Do you wonder how easy or difficult it might be to expand your company into international markets? You would be surprised at how easy it is to do with just the right amount of planning and preparation. The exciting challenges of delving into new business opportunities in unknown global territories can be successful if you plan ahead and know what’s best for your business objectives.
The first element worth mentioning is that this is the best time to enter global markets; despite the challenging global economies we face today.
One must first do his/her research to determine the best opportunities and risks associated with particular countries that you wish to do business in. You will have to think about the country’s tax laws, labor situations and any political nuances that could affect your business and its product or services.
Secondly, you will have to determine how large your business will be overseas and the investment needed to get started. One of the most effective and important elements to establishing a business in a particular country is to consider a local partnership. Otherwise, you must have local representation to help you decipher the local intricacies of doing business in a certain cultural community. This representative will be able to help introduce you and your business to the local political and legal entities you will need to have on your side.
Next, your business will have to ‘think globally, act locally.’ The reason you mostly likely expanded your business in the first place is to grow your product or service – your brand. While keeping your mission statement true to its original meaning, you will have to consider modifying your strategies to fit each local community in which you choose to do business. Considerations come into play such as, does the name of my company or product offend anyone in this country? Is my product/service relevant to the cultures of the local people? How do I communicate my product/service message in a meaningful way? Communicating to different cultures will be vastly different than how you communicate your business messages to domestic markets.
Lastly, my most important recommendation would be to get involved in interests of the communities you wish to do business. Help them with their local challenges and find a way for your business to help them make a difference in their local homelands and for their peoples, which are so important to them. It is only then that you will be seen as a partner and collaborator for the country and its harmonized communities, versus another foreign business with its own self interests in mind.