Exporting your business allows you to sell your goods and services around the world.
Diversification into other markets can help to grow your business and as with any important change to the way you trade, there are risks as well as benefits to consider.
Careful planning can positively impact your business through:
- Expanding your markets means reducing your dependence on any single one.
- Increased sales and revenue, making your business more competitive domestically and internationally.
- Increased production means larger economies of scale and better margins
Consideration must be given to potential disadvantages;
- Administration costs may increase as you deal with export regulations when trading outside the EU
- You can lose focus on your existing customers and home markets
- You may lose some of the control that you’re used to at home when dealing with remote relationships in overseas markets.
In addition to these advantages and disadvantages, there are also tax considerations. You will have different responsibilities depending on whether you sell to other EU countries or export your goods outside of the EU.
You might have many questions about whether your business is ready to expand. Start getting the answers now from HMRC, InterTrade Ireland and Invest NI. Visit NI Business Info's online comprehensive guide that will also help.