It’s not a surprise that many entrepreneurs and foreign businesses are considering the UK when looking to expand to new markets. In fact, in 2015 there were a record 5.4 billion businesses operating in the UK private sector, an increase of 146,000 compared to 2014. This only reinforces the notion that the UK is once again a fertile land of business opportunities.
So as a company that wants to explore businesses start up options in the UK what do you need to know?
1. Strategy - These are aspects you should have already considered even before deciding to open up a business in the UK however, it’s still important to mention.
- Have a solid business plan
- Decide on a brand name and identity (these can be adapted later on if necessary)
- Competitor knowledge
- Basic start-up and operational costs
- Business setup type - sole trader, partnership or limited company
- Deciding on suppliers for production of goods and machinery for services
- If selling goods then also deciding on a distribution network or freight forwarder
- Choosing a location for offices and manufacturing
- Develop a website
3. Actually starting the business
If you have limited to no experience entering a foreign market then it’s highly advisable to retain the services of a firm who can assist with the transition. Regardless of the industry, at QX Corporate Advisors we support small to medium-sized enterprises across the globe who are considering business expansion overseas.
We specialise in de-risking market entry into the UK by making a business operationally compliant within the country’s regulatory laws and assure greater opportunity for success by delivering long term support. Our primary goal is to help enterprises through every step of their journey of the business expansion by being their local partner.
If you are considering entering the UK market or are just want to know if it’s feasible for your business, please email us at firstname.lastname@example.org or call us on 0845 838 2672.