Exploring overseas marketplaces is an excellent opportunity to expand your customer base and increase your turnover. A report by the Federation of Small Businesses showed that just over 1 in 5 small businesses are involved with exporting, but interestingly the same amount would consider exploring exporting to help their business grow.
Having already established your business in the UK market, there is fantastic potential to grow your revenue and profit by exploring the opportunities to trade internationally. UK products, services and expertise are in constant demand across the world, and there are plenty of opportunities - both in established markets such as Europe and the US and the high-growth economies of countries such as China, India, Brazil and Russia.
UK exporting businesses can see an average increase of 34% in productivity in their first year of exporting. These businesses are 11% more likely to survive and can benefit from operating in a more competitive environment, attracting and providing more opportunities for higher-skilled workers or increasing their workforce to offer more jobs.
But before you start your exporting journey, you need to have sound knowledge of your would-be or target markets. You will also need to consider whether your products are right for each target market and whether you have the necessary resources to start exporting.
Fortunately, we offer a wide range of support services to help would-be exporters tackle these issues and challenges. Take a look at our Grant and Support Finder for more information on national funding and support schemes, or check out our Explore Exporting Programme for 30-hours of fully-funded support.