Thinking of becoming an international business? Opening up trade in other countries could allow you to access a greater customer base. Thanks to the internet, it’s become easier than ever before to trade internationally. There are however considerations that you’ll need to make first before doing business abroad. Here are just 6 things to consider before trading overseas.

The Currency Exchange

In order to accept business from foreign customers, you’ll need to be able to accept foreign currencies. Online platforms like PayPal make this easy – if you haven’t got an account, it could be worth setting one up. When setting prices for customers abroad, take into account the transfer fee (PayPal charges 4.4% on all international sales). You should also consider fluctuating currency rates – if a foreign currency falls in value, make sure that the prices you charge are converted properly so that you’re still earning the same amount.

The Language Barrier

English is spoken all over the world, but there may still be some customers that don’t speak it fluently. Make sure that you are able to provide translation options such as having a translatable website or getting someone to translate emails if needed. There may even be times when you have to hire an interpreter to talk on the phone.

The Time Difference

When having to contact customers in other countries, you may have to consider the time difference. A twelve hour difference could mean that you can’t communicate during regular business hours and you may have to be prepared to work more flexibly or hire staff to work during these periods. You may even be able to outsource a 24 hour phone answering/phone calling service to take care of these customers for you.

The Shipping/Travel Costs

If you’re selling products to customers abroad, you may have to consider shipping costs. With low value products, it may not be worth the cost of shipping them abroad. You can find international courier services at sites like Parcel Hero. As for times when you need to meet clients abroad, consider whether you will be able to afford travel costs. Fortunately, videoconferencing has made it much easier to conduct face-to-face meeting without having to travel, but there may be times when you feel that this isn’t effective enough.

The Difference in Laws

Different counties will have different laws regarding trade. There could be different tax laws – companies like Brunoro Law could be worth outsourcing for advice when it comes to filing taxes. Meanwhile, certain products may be banned abroad or may be heavily restricted such as alcohol or certain chemicals and materials – make sure to do your research first.

The Difference in Culture

There could be a vast difference in culture that could affect everything from how to address customers to how to market your product. This is also worth doing your research on so that you don’t cause offence and tarnish your reputation abroad. There could even be times when it’s worth hiring advisors on such matters.