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Want To Take Your Business International? Remember These Things!

October 31, 2016 by  
Filed under Money/Business, Tech/Internet, Weekly Columns

(Akiit.comWhen your business is doing well domestically, you might have aspirations of taking it global. Moving into international markets is an excellent way to expand your reach and gain more profit. If you’re willing to put in some time and investment, it can be highly rewarding. But it will take a lot of hard work and preparation to be successful in another country.

There are a few ways you can expand overseas. You may want to open a business location in another country and hire people to staff it. You might even want to relocate yourself to get it up and running. You could also just deliver to other nations, perhaps with the help of overseas shipping departments.

It’s a project that could take your business a long time. You have to keep in mind that companies operate differently around the world. But if you think you’re ready to expand overseas, then it’s time to start preparing. Here are some of the things you need to consider.

Do Your Market Research

Before you start operating in another country, make sure you learn about their customers. Consumer behavior can differ around the world. It’s important that you learn what your new customers will 55black-business-man-worldwidewant and need from your business.

First of all, you should make sure there’s a market for what you’re selling. The chances are your products or services will sell better in some countries more than others. For instance- fast food selling is much less prevalent in Belgium than it is in America. On the other hand, it makes up 54% of restaurant sales in France.

You should also consider the economy of the country you’re growing into. Learn the average prices for what you’re selling so you can sell competitively. Depending on where you’re going, you may be able to sell for higher or lower than you already are.

There are many ways to carry out your research. You may want to send out customer feedback forms to international consumers via the internet. You could also talk to business owners from relevant countries. You can also find global market research reports on sites such as www.marketresearch.com.

Shipping

When you’re expanding overseas, shipping will likely be your most vital concern. You’ll need to consider how to get your products over there to sell them. There are various ways around this.

Some couriers offer international shipping for certain items. But large items can be costly, and it’s not practical for some types of goods. You may want to look into overseas shipping services. Some companies might want a tanker- especially those dealing in chemicals and other dangerous goods. Sites like www.nautisnp.com/tankers can help you with this.

You also need to consider where to ship to. If you only need to send small shipments, you may have a store overseas to send the goods. But it may be more efficient to send large shipments to a storage unit. You could invest in an overseas warehouse. You could also outsource your warehousing to an overseas service.

If you get your goods via supplier, they may be able to ship to you overseas. You may be able to find other suppliers in your international location as an alternative. Some businesses won’t have to worry about shipping. For instance, if you’re offering services rather than products you probably won’t have to ship anything.

International Websites

If you’re expanding into a new country, make sure you alter your online operations accordingly. In some cases, the website you have already can be used for various markets. For instance, online fashion stores often offer international shipping. In other cases, you may need to open a new website to suit your new market. Many global websites offer different languages to suit everyone.

If you’re delivering overseas, make that clear on your homepage. Also, include international shipping costs and estimated delivery times on your site. If people from other countries know they can buy from you, they’ll be more likely to do so.

You might also need to adapt your website marketing approach. Different countries have their own versions of Google, and you may need to improve your ranking on these. Look for international SEO strategies to reach out to international markets. Pages like www.searchenginewatch.com/sew/opinion/2063982/seo-global-scale-ranking-internationally can give you some helpful tips.

Legal Issues

Bear in mind that whenever you operate in a new country, corporate laws will differ. You’ll need to educate yourself on the legal regulations for businesses wherever you’re expanding to. There are many legal concerns to be aware of regarding things such as taxes and customs.

Talking to other business owners who have expanded into your target country can help. They can let you know the things you need to prepare for. You could also do some research yourself by reading up on the laws of your chosen location.

It’s often worth finding a law firm dealing with international law. Although it will cost you, it will be much cheaper than running into legal problems abroad. A lawyer who knows the business practices of your new location will help ensure a smooth expansion. Make sure you choose the right lawyer for your purposes.

Marketing

You’ll be growing into a whole new market who will most likely not be aware of you yet. You may need to start up your marketing process all over again to your new target audience.

The same marketing methods you used domestically may also work abroad. The internet is massively popular in most countries, so getting on social media and creating content can help. But you’ll need to consider it’s a new country.

Different social media websites are popular in each country. For example, www.vk.com is more popular than Facebook in Russia and Ukraine. You may also need to translate to different languages. You may want new marketing staff who speak the language to handle your overseas content.

You should learn beforehand what the most impactful marketing methods in your new location are. In some places, TV advertising is still useful. In others, you might be able to make use of magazine ads. One of the best approaches to take is to find a marketing firm in your new location to help you out.

Staff Writer; Joseph Tate

 


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