The American market for almost everything is huge, but it’s not large enough for many entrepreneurs. For these growth-minded business owners, the rest of the world is their oyster. Seeking international growth by going global as you seek to expand operations offers opportunity aplenty. However, you should never go into such a venture blindly. Just spin the globe and you can find an opportunity to sell something, somewhere. Unearthing just the right opportunity for you involves more work, of course. We recommend you ask yourself these questions before making the jump.
Questions to ask before you start
Experts agree that growing a business in America is risky enough. But what if your aspirations prompt you to debut your concept in a foreign land instead?
Factors that can either make or break your business when you try to grow by going global. Here are key questions to ask yourself:
- Will the product sell well in the targeted culture? Think market research. The good news is most American products and services are embraced overseas. But if any of your potential consumers are lactose-intolerant, you’d want to steer clear of opening an eatery that sells only cheese pizza, or if you any plan on exporting pork or meat products it will be recommended to study the countries religious dietary restrictions.
- Is your target market familiar with your product or service? If not, be prepared to invest a lot of time and money in consumer education. On the flip side, if you’re the first one to introduce a new and exciting concept, “the product then becomes synonymous with your company name or chain.
- Do you feel comfortable in that country? Since you’ll probably have to live there temporarily to operate the chain in its early stages, you’ll need a working knowledge of the language and culture. For example in most Spanish speaking countries The formal form of you — “usted” — is often used when addressing elders, employers, superiors, co-workers and strangers. The informal “tú” is used among friends, siblings, and people who are on the same level.
- What is infrastructure like? Can you get Western-style accommodations and support? How good are the roads? Are your supplies guaranteed? What about the reliability of hot water?
If you don’t get the answers you want with the first foreign market you’re considering entering, that may not mean your idea is poor-just that you picked the wrong place. “It’s a big, big world out there. If still not sure which market is right for you 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 information on our upcoming trip to Mexico City