What is an āInternationalisation Fund?ā
Internationalisation Fund is a grant recently launched by The Department for International Trade and is aimed at eligible businesses within England.
The fund is supported by the European Regional Development Fund and is currently available throughout England except Cornwall & Isles of Scilly.
How much can I get?
The match-funded grants will be between Ā£1,000 and Ā£9,000.
To be qualify for this grant, business owners need to fund a proportion of the costs themselves. This amount depends on the businessās location, but will be around 40 or 50% of the total cost.
How do I know if my business is eligible for Internationalisation Fund?
- Is your company based in England?
- Is your business considered a small or medium sized enterprise?
- Is your annual turnover under ā¬50 million?
- Are you already exporting and want to break into new markets?
- Are you launching a new product or service into an existing market?
- Are you new to exporting but are an established business with growth potential?
If yes, you might be eligible for Internationalisation Fund!
What can the fund be used for?
- International social media marketing and SEO
- Market visits and research
- Advice on Intellectual property
- Translation/localisation services
- Consultancy and similar commercial services
- PR support
- Legal advice
- And many more…
Donāt forget!
- Start-up businesses are NOT eligible for the Internationalisation Fund
- If more than the 25% of the business is owned by an enterprise, it isĀ NOT eligible for the Internationalisation Fund.
- The funding comes from the European Regional Development Fund, meaning that further eligibility criteria may apply. Make sure that you always check the latest details before making your application!
How can I apply for Internationalisation Fund in 4 steps?
#1 You need to contact the Regional Network of DIT for further information.
#2 Organize your business plans and discuss them with an adviser at the Regional Network of DIT.
#3 Agree on an export action plan with you adviser.
#4 If the DIT decides that your business and business plans are eligible for funding, your adviser will provide you with further application details and your journey will start!
Why would I want to expand into new markets?
For countless reasons! But letās break it down to the main 5 reasons why you should expand your business internationally.
#1 More people equals more sales
Expanding your business internationally means that you will be able to reach more people. And we all know that more people means more sales for your business. Depending on the region you are expanding to, you can have millions and billions of new audiences ā meaning millions and billions of potential leads for your business.
#2 Growth brings more growth
One thingĀ successful businesses have in common, is that once they start expanding, there is no stopping them. If you know what you are doing in a foreign market, you will exceed its boundaries and move on to the next one! Growth will bring you more income and more income will enable you to grow more. Itās that simple.
#3 Being limited by your home market can be restricting
Although you may love working in your local market, you might notice from time to time that things arenāt really āthriving.ā Maybe that your products or services are much more suitable for another market. Or maybe your goods are perfect for your market but there is no more growth opportunity left for you and you are at your limit. Expanding your business into a new market will definitely give you that fresh outlook back!
#4 Increased revenue
Itās not rocket science! If you have a bigger audience, you will sell more of your products or services. If you sell more products or services, you will earn more revenue. If you are still operating only in your local market, that means that there is still a world full of people you havenāt even attempted to make contact with!
#5 Surprising international trends and opportunities
- In 2022:
- The global economy is expected to grow by up to 4.4% despite the pandemic;
- Over one fifth of online shopping sales will be generated internationally; and
- The overall world trade will expand by 6.5%.
This basically means that the heart of economy is beating internationally, not locally. Expanding into new markets and getting to know new market trends will certainly open so many doors and opportunities for your business.
If you want to find out more about how you can thrive in international markets and how we can help you, just call us on +44 (0)1245 216930 or emailĀ info@ttcwetranslate.com for a free no-obligation quote or arrange a meeting.
