Every entrepreneur aspires to have their business reach its peak in their own country. The next step, quite naturally, is to develop it globally. However, for up-and-coming companies, taking your business to the international market is a significant undertaking that can have a massive impact on day-to-day operations. If you’re ready to expand your business globally, consider these five practical tips:
Don’t Go Empty-Handed
Providing potential new clients with tasteful corporate gifts is one of many ways to help sweeten the deal. In fact, it’s an essential part of business culture in many countries Whether you meet with counterparts in person or correspond via conference calls, a thoughtful gift with your branding can be all it takes to see you and your business in a good light and grease the wheels of commerce.
Know the Legalities
Expanding into a new market in your own country is nothing like doing so internationally. Each nation has its own set of rules, regulations and tax obligations that you must follow. Before you invest any money into expanding your product line for the international market, find out if your legal requirements make it cost-effective to do so. The most unfortunate result would be to spend significant amounts of time and money introducing your product globally, only to find the tax regulations make it financially unviable.
Learn the Local Culture
Whichever geography you’re targeting; you’ll soon learn that business dealings are vastly different from those with which you’re familiar. To avoid embarrassing missteps that could potentially lose you the deal, learn about the local business culture and customs. For example, in Germany, it’s frowned upon to use humor when talking business. In Russia, being late for your meeting will be viewed harshly, but your hosts can take their sweet time without a second thought.
Talk to Experts
You might have your business dealings down to a fine art in the home front, but rarely does that translate into expertise when it comes to expanding overseas? While you may see dollar signs and long-term success, there is a lot of paperwork and intricate dealings. Therefore, when you decide that furthering your business success involves heading across waters, it’s crucial to talk to local business consultants or business networks.
Dealing with consultants, whether domestic or overseas is never a cheap exercise. However, the investment is well worth it, as those with expert knowledge have the experience to know what it takes to help businesses reach the global market. You can do so with more success when you include those who know what they’re doing.
Do Your Research
Even though you might be experiencing unparalleled success in your own country, is your product or service going to be equally well received elsewhere? Without doing your research, you aren’t going to know. It pays to devise a strategy with short, medium, and long-term goals and set up a new business model that might differ significantly from the one you currently have.
What’s more, you will need to conduct a market segmentation analysis to determine whether various overseas markets will welcome your business with open arms. In essence, you want to research to find out whether people are going to buy your product.
Even if your business is booming locally, there’s nothing to say it will be the same once you expand globally. Therefore, you need to prepare, plan, and analyze. Talk to experts, set up meetings with potential clients, and develop your business for what is sure to be a significant adjustment.
