Going International: Becoming A Global Business
If you’re running a business and are just concentrating on local markets then you could be missing out on a huge opportunity. Opening your business to global markets could provide a new revenue stream but there are some things to consider before launching in a new country and we cover some of them in this article.
For a lot of businesses, sticking to one country to carry out their work won’t often make sense. Given that there are more people around the world than there are in your home, this sort of decision can broaden your earning potential and vastly increase your chances of finding more customers. Of course, though, like anything which sounds good, there are some issues which come along with it.
Working around the world isn’t always a simple job, with a lot of businesses failing during these stages, and a lot of research to be done. To help you out with this, this post will be exploring some of the most crucial considerations you’ll have to make.
The Law
The law will always play a huge role in the business you’re able to do around the world. In some places, you will have to get special licenses and documents to be able to sell your products, and, in others, your goods may even be banned altogether. Understanding this isn’t something a lot of people can manage on their own, especially while dealing with the other parts of the expansion.
Instead, it can be best to get the help of a professional lawyer here, giving you a good chance to handle everything correctly. You can also partner with a Professional Employer Organization (PEO) that makes sure your company stays in compliance with local labor regulations with regards to the hiring/terminating, payroll, taxes and social contributions of your professionals
Don’t assume that you’re not affected by International Law, for example the new European Wide General Data Protection Regulation applies not just to companies based in the E.U but anyone anywhere in the world who has dealings with any E.U-based company or citizen. Make sure you check local legislations before you launch your business abroad so you don’t fall foul of the law and incur fines or (worse some may say) a damaged repuation.
Communication
Working with people in different countries will almost always come with some difficulty in communicating. Language, for example, can be a very hard hurdle to overcome when both parties only speak one.
To solve this, a translator could be very useful, though you’ll also need a place to host the meetings. Finding cheap international calls will help a lot with this, providing a way for you to keep in contact outside of your meetings while keeping costs down. Of course, though, in some cases, you will have to meet face to face, and this could mean having to jump on a plane. While this may cost money, you wouldn’t have had the customers without the effort in the first place.
When communicating, try to avoid using slang terms that may cause confusion (or offence) – while they make complete sense to you someone who isn’t a native speaker of the language may not understand what you are trying to say and this could jeopardise your relationship. Try to stick to Business English as much as possible to help avoid any misunderstandings
Marketing
Marketing is different in each country around the globe, with some countries favoring large and grand displays, while others prefer reserved methods for their adverts. Of course, while you will have a good range of knowledge to help you, learning about this area before you set off can be a great idea.
Marketing often requires a different strategy in each country – especially when consumer tastes and cultural differences are vast. Take China for example – in China you have a totally different set of cultural, lingual and legislative barriers to contend with. But if you can adapt effectively to these, you’ll quickly boost your marketing success and tap into a huge market of potential customers. Here’s a great guide on how to market in China.
There are loads of blogs, forums, and other information-based sites out there with the right resources to get you started on your international marketing. When you first get to your new place, this will be one of the most important jobs you have to do, or you may not be able to gain business there.
Hopefully, this post will give you all of the inspiration you need to get started with your international venture. As a company grows, this sort of action will often become an obvious step for you to take. While giving you the chance to get more customers, this can also help you to solidify your brand, opening the doors to new investors and other money making options. Of course, though, you’ll have to get there before you can enjoy the benefits.