Doing business with women from Iceland

As the business world becomes more connected through the use of technology (internet, e-mail, and virtual networking), the practice of selling your products & services to international markets can be as common as the process you currently use to sell your products/services domestically.

To effectively sell internationally, start with one product or product line in a single country or geographical region. The last thing you want for your accounting practices and operational efficiency is to chase down orders from all over the world.

Yes, venturing into a new country is exciting. However, you still need to fully understand your target market. This means researching sales trends, understanding consumer demands, developing marketing materials in multiple languages, and understanding cultural & communication differences. Most importantly, understand the import implications & regulations for your chosen country of sale. Take Iceland for example; if you plan to import dog food made from a fish by-product, the USA Federal Government does not require duty payment on such a product when entering the United States. On the other hand, since the fishing and agricultural industries are very well protected in Iceland, some tariffs on products in those industries can be as high as 100% or more. When dealing with tariffs and customs, there is NO room for error. Do your customs due diligence before your products are sold and shipped.

If you are considering the idea of selling your products abroad, Iceland is a great place to begin

The official language is Icelandic. Not to worry, English is widely spoken and understood. Business practices are very similar to Western European and North American practices. Communication is direct, casual and comfortable. Since Iceland is an island, the country is very familiar and at ease with engaging in international business. Finally, the current form of currency is the Icelandic krüna ($1 US dollar = 66.08 krónur as of March 1, 2008).

Iceland's top three import partners are: Germany, the USA, and Sweden. Except for fishing and some agricultural products, Iceland imports just about everything! The most frequent imports are vehicles, machinery, mineral fuels/oils, concrete, computer products, foodstuffs and textile products
- According to the federation of trade associates

Iceland's economy has been diversifying into manufacturing and service industries in the last decade, and new developments in software production, biotechnology, and financial services are taking place.
- Adapted from wikipedia.com

If your business concentrates on selling products that relate to the construction industry, apparel/textile, IT or the biotech industry, you may want to consider finding a trading partner in Iceland for the demand of such industry related products is high. Additionally, since Iceland is a small market, the country is considered to be a good ‘test market' location for the export & sale of various products; especially products in the cosmetics and technology industries.

The big question: How do you find the right companies to buy your products and services? Start with the internet. A terrific business portal is http://www.connected-women.com/. Here you will find hundreds of women-owned businesses based in Iceland (and other countries) interested in learning more about your products, services, and business operations. Many of these companies are currently involved in international business and may find your product or service to be the new "must have" for their own business and customers.

International trade and business can be a rewarding process when you choose the right trading partner and country. Consider Iceland as a trustworthy and lucrative starting point.