Translation services for international trade: As a dynamic businessman or woman, you’ll either already be considering, or are in the process of expanding your business into new international markets.
We won’t lie, entering foreign markets is a formidable endeavour, but with risk comes great reward. Growth into international markets means new customers and new, diverse revenue opportunities for your business – all vital in these uncertain economic times.
So, to help you develop an international trade strategy that works, today at Linguist Point, we’ve put together a rundown of the greatest opportunities and most common pitfalls of Translation Services for International Trade.
The What & Why of International Trade
Here, I’ll briefly explain why international trade is vital for the continued success of your business.
International trade is the exchange of capital, goods and services to different countries of territories. It covers organisations focused on business to business sales (b2b) and business to customer sales (b2c). It includes everything from a London-based financial services company offering brokering to companies based in Munich, Germany, to an Amazon marketplace seller, based in Dorset, selling t-shirts to customers in Latvia or even China.
Translation services for international trade
The internet has opened up so many, previously inaccessible, markets, truly globalising trade and allowing both businesses and customers to get a better deal. That’s where translation services for international trade can help you with
We’ve provided an idea of what that means for your business with the four most important reasons why you should expand into new, international markets:
Diversification of your business
If you place all of your eggs in one basket, there’s a chance they’ll all crack. If you’re just selling in the UK, something as simple as a rise in warehouse rents could make your business unprofitable. If you already have established market presence in another country, you can shift your stock and maintain your income. Diversification means a more stable business, helping you recover from anything life throws at you!
- Getting the competitive advantage
An international business has access to more data, can source cheaper products, and can access more economic distribution networks. These opportunities can give your business a significant competitive advantage, domestically as well as internationally. For instance, if you use a distribution network with a foriegn company in France, and they use your distribution network in the UK, there’s the potential that you can deliver your goods faster and cheaper in both regions. Working with international markets also enables you to speculate on the price of goods in different markets, finding the right time to buy and sell.
- New customers and growth
There are over 700 million people in Europe, and 7 billion in the world. Globally, those economically classified as middle class are projected to grow from 3.5 billion to 5 billion in the next ten years. These markets and potential new customers are not based in the UK, they’re living in Asia, Africa and South America. If you limit your business to the UK, you’re restricting yourself to a population of 70 million. It’s like a goldfish in a tank, the size of your business is restricted by the size of your environment.
- Securing new, foreign investment opportunities for your business
Business environments will always be competitive and securing the right sort of investment can be extremely difficult. If you operate internationally, you have more opportunities to meet new business partners and attract foreign investment, which may otherwise go to your rivals. If you don’t have international partners or clients, how are you ever going to attract foreign investment opportunities? To put it simply, you won’t.
The Challenges of International Trade
If you’re selling products or services across borders, the first thing you need to know is that international trade is an extremely complex and highly regulated beast.
Even within the EU, some products may be subject to stringent regulations not applied in the UK (non-harmonised goods), something that’s likely to get even more complicated following Brexit.
If you’ve ever dealt with regulations, you’ll know that there is very little room for error. Fill in the wrong form, cover your products with incorrect labels, or rely on a poor translation service and you could be banned from advertising your goods in a foreign market or even selling. Once that happens, you’re running the risk of losing all of your investment in a foreign market.
Every market is different.
You have to adhere to the relevant regulations, sometimes providing clear translations for certain products. Even if you manage to deliver this, before you can sell anything, you’ll need to develop compelling marketing that will entice foreign customers into buying your products and potentially deliver customer support in another language. A reliable language partner delivering translation services for international trade on time and budget can give you piece of mind.
More, if you can’t speak the language your official business documents are being translated into, how can you be sure that what you’re getting is quality? Unless you’re using a reliable and trusted service, you can’t.
So, briefly, the main challenges you will may contend with when delivering an international trade strategy are:
- Developing a comprehensive understanding of alien legal requirements
- Knowing how to package your goods, or correctly translate training manuals, of exceptional quality
- When working with partners, take them on their word, when you have no idea that you can trust them
- Translate your ideas into another language, ensuring that they are culturally sensitive and do not offend people in the region
- Manage customer service in another environment, including returns, complaints and more
That’s A LOT to manage.
Going it alone
Many companies enter international markets and fail. They often fail because they think they can do everything on their own. Even the big players, like Pepsi and Puma.
While we don’t doubt that you or your employees are smart enough to wrangle with international regulations, find the best suppliers and warehousing space abroad, and translate your marketing strategies for diverse cultural environments, is that really a good use of time?
Probably not, unless you’re thinking of setting up a translation and localisation service too! If not, leave it with our translation services for international trade to connect you with a wider audience.
Succeeding internationally means a huge investment of your own time (when you could be selling new goods), a significant cost to your business (when you need to expand it ahead of new sales).
It also runs the risk of overwhelming you and forcing you to shelve your ideas, for good.
How Linguist Point Can Help You Today
At Linguist Point, we specialise in translation, localisation and transcreation services.
We also know that a team of five can’t understand every international market. That’s why we have an international network of professional translators, native speakers in over 100 languages who provide professional document translation services for international trade businesses and corporate clients daily.
There’s a huge amount of opportunity in international trade, but to bypass all of the potential hurdles and focus on what you do best, the most tried and tested route is to work with professionals like us today.
Why not give us a call and see how our specialised team of experts can help your business make the most of growing international markets and keep it innovative enough to thrive in the future.