If you've decided to expand your business to the international market, you may have discovered that protecting your profits can sometimes be a challenge. How can you sell your products efficiently and still make money while considering the currency conversion? Although it sounds simple enough, Lucy Marshall from World First shares some useful tactics for expanding your ecommerce business abroad. Lucy is an expert in international ecommerce and for five years, she has specialized in helping entrepreneurs grow their businesses with logistics and brand building.
On today's episode, she explains the framework required to expand your market into other countries. Lucy describes the logistics that are vital to the market of your product in different countries other than the U. S. and, more importantly, she mentions the notion of taxes, compliance, and regulations of certain products in other countries.
An important note **
In minute 7-8, Lucy discusses registering for VAT and how to calculate those costs. It should be noted, that she does not work at a VAT company, nor is she an expert on the subject matter. Please note that while you should have a VAT number when selling internationally, you should also consult with a VAT consultant who understands the ins and outs of how this factors into your global business.
"It's a little bit of overhead in terms of getting set up, but there's a huge opportunity to spike your sales by selling internationally."- Lucy Marshall
Today on the Unstoppable Entrepreneur Show:
- Researching your product that will sell in other countries based on regulations and compliance
- Evaluating your profit after shipping and marketing
- Considering an analytical firm to support you with research
- Studying the VAT (value added tax) regulations of the country you're selling for compliance
- Shipping techniques to handle your products
- Knowing the listing description in the native language of the country you're selling
- Exploring the international market for specific consumer targets such as holidays and consumer trends
Lucy's words of wisdom:
- Know the currency value of your product and obtain the tools to maximize your profits
- Research your market and product internationally and determine currency conversion
Connect with Lucy Marshall:
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