How to grow your business and break down barriers to international trade
Ambition A.M. takes a look at why international trade might be for you, and how you can use your long-term ambitions to test the waters.
In this ‘how to’ series, Ambition A.M. will explore some of the challenges facing Britain’s entrepreneurial community, providing firsthand insight and advice on how to overcome some of the most daunting ones.
Just because you’ve started a business doesn’t mean your journey is complete.
In reality, the journey has just begun because the next step is figuring out how – and where – to grow it.
Establishing a presence in your home market is often the first choice of plan, but when it comes to long-term entrepreneurial ambition, the list of opportunities can be never-ending.
Ambition A.M. takes a look at why international trade might be for you, and how you can use your long-term ambitions to test the waters.
Bridging the gap to growth
According to research from Santander’s most recent Trade Barometer, more and more UK businesses are exploring international expansion, with nearly half of the 1,025 surveyed saying international trade is becoming ‘increasingly important.’
Rupert Duke, co-founder and director of Essex-based G&I Spirits Group, is a perfect example of someone who has landed himself a front-row seat in international business growth.
In August 2022, G&I enrolled in the Santander Navigator programme, a platform designed to connect businesses with over 35 markets worldwide. By December 2023, they secured their first trade agreement with their first US state.
Eight states and an expansion into India later, Duke tells Ambition A.M. that “forward-thinking” approach will be what keeps you ahead of the game.
“We built up quite a nice market in the UK, but we didn’t really want to sit on our laurels,” he said.
“We want to be the best that we can be, we want to see people everywhere enjoy what we’ve created.”
How to start your trade journey
Duke said there have been no “downsides” to his international trade journey, but that doesn’t mean it hasn’t been challenging.
After all, when you enter any new market, you need to make sure you know what you’re doing.
His advice? Pick your market, look up the red tape regulations, and find like-minded partners along the way.
- Pick your market carefully
“Pick your market that you think will suit your product. If you don’t pick your market and you’re doing it willy-nilly, your money will run dry.
“If you’re not careful, everyone – if you’re not careful – everyone will have their hand in your pocket, to help you, but they’ll be gone when the money is getting a little scarce.”
- Look up the red tape and the regulations
“The red tape and the regulations are huge and daunting, very daunting, you’ll have more sleepless nights then you will good sleeps.”
- Find like-minded partners
“I think you make your luck, but we were lucky that we’ve partnered up with great people in all the areas that we’ve gone into who are professionals and know their market.”
Where to find international trade support
“Selling goods and services worldwide can help make businesses more profitable, competitive, and innovative,” Minister for Exports Lord Malcolm Offord said.
“We know that businesses that actively seek out new opportunities to export their goods or services see faster and more substantial growth, are more resilient, and often generate higher profits than businesses that only focus on the UK market—which in turn allows them to pay higher wages.”
Recent trade figures have shown that the UK has become the world’s fourth largest exporter, up from seventh in 2021. If there is any time to embark on your international trade journey, Lord Offord said, it’s now.
That said, the journey to international expansion can still be a “challenging prospect,” which is why support options are available to those who need them.
The Department of Business and Trade offers a range of support platforms and opportunities, including enrolment programmes, funding advice, and information on certain regulations such as duties, tax and customs.
As a free Department of Business and Trade service, businesses can sign up to receive guides, foundation modules, and virtual and in-person workshops to learn how to become an exporter.
