strategy will need to be tailored to each target market. You'll need to appreciate the traditions, culture and legislation of the countries you are trading with to exploit your exporting efforts.

Sales promotion overseas
Customisation of your marketing activities is essential if there are cultural differences affecting the consumption of your product.

You should consider:
• Using different media. TV viewers in one country may belong to a particular socio-economic group, while in others TV ownership is far more widespread.
• Changing symbols. For example, you may need to respect different standards of dress in promotional activities in some countries.
• Changing the market proposition. For example, bicycles are presented as a leisure item in one country, but as essential vehicles elsewhere.

From Business Link