International expansion is not necessarily the best way to grow your company. So,first following questions to yourself:
- Will the product sell well in the targeted culture? Think market research.
- 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.
- Do you feel comfortable in that country?Need a working knowledge of the language and culture.
- What is about the infrastructure & setup?
After satisfying yourself with aforesaid questionnaires,first and foremost ,you need to focus on international marketing strategies and to narrow down the markets for the first phase of global growth by determining which markets are most viable for what you offer.
How to Go Global?
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 steps 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 of the country is an excellent source of information.
- 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 Native country.
- 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.
- 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.
Although it takes considerable effort to expand your business globally, there are more tools and strategies now available that make it more convenient, secure, and affordable. Remember to build your empire slowly and enjoy the new revenue streams and experience of serving customers from all parts of the world, one step, one country, at a time.