It’s time to take the next step – doing global business.
You have been running your company for some time now, you are successful, things are going perfectly, and now the next natural step is right in front of you – presenting your products and services to an international audience.
Namely, if you succeeded in running your business at home, why wouldn’t you succeed abroad as well?
Furthermore, while you’re at it, why not take over and acquire certain markets before the competition does?
Of course, in order to accomplish success in global business, you need a plan, a very good one.
There are certain things you need to keep in mind if you want to achieve the level of success that is required in order to operate effectively on an international level.
In this article, you will find certain tips and facts that will guide you in the right direction when launching your global business.
1. Where are you going in your global business?
If at all possible, you want to expand completely, you want to access as many global markets as possible. However, you still need to start somewhere.
You need to figure out where you can achieve the most success the fastest and, of course, where your products and services will actually be used and appreciated.
For example, you can try certain English speaking countries, like Canada, Australia or New Zealand, so you can save money, time, and energy on localization work.
Or, you can try places that have the highest need and demand for your products.
Another thing that should be high on your list of priorities is the laws and regulations of the country you want to expand into.
Do they have high tariffs or taxes for global business? Will you get support from their governments, or will your global business, in fact, be hindered by them?
2. Local laws and rules
Now, just because you know whether it’s easy or difficult to move into a specific country doesn’t mean you’re done with your homework.
In order to operate properly, you need to have a deep and broad understanding of the laws and regulations that govern your industry in this area.
You will most likely need to find a specialized attorney and spend a lot of consultation time.
Understanding how this country handles taxes, what the employment laws are like, how they deal with copyright, what are their privacy regulations focused on?
There is also one very real aspect many people don’t know about, or at least consider, when trying to operate in foreign countries.
Namely, some places might face issues like bribery or corruption, as well as issues with organized crime.
It’s an unpleasant fact that these things to occur in foreign markets, and you need to have a plan on how to approach this (or to actually avoid a market completely no matter how attractive it may seem at first).
3. Logistics and the workforce
Once you have chosen the global market you want to access, and once you have been properly educated on the complexities of the laws and regulations of this market, you need to plan out how to actually start doing business there.
Namely, how will you handle suppliers and distributors there?
What are the platforms and places you can meet them, how can you get in touch?
Will you need translators, and if so, how often, and to what degree?
Will you need to import certain supplies from a neighboring country, or can production start then and there?
Do you need to utilize professional cargo charters, or can you get all the machinery and goods in this area?
Next, what about the workforce?
Will you be able to hire the locals, and if so, to what extent?
Does the market provide adequately trained and educated people for all levels at your company, or only for certain sections?
Do you need to get high-level professionals and technicians there, do you have to outsource, or maybe even assign some of your own people to provide proper training and education?
Marketing is a core part of any business, it’s vital if you want to have your name be heard if you want to get customers and actually turn a profit.
Now, some standard rules do apply wherever you go – you need to develop your brand, you need to advertise, you have to launch a website, and you need to familiarize people with what you have to offer.
The means by which you are to do so will vary, however.
So, maybe what gave you great success in your own country will be practically useless here.
Social media and internet marketing might be incredibly viable at home, but at his new place, it won’t really give you the results you want.
Maybe you can achieve greater success with TV ads, banners, or simple word of mouth. Do your homework, research your new markets properly.
5. Focus on cultural sensitivity
This is somewhat tied to marketing, but it is still important enough to be mentioned separately. Namely, you are entering a new culture, and you need to act accordingly.
Certain things are considered taboo in other cultures, or at least problematic. Other times, it can just end up being ridiculous.
Sure, adverseness, social media marketing, these are all very useful, but you need to approach these tentatively.
You need to be aware of the nuances of culture if you want your marketing efforts to be successful. A vital part of this is localization.
Localization isn’t just about translating your content, articles, adds, and manuals into a target language.
Namely, it also includes the awareness of cultural nuances, of things that are acceptable, and those that are not.
You need to learn how to engage this new audience in the most efficient and productive way.
Expanding your business globally, advancing your business in this manner, is a bold step that can give you amazing returns.
However, you need to approach this in a smart and educated manner.
You need to plan it out, to research your markets as much as you can, and to be 100 percent certain that you can do business in these global markets.
Localize properly, think about where you want to move, think long and hard about how you are to find the right employees for your company abroad.
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Nina Simons is a lifestyle blogger and an avid traveler passionate about interior design and creative DIY projects.