Are you an Indian company that is exploring ways to expand your business? If that was a yes, then you have landed on the right page. Today, we are covering some interesting ways how you can do so. Business expansion is not just limited to the geographic boundaries of the country to expand your reach. There are many international markets you could explore, one of which we have shared in this blog post. So, keep reading to find out everything about it.
Why is the United Kingdom Good for Business?
The United Kingdom (UK) is considered a favorable destination for businesses for several reasons. Some of the key factors that make the UK an attractive place for Indian companies to do business are:
- Strong and Stable Economy: The UK has a stable and diversified economy, which provides the right environment for businesses to operate and grow. According to the World Bank’s Ease of Doing Business Index 2020, the UK ranked 8th out of 190 countries.
- Proximity to Other Markets: The UK is strategically located, providing easy access to other important markets such as the US, Canada, and the Middle East. This makes it an ideal marketplace for companies looking to expand their global footprint.
How to Successfully Establish Your Indian Business in the UK?
There are several ways to enhance sales productivity in the UK market for an Indian company. Here are some tips:
- Research the Market: This is really essential to understand the needs and preferences of customers, clients, partners, and so on. With the help of UK company information, your business can tailor your products and services to their needs, making them more attractive to potential customers. To access such a strong database, you can opt for D&B Hoovers. It provides US and UK company information to help perform proper market research.
- Register your Company: Once you’ve made the decision of taking your business to the UK, go and register your company with the registrar of companies in the UK, i.e. Companies House. For that, you can submit the relevant documents and provide information such as company name, registered address, director list, etc.
- Obtain Necessary Permits and Licenses: Depending on the nature of your business, you may need to get the necessary permits and licenses from the local or national authorities. For example, if you are in the food business, you will need to comply with food safety regulations.
- Hire local sales talent from the UK: Employ people who have a good understanding of the UK market and its culture. As they can aid you in building better relationships with potential customers and navigating the local business environment.
- Leverage digital marketing: Leverage digital marketing channels to reach potential customers. This includes social media, search engine optimization, digital advertisements, and more, to increase your reach through cost-effective marketing channels.
- Offer competitive pricing: It goes without saying that offering good products and services is key to attracting UK customers, whether it’s price, packaging, or quality. One way to begin is to conduct thorough research and get UK company information to understand the pricing strategies of your competitors and adjust your pricing accordingly.
Keep a note of these points to successfully establish your Indian business in the UK. Remember to be patient and persistent, as establishing a successful business requires both effort and time. For market research of all businesses, you can explore D&B Hoovers. The interface is widely known for delivering accurate UK company information and insights to businesses.