Overseas trade is likely to be increasingly important, both for individual small business owners like you, and for the UK economy more generally.
As Brexit crystallises into a reality, this becomes even more so, it might seem.
‘Emerging markets are becoming increasingly attractive to 63 per cent of UK business, with 75 per cent eyeing Dubai as an overseas business location to expand into’, says Small Business.co.uk.
This account certainly attributes some of this new openness to Brexit looming.
‘As the nation awaits the triggering of ‘Article 50’, the uncertainty over Brexit is making UK businesses more open to expansion’, it says, adding ‘42 per cent of UK businesses confess to having more appetite now than previously’.
It’s an interesting picture.
Here are some key factors identified by the survey, according to Small Business.co.uk’s write up:
• Emerging markets are becoming more attractive, agree 63 per cent of respondents
• Businesses feel a growing ‘need for global presence’, according to 47 per cent
• They’re drawn by the ‘availability and wealth of foreign talent’, say 44 per cent
• Plus, ‘too much uncertainty’ all round is having a negative impact on the attractiveness of the domestic market, feel 36 per cent
According to the DMCC research, of those UK businesses ‘open to expanding into emerging markets’, three quarters say they are interested in Dubai.
And, even among those undecided about exporting, ‘40 per cent say they would consider the Middle East’, if they do come round to the idea at all.
So what’s holding us back?
According to the research, 34 per cent of those ‘still hesitant’, say it’s because they simply don’t think their business is transferable or relevant elsewhere. However, that could change…
‘For 43 per cent of UK businesses, tax free incentives would make it more attractive to expand into emerging markets,’ says Small Business.co.uk, ‘and for 29 per cent, the ease at which they can arrange paperwork (trade license, visas, office space) would help them consider an expansion.’
Where do you sit in all this? Are you becoming more open to the possibility of new markets? And what would help tip you into that decision?
These are interesting times we’re living in!