When you think about companies that sell globally, it’s easy to picture huge towering office buildings bustling with staff and with lots of money behind them. However, this doesn’t have to be the case and actually, your home- based online business can tap into foreign markets too. Here’s how you can approach it.
Outsource
Of course, you have the option of expanding operations- moving to a large office and hiring lots of staff yourself. However, if you want to keep things simple and want to keep your small home business AS a small home business then the answer is to outsource. You’re then still classed as a sole trader which can make things easier for tax purposes and you don’t have to worry about hiring and firing staff, providing them with the legal benefits they need and everything else as the company you hire will be responsible for this for their own workers. You could outsource manufacturing, warehousing and shipping overseas meaning you can run things by yourself, from your home office leaving the work to the companies you’ve hired. Of course, you will need to make sure that your outsourcing costs are still leaving you in profit but if you get the balance right this can be a fantastic way to do things.
Get the right software
The right software will allow you to do your job much more efficiently. For example, accounting software will keep track of your spending and make it easy come tax time for your accountant to complete your return. Master data management software allows you to keep track of hundreds of different systems and areas of your business in one place. Customer relationship management software keeps track of all of your customer details, allowing you to provide a personal experience for all of your customers even if they are thousands of miles away overseas. It can do things like send a voucher code on their birthday, or send targeted product recommendations based on what they’ve already bought. The right software won’t just help you when it comes to business, it can be the difference between success and failure.
Plan and do your research
Just because your product or business is successful in this country doesn’t necessarily mean it will be overseas. Different customs, cultures, even religions can hugely shape consumer demand and so you need to be sure your products will sell abroad. Market research is important, not just to find out if there’s a demand but also how to target your marketing. If you’re dealing with marketing yourself you need to go about things in the right way. If you’re outsourcing, be sure the company you choose has experience in selling to the countries you’re going to be shipping too. Get this wrong and you could put off or even offend your potential customers leaving your business at risk of failure.
Had you considered going global with your small, home based business? What’s currently holding you back?
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