Published On: Tue, May 19th, 2015

Take Your Company Global with This Guide

The entrepreneurial market is enormous, and for growth-minded business owners the world is their oyster. Adding a level of international growth to one’s company by going global offers plenty of unique opportunities that would otherwise not be present.

These advantages include everything from extending the sales life of your product by way of new markets to competing against companies in foreign markets. The main reason for creating a global business is to improve one’s potential for growth and expansion.

Before starting to work within the global market, there are some salient points you must go over with yourself.

Sales and Geography

You need to know whether or not the product will sell well within the targeted culture. This is where market research comes in. For example, if most of your potential consumers are vegan, you would not want to use animal-tested products. Get familiar with the local customs, and make sure your product is something that fits in.

Create a Buzz

You need to know if your target market is familiar with your product or service. If not, you will need to invest a lot of effort and resources into consumer education. If the reverse is true, then you need to market it in an attractive, unique way. This is will make the product or service synonymous with your company.

Financial Aspects to Consider

Next up is to figure out where your financing is going to come from. Growing a global business requires special skills when it comes to finances and fiscal responsibility. As tricky as it can be to get financing, finding foreign partners is a much more formidable task.

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If you can find foreign distributors, you’ll be able to sell them your products and let them worry about creating your profit margin. International business consultants will be able to provide help as you start out, and while you’re trying to evaluate a foreign distributor. Investing in a VoIP service from MegaPath will greatly help with this communication because these phone systems streamline business communications, improve collaboration, and support mobility.

Common Pitfalls

  • Poor planning; it costs more resources to get out of a dilemma than it does to do something right the first time.
  • Chasing inquiries all over the world; just because several countries show interest does not mean that your product is actually ready to be marketed there
  • Sending an unaltered product into another market; just because something does well in America, doesn’t mean it will do well in another country. Countries and cultures aren’t mutually exclusive this way

Here are some basic steps you’ll when starting a global company:

  1. Prepare an international business plan, evaluate needs, and set goals. Are you ready for this type of commitment? Can your budget handle this?
  2. Carry out global market research, and seek out international markets. The Department of Commerce is an invaluable resource for information on promoting US products and services in foreign markets.
  3. Decide how you will distribute your product.
  4. When moving your goods into the international market, make sure your items are packaged and labeled in adherence to that market’s stipulations. The globalization of transportation is helpful, but only to a certain extent; regulations are different everywhere.

Starting a global business is not easy, but it’s certainly worth it in the long run. The US market is big enough for a lot of businesses to expand exponentially, but having a global market opens up further opportunities. This can protect you from economic decline in your domestic market, as well.

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About the Author

- Adam Lee is a financial writer who has insightful knowledge in dealing with different financial issues. He tries to help people to get out of difficult financial situations by contributing financial write ups to websites and blogs such as Moneyforlunch.com and Moneynewsnow.com

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