What To Know Before Making Your Business Accessible Globally

Thanks to the internet, it’s now easier than ever to connect with customers around the world. Taking on customers in other countries can have many benefits, but it can also have drawbacks. Below are some of the pros and cons to consider when taking on customers in other countries. 

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Access a wider audience

The biggest advantage of accepting customers from other countries is that you get to access a much wider audience. If you’re selling a niche product or service, this could make it easier to source customers and grow your business. You may even identify gaps in the market abroad that you can tap into. There may not always be a demand for your product or service in other countries, but for many companies there is likely to be a demand. 

Improve your reputation

Taking on customers from other countries allows you to market yourself as an ‘international’ or ‘global’ business. You are much more likely to be seen as a big and successful business if you have experience working with customers abroad – even if, in reality, you are still a very small fledgling company. 

Be wary of the exchange rate

When you take on customers in other countries, you need to be prepared to either accept foreign currencies or ask customers to pay exchange fees. The former option is more popular – foreign customers are more likely to buy your product or pay for your service if you charge them in their own currency. This however does mean setting up multi-currency accounts and paying exchange fees yourself. An alternative option is to charge in crypto, which can serve as a neutral currency – you can set up crypto accounts to start trading in crypto. Bear in mind that many customers won’t use crypto, so this shouldn’t be the only form of payment you accept. 

Be prepared to speak their language

Customers from other countries may speak a completely different language. It could be worth creating a copy of your website and social media pages in different languages to help appeal to these customers. You can hire a translator or foreign marketing company to help you with this. If you need to speak to foreign customers on the phone or via video call, it could be worth also hiring an interpreter (unless you speak the language yourself). 

Understand the extra costs

Trading internationally can incur extra costs beyond exchange fees. If you sell products online, you should consider how much extra it will cost you to ship these products abroad. You may also have to get licences or permits when selling in certain countries. On top of this, you may be taxed differently on any income from other countries. A financial advisor is worth talking to in order to help you understand all of these added costs so that you can accurately budget for them. 

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