If you think that starting a business in your home country is difficult, multiply that by several times to get a grasp on just how hard it is to open a business abroad. Of course, just because something’s difficult, it doesn’t mean you shouldn’t pursue it — you simply need to be fully cognizant of the challenges that you will face.Doing business around the world can seem a long way from doing business in your hometown. But each year countless small businesses make the trek. Like most long journeys, going global can be boiled down to a series of steps. Here are the six basic business tips to going global:
- Start your campaign to grow by international expansion by preparing an international business plan to evaluate your needs and set your goals. It’s essential to assess your readiness and commitment to grow internationally before you get started.
- Conduct foreign market research and identify international markets. The Department of Commerce is an excellent source of information on foreign markets for U.S. goods and services.
- Evaluate and select methods of distributing your product abroad. You can choose from a variety of means for distributing your product, from opening company-owned foreign subsidiaries to working with agents, representatives, and distributors and setting up joint ventures.
- Learn how to set prices, negotiate deals, and navigate the legal morass of exporting. Cultural, social, legal, and economic differences make exporting a challenge for business owners who have only operated in the United States.
- Tap government and private sources of financing-and figure out ways to make sure you are getting paid. Financing is always an issue, but government interest in boosting exporting and centuries of financial innovation have made getting funding and getting paid easier than ever.
As with any growth plan, expanding internationally requires financing. And growing globally requires special capabilities when it comes to finances. One of the most popular sources of financing for businesses expanding overseas is the Export-Import Bank of the United States. The Ex-Im Bank guarantees working capital loans for U.S. exporters and guarantees repayment of loans or makes loans to foreign purchasers of U.S. goods and services. It also offers U.S. exporters credit insurance to protect against nonpayment by foreign buyers.
6. Move your goods to their international market, making sure you package and label them in accordance with regulations in the market you are selling to. The globalization of transportation systems helps here, but regulations are still different everywhere you go.
At Business Jetsetter our trips are uniquely designed specifically to teach our fellow travelers how to navigate and conduct business abroad. We invite you to join Business Jetsetter on our upcoming trips where we will be exploring business opportunities in growth markets throughout Latin America and the Middle East.
All of our fellow travelers will have access to meetings with government officials and local businessmen to better help you understand the opportunities and business climate in order to mitigate your risk once you decide on your next Market.
More importantly, all of our fellow travelers will be provided a local guide to explore all leisure activities in the host country with the pursuit to better under understand and appreciate the culture they hold dear. For more Business tips & information on our upcoming trip to Mexico City please Contact Us