In this article I will provide basic information about the country and highlight how you can collect and evaluate all the information that you need.
Our local consultant can advise you on all aspects of the market and do an investigation with a focus on your product or service.
The United Kingdom (UK) remains one of the most attractive markets in Europe due to its strong economy, established infrastructure, and business-friendly environment. Despite challenges like Brexit, the UK offers significant opportunities for international businesses.
The UK’s economy and population provide a strong foundation for various industries. Here are the key statistics:
Operating in the UK is relatively straightforward for English-speaking businesses, but localization can still enhance success.
The UK’s consumer and business markets are shaped by trust, quality expectations, and a growing focus on sustainability.
The UK presents opportunities but also challenges due to its regulatory landscape and post-Brexit changes.
The best preparation for doing business in any country is visiting it. This way you can experience the culture, check the shops and build your network.
With Trip.com you can compare flights and also book your hotel.
Hotellook compares different hotel sites so you always have the best rate.
Localrent connects you to national rental car providers per country.
Through TGM Panel, you can easily distribute surveys to check on the attractiveness of your products, what alternatives they use or what would be a good price level. Check their website!
Where it comes to assessing the viability of a product or service in a new market, I always look at the following aspects:
Can the product be imported and sold in the country, what are import duties and are there any restrictions on service delivery? What are the investments to comply to all regulations?
Is there a genuine demand for this product or service in the market and which aspects are decisive for the customers? What are common channels for marketing and sales?
How fierce is the competition and is there a clear market leader? Is there room for a new entrant and what happened to other companies trying to penetrate the market?
What steps are needed to enter the market and what are the related costs. How quickly can you expect revenue and what is a reasonable pay-back time?
You can of course find a lot of information yourself, especially about regulations. But in order to have a good view on the competition, you will have to search locally, visit retail outlets or talk with buyers. Only a local expert can do this.
Please note that there are many countries in the world and the biggest ones or the ones nearby are not automatically the best choice. It all depends of the market growth, the competition and the barriers for entry.
Therefore I would advise you to make a short-list of at least three, but preferably five potential new markets and compare them against the same criteria.
