Skip To The Main Content
Menu
Search button
Home
Topics
Topics
Popular Topics
Popular Topics
Tech for your business
Brexit
People Management
Exporting
Marketing
IT & Telecoms
Technology & Digital
Growing Your Business
Business Banking
E-Commerce
Selling Your Business
GDPR
Health & Wellbeing
Outsourcing
Business Security
Channels
Channels
Need to Know
Whitepaper
Webinar
Opinion
Business News
Advice
Regional Voice
Knowledge Centre
Knowledge Centre
Knowledge Centre
Knowledge Centre
Whitepaper
Webinar
Reader Offers
Opinion
Need to Know
GDPR
Business News
Popular Topics
Popular Topics
Technology & Digital
Business Security
Advice
Contact
Advertise with us
Search button
First Voice
How to break into the USA market
How to break into the USA market
Exporting
Advice
30 November 2018
By Jason Kumpf is alliance manager at
OFX
The US is the largest, most competitive and technologically advanced economy in the world. With 360 million consumers who all operate in an open economy, speak English and have an appreciation for quality British products, the US is understandably an attractive export destination for UK businesses.
However, there are important differences to be aware of. The American business culture, current trade regulations, and local tax and legal systems are all completely different to those in the UK and, although the national economy is huge, the US is comprised of 50 very different states, each with nuanced markets that an exporter needs to understand. To be successful, businesses need to walk before they can run, and make sure they get the fundamentals right when entering the US market.
Do your research
Before launching in the US, UK businesses need to check out the established competition and decide whether there is a gap in the market for their product. It may be that UK companies want to play up their “Britishness” to carve out a niche for themselves, or come across as a local company to better suit consumer tastes and needs. Regardless, top of mind throughout should be the question: “Is there a customer for my product here?”
Find a trusted partner
Partner with experts who can support you from day one and help avoid the early pitfalls that can set you back months. The Department for International Trade (DIT) has an extensive network of specialists that can provide advice and support to UK businesses on the ground, while local chambers of commerce can help you to form connections with the business community in most US cities. There are also a host of industry events and conferences where entrepreneurs and investors can share their insight and build their network.
Sell with confidence
It’s a well-documented difference between the British and Americans, but one worth addressing – most British businesses are inherently modest compared to self-confident American competitors in the same space. UK exporters would do well to adapt to this level of business confidence, and not be understated in their approach.
Additionally, “Brand Britain” is often well appreciated in the US, and there is huge respect for UK businesses from US investors. So if you’re a British business with a local story to tell, emphasise it in your marketing strategy.
Protect your revenues
Selling overseas means taking payments in foreign currencies and it’s easy to lose out to bad exchange rates and slow transfers when moving international revenues back to sterling. A good first step for doing business in the US is to open a local currency account which will save significantly on transaction fees and margins when bringing revenue home. Forward contracts are also a good tool, allowing you to lock in favourable exchange rates with an FX provider and secure the cost of doing business.
On paper, the US represents a massive exporting opportunity as it is a market not too difficult to understand. However, it requires planning and a considered approach from UK businesses for them to be truly successful.
You may also like
Exporting
Advice
Nine ways your business can save time and money on freight
Exporting
Advice
How to achieve rapid international expansion
Exporting
Advice
How a small business can make its first move into exporting
Most Popular
Little cheer for small firms in 46 areas denied business rates lifeline
Pi power makes a difference in Zambia
Digital skills gap in small firms holding back productivity, says FSB
Notes from a small business: Being the boss
How to keep your office costs under control
My Business: Bren Taylor tells us about his venture
Get our latest articles sent direct to your inbox
Submit
View the Privacy Policy