How can you expand your business internationally?

If you are looking to grow your business, trading internationally can be a great solution.

But deciding to put your business on the global market can be daunting.

Fortunately, the Department of International Trade (DIT) has a range of support that can make the transition easier, including:

The UK Export Academy

Trading internationally can be complicated, so you need to make sure you have a basic knowledge before diving in.

The DIT’s UK Export Academy is a free online training programme that aims to teach you everything you need to know about selling your goods or services overseas.

You could get specialised courses that are relevant to your industry.

The Internationalisation Fund

Gearing up to trade internationally can be expensive.

If you need assistance with the initial costs, you could benefit from a match-funded grant from the DIT.

These grants are available to businesses in the UK, and range from £1,000 to £9,000.

According to the DIT’s guidelines, you could be eligible if:

• Your business is classified as an SME (with up to 250 employees)
• The annual turnover doesn’t exceed €50 million (approximately £42.9 million) or the annual balance sheet doesn’t exceed 43 million (around £36.9 million)
• You have no more than 25 per cent of capital or voting rights owned by another company, or companies, if the total ownership group is over the annual turnover or balance sheet threshold
• You own no more than 25 per cent of another company, or companies, under the same rules as above.

Need advice on international opportunities? Get in touch.