With the UK economy in stormy waters and the growing uncertainty around the EU growth forecasts, business owners need to perhaps think of testing the relatively stable (and growing) markets beyond Europe. Of course this does not apply to all businesses but perhaps most of them. Economic analysts (if you can believe them), suggest that South American, South African, Chinese and Indian markets/economies are relatively in better positions than that of UK. So, this begs the question:
International expansion or stay put?
I think that this question can only be answered by the business owners and it much depends on the financial risk/return involved in the computations. For the hungry business owner who identifies potential opportunities and the rewards available, then the risk is limited. However, for the business owner who sees the international opportunities but remains unsure about the risk/return ratios then there are other ways of going global without investing a lot of cash into various infrastructure.
Before one considers international expansion, you might need to test that market just to be sure. International market testing is expensive. So, what else can one do to test the international market?
Translate your website
Website translation is one of the ways of how you can test the international market. For example, if China is a potential client pool then you might want to consider a multilingual English and Chinese website. A multilingual Chinese website should perhaps give you an indication of how popular your services/products in the Chinese online market. This way, you can measure how many Chinese clients you acquired, how many Chinese enquiries etc over a period of time before going fully international. Going fully international should be seen as a calculated risk with obvious rewards. We can support you at any stage with our document translation services to help you in communicating with your new stakeholders. At KL Translations, we do have professional website translators and globally placed linguists that are available to talk to you about our support for international trade and website translation services.
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