For overseas corporates looking to expand into the UK, the initial set-up of their new business inbound to the UK and learning about UK business culture, can be seen as a major challenge
The UK represents one of the most attractive business opportunities in the world. As a mature consumer market, entrepreneurial in nature and open to international products and service providers the UK offers everything you are looking for in a key growth opportunity for your business.
Develop a detailed venture-validation plan.
The UK has a population of 65 million, a well-established middle class and is one of the most vibrant B2B and B2C economies in the world.
So what? Does that necessarily mean that the UK has potential for you and your products?
Success can only come from careful planning and by creating a workable implementation strategy.
Before you decide to risk too much of your hard-earned cash on trying to grow a business in the UK, you must do a practical market viability assessment.
You need to know how attractive your products and services are in the UK market and whether you will need to make any product adjustments. You also need to know how competitive your products and services will be against the local competition.
Implement a successful UK market entry strategy and grow your business in a large market.
The UK is very different from your home market. That’s just a fact and you need to factor that into your thinking at every step of the journey when implementing a successful UK market entry strategy.
Few people know you and your products in the United Kingdom. The problem with new markets is that you simply don’t know what you don’t know. Most companies who fail in the UK market simply didn’t implement effectively because they:
All of these implementation mistakes are as avoidable as they are predictable. By working with the right local partner you can ensure that you can not only plan but implement effectively without it breaking the bank.
Continue to expand your business with effective UK market growth and penetration.
Having successfully established your presence in the UK, won your first clients and generated initial revenue you will then need a medium and long-term plan to help you turn early wins into a sustainable business.
You may want to look for additional distributors or sales channels for new products or to look at different areas of the UK as potential markets. You may decide that for brand reputation reasons, you need to move beyond working through a distribution channel to setting up your own permanent establishment in the UK. You may then need to do some serious structuring work, tax planning and staff recruitment. You may even decide you need to buy an established UK business to help you ramp up faster than might otherwise be possible.