Ian Garner, experienced exporter and a patron of ExportExchange.co.uk, the peer-to-peer mentoring initiative for the Leeds City Region, gives advice to SMEs considering expanding into overseas markets

1. Learn from others’ experiences
Be aware of the common challenges often faced by exporters: prepare for the impact on your existing business; understand the new market; appreciate that what works at home may need to be adapted; and ensure you have developed a robust strategy and business plan. Learn from experts at the Department for International Trade or seasoned exporters via ExportExchange – we’re happy to share tips and advice!

2. Understand the business reasons for exporting
Making the decision to export can seem like a big step, but the huge potential it offers to grow in new markets could transform your business.

3. Make sure you are ready to export
As in many things, preparation is key, so take a step back and ensure that your business is in a strong position – you need to have a sound base at home if you are to take full advantage of the opportunities overseas.

4. Do your research
Export markets are never the same as at home. Help is available to undertake more extensive research from Leeds City Enterprise Partnership, DIT and UK Export Finance to name a few. Plenty of country information can also be found on the internet, but do make sure you use reputable sources (e.g. World Bank, OECD, World Health Organisation etc).

5. Go and visit
Nothing beats seeing the new market for yourself. Talk to people in the territory and gain as much knowledge as you can. The British Embassy or High Commission can help provide assistance as well as facilitating introductions. International trade bodies can also help.

6. Get help with communication
Language, culture and regulation are different in every country. Even in the US or Canada, words can have different meanings. Mistranslation to and from English in non-English speaking countries can make it easy to get yourself into trouble. Fortunately, these days it’s relatively easy to access good advice from a native speaker.

7. Be ready to adapt your products or services for the new market
Nothing replaces good market research. Make sure you understand the existing products or services available in the new market. Why do people buy these local products? What do people value? Can you make your product or service more attractive to consumers or better priced? You may well need to innovate your offering in order to appeal to buyers in the new market.

8. Be aware of potential risks
As with any type of expansion, there are going to be risks when entering new markets, but these can be mitigated with thorough preparation. Make sure you go in with your eyes open, with a full understanding of barriers to entry. Research is key – make the most of the support available from DIT trade advisers and ExportExchange patrons.

9. Develop a clear strategy
Draw up a document that spells out why you want to export, what you want to export and where you want to export. The process will help you clarify your objectives.

10. Create a comprehensive business plan
An export business plan is important for defining your company's present status and internal goals and commitment, and will also help you to measure results. While trading in a new territory can initially appear daunting, there is plenty of support to help you along the way and hundreds of successful Yorkshire businesses which prove that rising to the challenge can deliver huge benefits.

Author: Ian Garner