For many UK businesses, Brexit has dealt a significant blow to profits, and the overall trade with Europe has fallen considerably. The UK still produces top-quality merchandise and services, and Europe as a whole still needs these. The question, however, is how can your business get back into this market and why would you want to? Here are a few tips and insights on getting back into Europe.
The European market
No matter what we may have been convinced by the national mood or the media, and what many may think, the European Union is still one of the best markets in the world. It is arguably the world’s biggest single trading block and ranks as the best global market for both incoming and outgoing investments. It is thus a major producer of global goods and services and has a manufacturing and industrial sector to rival any economy in the world. It should also be stated from the outset that just because we are no longer part of the European Union, doesn’t mean that your business cannot still look to make a profit and build your brand in Europe.
How to approach re-entry:-
If you stopped trading in the European markets, then getting your business back into the European market may be simpler than you think, and the steps below will help you get started.
Understand the legislation and rules for entry
Before considering this a viable business option, you need to have read and understood the relevant legislation. Essentially there are various EU trade tariffs and customs duties that a UK business would have to pay. There is also a necessity to prove the authenticity of the goods and the source of the raw materials, but these are similar requirements for entry to other top global markets. Furthermore, various professional qualifications and certifications are no longer automatically recognised. You will need to determine whether the equivalent European bodies recognise your business and your qualifications/certifications and industry body registrations.
Alternatively, you can look for a business advisor well-versed in this area and obtain advice on what you need to do.
Have a local affiliate/fixer
Having a local business or partner that is willing to work with you and is able to help you navigate your way into the country that you have chosen. Having a source of local marketing and sales is always going to be one of the best ways to go. Many UK businesses have begun to consider a European branch as a means to stay connected and involved in Europe, and this is definitely a consideration should you want a bigger market.
Learn and use the local language
It is still one of the golden rules of international business, learn and use the local language, as it’s the best way to speak to the hearts and souls of your clients and customers. If, for example, it’s the German market that you want to enter, then use professional German translation services to ensure that your website and marketing can be easily accessed by those in the market that you have chosen to enter. Language is an essential component of culture, and if you intend to make a success in Europe, you will have to embrace the culture and use the language.
Do your research, know the local competitors if there are any
Before you even select a specific market or attempt to take on the entire European market, you will need to know and understand it. Which are the biggest markets for your products, what is the nature and cost of logistics in the area, and will you be able to establish a branch of your business or simply export your products? These are the basic questions that you need answered before embarking on any new business expansion or growth strategies.
The market research you do also needs to be kept internal to your business, because as soon as others in the sector realise the potential you have seen, they will be flooding the same international market.
Getting back into the European market has become a priority for many as sales and demand for their products and services have dwindled after Brexit. Depending on what you produce or the services you offer, the means to entry can be different and seem somewhat complicated. Still, it’s the nature of international business and the way back into European markets. The tips and suggestions discussed in this article will provide a great starting point.