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When most people think about starting a business overseas, their minds immediately jump to logistics: registering the company, navigating local laws, and finding office space. But one of the most exciting (and often overlooked) aspects of expanding internationally is tapping into the global pool of innovation especially in the realm of artificial intelligence (AI).
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Opportunity in Recession: Pound Drops, Foreign Markets Attract
Exporters have capitalised by seeking new market bases where operations are comparatively easy to deal with. Although it may seem an intimidating prospect, today's world is small and well-equipped enough to make such ventures relatively easy
With the west sinking deeper and deeper into recession, many companies are looking to benefit by using favourable exchange rates to their advantage. The Pound's drop against the Euro has seen an increase of UK businesses in the European market, attempting to reach new, international customer.
Exporters have capitalised by seeking new market bases where operations -- including barriers, regulations, clients, customers, etc – are comparatively easy to deal with. The beauty and attraction of the European market for UK businesses is a standardisation of rules and procedures throughout most of the continent. It is a shrewd and relatively safe way to get into exporting and build on your knowledge.
Thinking further afield, many companies are also using the recession to find new markets as far away China. Although it may seem an intimidating prospect, today's world is small and well-equipped enough to make such ventures relatively easy. Naturally, things like language barriers detract many, but there are specialists available to help. Translation and interpretation companies are a perfect and cost-effective way to overcome cultural problems, and you can find many of these firms listed on the Startup Overseas website.
Conversely, the internet is – day by day – making life easier for us all. This is especially true in the case of businesses. With a website, it is now possible to sell a product or service from anywhere to anyone. What's more, it only costs the price of creation and translation. Or why not transform your existing website into a multilingual one?
Whichever option you may consider, one thing can't be denied: with the pound dropping and foreign markets growing, international trade should be at the forefront of every entrepreneur's mind.