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From Local to Global: How to Scale Your Business and Dominate International Markets
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Discover the secrets to successful international expansion with Tom Meek, Partnership Director at Taxually. In this episode, Tom shares his expertise on global expansion strategies for businesses, particularly in the eCommerce space.
He discusses the importance of market research, localization, and understanding tax compliance when entering new markets. Tom also explains the benefits of selling locally versus cross-border and provides insights into VAT compliance and the OSS program. If you're considering taking your business global, this episode is a must-listen.
Topics & Timestamps:
00:07 International expansion is more achievable than you might think.
00:33 Clever strategies can help companies overcome challenges and go global.
01:22 Introduction to Tom Meek and Taxually, a VAT compliance solution.
03:49 The right time to enter a new market depends on factors like resources and knowledge.
06:23 Advantages of expanding internationally include diversification and increased brand recognition.
09:22 Reasons for expanding include accessing new markets, seasonal opportunities, and increased visibility.
11:21 Mistakes when expanding include a lack of market research, localization, and understanding of regulations.
13:11 Shipping and logistics are important considerations when expanding internationally.
13:45 Businesses can defer import tax by going through the Netherlands.
14:43 Tom explains the process of deferring import tax and acquiring a VAT number.
16:26 It takes 10-12 weeks to acquire a tax number in a new country.
17:37 Import duty and import VAT must be paid on imported products.
19:15 The Netherlands allows businesses to defer import VAT.
21:19 Tom discusses the tax benefit when shipping items to another country.
22:08 Selling locally is more advantageous than selling cross-border.
23:14 Locally fulfilling orders improves delivery speed and customer satisfaction.
24:49 Tom advises investing in local fulfillment to tap into potential markets.
26:07 The One Stop Shop simplifies tax sharing among EU countries.
26:43 The payment process for cross-border transactions in the EU
27:09 EU programs to ensure fair distribution of taxes
28:22 Importance of staying compliant and working with tax providers
29:31 Outsourcing tax management for efficiency and peace of mind
30:32 Advice to outsource tasks and focus on core competencies
31:34 Costs and benefits of working with a tax provider
32:28 Expanding into other countries and the importance of market research
33:07 Reach out to experts and attend events for guidance
34:06 Phase one and phase two of UK and EU expansion
34:56 Importance of learning from experienced sellers and seeking advice
Connect with our guests:
https://www.taxually.com/
https://www.linkedin.com/company/taxually/
Connect with our host:
Ian on LinkedIn: https://www.linkedin.com/in/iankaneshiro/
Ian on Instagram: https://www.instagram.com/iankaneshiro_
Stay connected with Seller Snap:
Website: https://www.sellersnap.io/
LinkedIn - https://www.linkedin.com/company/seller-snap-inc./
Instagram - https://www.instagram.com/sellersnap.io/
Facebook- https://www.facebook.com/sellersnap.io/
Full video episodes are always uploaded on YouTube.
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