It’s not over-egging the pudding to say that the internet has rewritten the book when it comes to doing business internationally. Taking your company global has never been faster, easier or more affordable, which means that more and more businesses are making an effort to try out new markets for the first time.
In fact, so great is the ability for companies to expand into markets that it is estimated the eCommerce market alone will be worth in excess of $34 billion by 2020. That means that you, right now, have a very good opportunity to make money in more places than ever before. But, before you start looking at new properties on http://rumahdijual.com/jakarta-timur/apartemen-murah, or learning how to speak Japanese, you need to remember that, although it’s easier to go global than it ever has been in the past, it still isn’t a walk in the park. Here are some important things you should know before you get started:
Research is All Important
Before you jump in with both feet and potentially end up losing lots of money and ruining your business, you’re going to want to analyze all of the market data you have at your disposal, so that you can work out which markets are likely to be most fruitful for you. This might seem like a lot of work, but with tools like the Global Market Finder, it’s a lot easier than you might think.
As well as looking at how much competition there is in any given market and how you might be able to compete with other companies in the area, you should also think about the customers in those countries and what they might expect from you should you choose to set up business there. Google and social media are great tools for doing this.
Get to Grips with Legal and Tax Issues
Each country has its own business and tax laws, which of course means that, while you’re researching your market, you should also take the time to do some research on these issues too. Even if you’re just setting up a website in your own country that ships to Indonesia, China or the Netherlands, there may be restrictions that you need to know about and if you don’t want to get into trouble, be hit with a big fine, and possibly even prosecuted, it’s only sensible to find out about them before you start expanding.
Before you pack up your stuff and buy office space in Japan via https://www.regus.co.jp/en-us/office-space, be sensible, play it safe and launch your global business digitally first. Setup a website in the territories you want to conquer and use them as a litmus test to see just how popular your company could be. There is, obviously, much less risk in doing this than there is diving in head first and setting up a whole big operation there when you have no idea how your goods and services are going to go down, and before you’ve worked out exactly how best to market your stuff to new markets.
Invest in an International Team
Next, you’re going to want to invest in a team of employees whose sole role it is to deal with international exports, phone calls etc.. Ideally, these people should be fluent in the language of the global destinations you’re shipping to, so you can guarantee that your foreign buyers get service just as good as your customers here at home. If you can’t do this, then your foreign operations will be slow, clunky and difficult to say the least.
Use Data Analytics
Just because you know what makes a successful business here, doesn’t mean you can just do what you’re doing now in another country and expect it to work just as well. What appeals to someone in the USA might be downright offensive to someone in India, which is why, if you want to be a success, you need to use data analysis to find out how customers on the global market behave.
Once you know their likes and dislikes and their purchase patterns, you can start to unlock the secrets of the global market and come up with tailored strategies to help your business success in every country you int4end to expand into.
Localize Your Site
You speak English, but many of your customers around the world certainly will not, which is why you need to ensure that your website and the product packaging you use is translated for the local market. In certain territories, like the Netherlands, for instance, most people will speak English, so this won’t be so much of an issue, but in other areas, you will need to ensure that you hire a good translator to completely translate everything you put out there.
Learn Local Customs
Learning about local customs is very important if you want to expand your business in new places. Why? Because it would be very easy to offend or be offended by customers and clients in new areas if you don’t know what to expect. For example, Chinese people are quite blunt about telling you you’re fat if you are – they don’t mean anything about it; people are just blunter about that kind of stuff there. Or, did you know that it is customary to exchange gifts with Japanese businessmen upon first meeting them, and a failure to do so could be seen as rude? If not, you may need to brush up on your etiquette.
Make Local Connections
If after testing out your business in new places, you find that there is a market for what you’re selling, it never hurts to start networking and getting to know other business people in the area. Once you know a few people, not only will you feel more comfortable as you set about expanding your business, but you’ll have a ready-made bunch of people who can help you translate, meet other people and have a good time while you’re in their country, when you’re not working, at least.
If you want to really minimize the risk of taking your business global, then you might even want to think about teaming up with an established company or business partner in the area. Doing this might mean that you don’t make quite as much profit for yourself, but it will certainly make the ride smoother, and you’ll probably make a bigger impact with the help of a native speaker who knows the ways to do business there anyway.
Don’t be Afraid to Try New Things
If you’re serious about going global, then not only can you not afford to be afraid to expand into new countries and test the waters, but you also can’t be afraid to try new things. People are all different, and they all enjoy different things, which means, you might have to modify your products and services to draw them in. It also means that you might need to alter your marketing strategies and even your brand logo in some places too. If you’re hesitant to do this, then failure may well be in your future; if you’re bold, however, the world is yours to conquer!
Taking your business global is undoubtedly daunting, but it’s also very exciting, and it could be quite lucrative. If you pay attention to the information here and you seek the counsel of people who’ve already done what you’re doing, then there is every chance that going global will be one of the best moves you’ve ever made.