Post by Trade facilitator on Aug 11, 2019 17:46:54 GMT 1
International business is not just for big corporations. You can start small in global trade and become super successful.
The Thy Global Investment brings you some tips on how you can successfully expand your business:
1. Do a self-check.
Assess your business to make sure it has the global mindset to support a cross-cultural endeavor. Businesses need the capability to scan the world from a broad perspective to understand their product, business, industry or particular market on a global basis.
2. Choose an environment.
Do research to find the most promising prospective markets and rule out those that won't work. Learn about culture, regulations and business requirements. Then, choose a community, country or sector that’s friendly to small businesses looking to expand. Make sure there’s a real need for the product or service in question.
Businesses can learn a lot by studying where competitors are going, and there are great resources online through trade associations. Sites such as www.exportfromnigeria.info offer market and industry trends to those who need it.
3. Prepare a feasibility plan.
A feasibility plan should include a thorough description of the company and all details of its objectives, target market and how and why it will surpass competitors.
After selecting a target market, dig deeper and analyze geographic, demographic, economic, cultural, political and infrastructural factors. Assess the size, characteristics and projected growth of the market and competitors’ products and strategies.
Don’t forget legal considerations. There may be licenses or certifications needed to export to the country or tariffs and import regulations that will affect business.
4. Identify potential buyers.
The Internet is fantastic for connecting with local and international potential buyers.
One of the first places foreign buyers will look is a business’s website, so make sure they can find everything they need there.
Third-party websites can help find people, but watch out for shady characters. Most large competitors have information about countries they’re selling to on their sites.
5. Start small.
In addition to potential political and economic challenges, geography may create kinks to work out, so start small. For example, my company once exported to a country with high temperatures in the summer, so the delivery had to be made in an expensive temperature-controlled container. We asked that customer to arrange delivery to save on added costs and risks.
Distribution and pricing is more complicated internationally, so remember that exchange rates may fluctuate and payments are tricky.
6. Focus on relationships.
Practice patience, persistence, regular contact and respect for other cultures and business norms. You should adopt “one cup at a time” approach that values and respects individuals and communities. This attitude has helped our company grow over the years.
Technological advances can mean more than video chatting with family members while traveling abroad. As the global community becomes increasingly accessible, it’s opening up a world of possibilities for large and small businesses. Don’t sit comfortably at home when connections are being made with people across the world.
The Thy Global Investment brings you some tips on how you can successfully expand your business:
1. Do a self-check.
Assess your business to make sure it has the global mindset to support a cross-cultural endeavor. Businesses need the capability to scan the world from a broad perspective to understand their product, business, industry or particular market on a global basis.
2. Choose an environment.
Do research to find the most promising prospective markets and rule out those that won't work. Learn about culture, regulations and business requirements. Then, choose a community, country or sector that’s friendly to small businesses looking to expand. Make sure there’s a real need for the product or service in question.
Businesses can learn a lot by studying where competitors are going, and there are great resources online through trade associations. Sites such as www.exportfromnigeria.info offer market and industry trends to those who need it.
3. Prepare a feasibility plan.
A feasibility plan should include a thorough description of the company and all details of its objectives, target market and how and why it will surpass competitors.
After selecting a target market, dig deeper and analyze geographic, demographic, economic, cultural, political and infrastructural factors. Assess the size, characteristics and projected growth of the market and competitors’ products and strategies.
Don’t forget legal considerations. There may be licenses or certifications needed to export to the country or tariffs and import regulations that will affect business.
4. Identify potential buyers.
The Internet is fantastic for connecting with local and international potential buyers.
One of the first places foreign buyers will look is a business’s website, so make sure they can find everything they need there.
Third-party websites can help find people, but watch out for shady characters. Most large competitors have information about countries they’re selling to on their sites.
5. Start small.
In addition to potential political and economic challenges, geography may create kinks to work out, so start small. For example, my company once exported to a country with high temperatures in the summer, so the delivery had to be made in an expensive temperature-controlled container. We asked that customer to arrange delivery to save on added costs and risks.
Distribution and pricing is more complicated internationally, so remember that exchange rates may fluctuate and payments are tricky.
6. Focus on relationships.
Practice patience, persistence, regular contact and respect for other cultures and business norms. You should adopt “one cup at a time” approach that values and respects individuals and communities. This attitude has helped our company grow over the years.
Technological advances can mean more than video chatting with family members while traveling abroad. As the global community becomes increasingly accessible, it’s opening up a world of possibilities for large and small businesses. Don’t sit comfortably at home when connections are being made with people across the world.
