Crossing the Pond, Expanding into Amazon Europe with Gianni Munday
Ever thought about expanding your private label business into Amazon's European marketplaces? In this episode, Kevin welcomes Gianni Munday to the show to discuss the ins and outs of "Crossing the Pond" and expanding into Amazon.co.uk and Amazon.de. If this is on your to-do list, you can't miss this episode!
Finding the Door of Opportunities
Gianni is the founding director of Extrtadirect.co.uk, and has been in business for 17 years. He used to work in the financial markets in London, and has always stayed in the same environment. With regards to banking, Gianni discusses the challenges of opening a bank account.
From his experiences and knowledge background, Gianni saw that many wanted to put up their business in the UK and use it to expand throughout Europe. From there, he found the open door of opportunities at Amazon.
Applying for a Bank Account
Gianni shares that with the many issues on checks and anti-money laundering efforts, banks in the UK find it easy to decline foreign applicants. For the applicant alone, he'd have to go through a complicated process. For this, banks would need a lot of teams to manage the applications.
It normally takes 3 weeks for those who live in the UK to get a bank appointment. This, however, does not even come with an assurance that their applications will be accepted.
Expanding a Business into Europe
Gianni discusses the worthwhile benefits of expanding into Europe. The market is not as saturated as there is in the US. A business owner would not have a lot of competition, and would have greater margins with the opportunities available.
Starting a Business
The European market offers similar challenges with the Asian market. Gianni emphasizes the significance of starting at the lowest level. He believes in the natural progression of things.
To hear Gianni Munday's valuable insights on expanding a business, download and listen to Crossing the Pond, Expanding into Amazon Europe with Gianni Munday.
If you're short on time, here are the highlights of Crossing the Pond, Expanding into Amazon Europe with Gianni Munday:
Who is Gianni Munday? (4:48)
Challenges in opening a bank account in the UK? (7:13)
Big opportunity in Europe? (10:54)
Comparison with Asian market? (13:14)
Challenges in selling at UK? (15:00)
Benefits for operating as UK entity? (20:24)
Advantages of working with Extra Direct? (34:40)
Gianni's takeaway? (45:53)
Important Links from the Episode
Start at the End gives business owners a chance to take a step back, re-evaluate your business, and redesign your business plan to achieve the success you dreamed of when you first launched your company.