The thirst for more is on the lips of every entrepreneur – a need and desire to see the business grow — not only for profits but as an ultimate accomplishment. The option to take the business is a lingering thought for those that want more (and to satisfy this thirst). This push to globalization is a daunting challenge but one that’s incredibly profitable and rewarding.
This article will explore:
What it takes to take a business global
The tools and resources to ease into the global market
Ready to be known around the world?
Stepping into the Big Leagues
Taking the business overseas comes with many perils and risks. Yet, it has been done countless times and so who’s to say your business isn’t ready to step into the big leagues? It all starts with a strong international business plan and moves forward. There are all the same hurdles as launching in American but with a few twists.
Westernization is prevalent in Eastern countries, meaning most of our products are accepted overseas. It’s good form to research the target market for their customs and culture. You may find issues with translations or religious affiliations. Your best option is to work with locals to test the market, gather feedback, and make appropriate changes to the product/services to adhere to their customs.
What regulations does the host country have in terms of trade? You may be at the will of governance. Additional fees may need to be paid before your business can make its entry into the country. Otherwise, use the web to your advantage and open the floodgates through eCommerce until you’re ready for the physical presence.
Government grants and private funding will create an opportunity to extend your reach without the heavy capital placed on your current budget. Solicit investors through networking events or work alongside legal representatives to streamline government regulations and funding.
Tools & Resources for Globalization
Let’s now explore the tools and resources used to take a step toward globalization.
- Payment Solutions – Handle foreign currencies, exchange rates, and dozens of payment processing platforms by using tools offered by companies like BlueSnap.com. This will allow penetration into the market for early research and eventual physical entry with PoS systems.
- Industry Reports – They’re expensive but global industry reports conducted by IBIS World (and other providers) give an incredible glance at the market to the finest details. This will provide all elements later used in advertising and marketing campaigns.
- Distributors – Will you setup shop or rely on distributors? A host of distributors are available in every country. These companies will localize your products and services while handling the logistics. You can use these to get a footing in the area and eventually part ways once revenue supports the full commitment.
Globalization and international trade is nothing new meaning the pioneers have already cleared a path for others to follow. Classes, mentoring, and experimentation are all viable ways to gain a better understanding of the topic and develop the relationships needed to successfully enter foreign markets.
Additional Considerations & Comments
Finally, let’s discuss the implications of taking a business overseas.
The business, as is, is a challenge of its own considering the steep competition found in the United States. Many business owners choose to undertake the challenge but diverge necessary resources from the main operations for this expansion. The result? A waning local representation.
The departure from the homeland can create a disturbance within the customer base. Many may see it as an abandonment. This is an element of globalization to consider if your brand is closely tied to its geographical location.
With that being said, the right mix of tools, resources, and understanding (plus the experience from those that have ventured before you) are necessary when stepping up to the big leagues.