While Liverpool is a significant population centre, a growing business will eventually reach the limits of the local market.
While you might branch out to other leading cities, including, of course, London, it pays to look further afield.
Your path will depend on the nature of your business. Service providers may be able to grow internationally on a more accelerated timeline, as a strong online presence, a translation agency, and a few business development trips are often enough to get you started.
You can use location targeting on paid ads and social media to connect with potential clients in a specific market. You may want to contract an agency with expertise in not just translation but also localisation of business communications and marketing in your target location for best results. Connecting with clients in another country takes an understanding of the differences between their cultural communication styles and preferences and your own, and adjusting accordingly. You can gain this understanding gradually, or work with agencies, partners or new hires to accelerate the process.
Overseas partnerships can also help you to reach clients in other markets without opening a branch office until you have established a sufficient clientele. Since Liverpool is a popular choice for the headquarters of a number of national and international companies, your first step in pursuing international growth could be local. Connect with local offices in related or complementary sectors and build relationships that can help you to operate more successfully overseas.
If your company deals in tangible products, your opportunities are different. You might find new suppliers, distribution partners or markets for your goods overseas. Britain has a very strong brand on the world stage, and Liverpool is a well-known area. The Middle East and Asia are particularly strong foreign markets, and as a port city, shipping via Spain can open up enormous markets to your products.
There are a number of logistics unique to selling products internationally. You will need to look into export/import regulations and plan your margins in great detail. Currency markets can be volatile, and there is surprising variance in fees on foreign transactions. Getting the best exchange rates to Spain from the UK or any other destination market can be critical in maintaining profitable margins. There may be taxes, duty or other charges unique to either or both the sending and receiving locations. Some types of products, such as edibles, also tend to be subject to more stringent regulations in most locations, and are more sensitive to source of production and shipping/storage logistics.
Online sales on an individual storefront or through a larger online store are an excellent opportunity for many SMEs, but larger companies may find it profitable to seek out local distribution or point of sale partners. Again, local networking with international companies can be a good source of opportunity. The International Business Festival in Liverpool is another excellent source of valuable connections.
Your SME can find improved supply chains, expand its reach, and find new markets by looking overseas. Expand internationally with strategic networking and targeted marketing.