Here are some tips that can help you take your business across
international borders.
There are a
lot of reasons why you should consider expanding your business across
international borders. For one, it can help you gain more customers and
generate more profits. It can also help your business become more efficient
(higher output lowers the variable cost of doing business), expose your
products to varied markets, and help you gain access to a wider talent pool.
And since global expansion is the wave
of the future, you can be sure that if you don’t go through with it, your
competitors probably will.
Going Global: How Can You Do It?
Since the
process can be extremely complicated and time-consuming, most business owners
who are considering the possibility of translating across national borders are
asking about how they should go about it. Here are some suggestions that can
help you determine how you should proceed.
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Get to
know your company and your industry. Before you try your luck in the
international market, you should have a clearer and more objective
understanding of where your company is today and where it will be in the
future. Only then can you determine if your products would be a great fit for
the global market.
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Identify
target markets. Aside from identifying a market that has a great demand for
what you have to offer, you also need to consider all other factors that may
affect your ability to penetrate your target market. See if you need to make
any adjustments to your existing products and/or services before offering them
to the global marketplace to increase your chances of success.
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Develop a
business plan. Don’t think that your existing business
plan would be enough. You need a separate business plan if you want to take
your business to international grounds.
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Prepare a
new pitch. Keep in mind that your present pitch
may not work in the new market that you are targeting so you need to adjust it
to meet local standards. For best results, seek the help of the local people to
make sure that nothing gets lost in the translation.
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Ask for
help. Everyone needs help, especially if this is your first attempt in
penetrating the international market. As such, consider seeking the assistance
of the International Trade Association (ITA), the SBA Office of International
Trade, and the US Commercial Service, an arm of the ITA that aims to help small
and medium-sized businesses find international partners. You should also
consult the US House Committee on Small Business’ Small Business Export Guide
for additional information.
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