This week’s International Trade Week, led by the Department for Business and Trade (DBT), plays host to a range of free events, workshops and webinars via the UK Export Academy website. 

If you want to find your first potential overseas customer, or if you are already selling internationally and want to branch out into new markets, navigating some of the challenges can be something of a minefield. We outline some of the key factors to address if you’re considering expanding overseas as part of your business strategy. 

Weigh up the benefits and challenges 

Exporting offers significant advantages, including increased sales, a competitive edge and risk diversification. However, it’s essential to assess whether a business is export-ready and to develop an action plan that highlights both strengths and areas for improvement. 

Questions businesses may want to ask themselves include: Have we got the capacity to meet additional demand? Is there a firm commitment at all levels in the business? Is our website ready for our target audience? Tease out more of these questions by signing up for the live session on ‘Exploring the benefits and barriers of export’ or catch up on demand.

Research your international markets 

With so many potential customers across the globe, it can be tempting to target them all at once. However, it’s far better to focus on key regions offering the most potential. Research these markets thoroughly and be prepared to adapt your approach to each one, saving valuable time and resources. 

UK Export Academy’s session on conducting effective market research offers tips on how to effectively prioritise export markets with targeted market research. Meanwhile, the DBT offers high-level market guides, offering country-specific economic data and market trends.

Review customs procedures 

All exporters must comply with legal responsibilities for the products and services they sell, and HMRC needs key information before goods can leave the UK, along with requiring you to submit an export customs declaration. 

UK Export Academy offers two complementary webinars (here and here) explaining what’s involved in the process of physically moving goods, and the associated documentation required to export products. This includes details of the information required for an export declaration, how to find the right commodity code, and how rules of origin can impact exports. 

Consider your pricing and route to market 

British companies often under-price their goods and services. It’s advisable to consider local market conditions when pricing products or services. There’s also a need to understand the supply chain and choose the best route to market. What kinds of options are there and how can you best decide which is the best for you? 

Attending the ‘Deciding your pricing strategy and routes to market for overseas sales’ webinar can help businesses with their international pricing models, and the most effective routes to market.

Decide how to get paid 

Payment terms are a critical part of any contract negotiation. Different payment options carry varying levels of risk. Options include advance payments, letters of credit or documentary collections, always being mindful of currency exchange rates.

Using UK Export Academy’s ‘Guide to getting paid when selling overseas’ workshop would be an ideal starting point for both goods and service companies alike.

Brush up on Incoterms® 

International Commercial Terms® are the internationally recognised, standard rules that describe how obligations, risks and costs of delivery are split between buyer and seller. Join this webinar to help select the most appropriate term.

Check for export controls 

There are restrictions on the movement of some goods across international borders. Much of this depends on the types of goods that are being exported, and the rules relating to the product area.

Some goods, software and technologies may require export licences or permits. It’s imperative that exporters check for any restrictions that apply to products or services. UK Export Academy has a dedicated ‘Understanding export controls’ webinar to help highlight what kinds of products and services may be affected. 

Selling your services 

Export of UK services has risen from £310.4bn in 2020 to £467.7bn in 2023. However, this comes with its own challenges, from cultural differences to legal considerations. Fully understanding a client’s needs is crucial for successful service delivery. Factors such as language, time zones, digitalisation and intellectual property must also be considered. 

UK Export Academy offers two dedicated webinars solely focused on how to sell services overseas. The first covers the key challenges of selling an intangible product, such as agreeing the scope of activities, maintaining relationships, VAT and the recognition of qualifications. Meanwhile, the second offers tips on how to adapt delivery to suit local requirements.

Brush up your skills

With so many considerations to address, international trade might feel daunting. Fortunately, there is a wealth of information and advice on hand to ease the process. 

The UK Export Academy is a free, online training programme designed to give UK businesses the confidence and know-how to grow sales of their goods and services in global markets. Sign up free today and view all the events. With more than 400 of them a year, there is sure to be something that you and your business can benefit from attending.

For deeper insights, Masterclass events will broaden your knowledge in areas such as international marketing strategies, through to managing overseas partners. At the same time, market and sector-specific events will give you access to DBT’s sector experts and overseas networks.