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Harmonize your business plan with the world market
Before you start global expansion, the first thing you need to do is harmonize your business plan and business objectives with new markets or create a new business plan. This is of paramount importance in assessing your availability and dedication to international growth.
If you have already built a brand, think about how to harmonize it with the new market. For example, if English is not spoken in the chosen country, it is unlikely that its inhabitants will know what Netflix is, right? The same rule applies to the logo. The crown has a completely different meaning in the US and China. No matter where you want to do business, always ask yourself what the story is behind your brand and if that story can bring you new customers.
Research the market and find out about the competition
In order for your international market to be successful, you need to research the needs and buying habits of your potential consumers. Ask yourself which companies are active in that market, who wins, and who loses. The trade sector is generally the most relevant institution where you can find out before you decide to start expanding in a particular country. Also, find out as much as you can about your competition.
Choose how you want to distribute products
Choose and evaluate the most favorable method of distributing your product in a foreign market. You may decide to start a foreign-owned company and cooperate with agents, representatives and distributors, and you may find investors who will finance your business idea and thereby invest in your company, which will emerge through a joint investment. .
Find out about legal frameworks
Find out how you can shape prices in a particular market, if there is room for negotiation with local suppliers, and, of course, find out about the legal frameworks for business in the country you choose to expand. Namely, cultural, social, economic and legal differences can be a real challenge for every entrepreneur who decides to act globally.
Find out about possible tax benefits
Find out how you can best act in your chosen market and what measures you can take to ensure that your services or products are properly paid for. Also, be aware of possible subsidies from both the state and the private sector, as there is a very high probability that if you have a product that is missing from the market, you will be partially funded by the state, which will help you. made the first steps in the good world considerably easier.
Declare the goods in accordance with the regulations
Transfer or start exporting. If you have a physical product, be sure to pack it and mark it according to the correct regulations of a particular state. Even though global shipping decisions are relatively similar, product declaration regulations differ, no matter where you start.
Before you set out to conquer the international market, think about the following questions, which can greatly ease the transition period.
Will they be interested in your product in a particular state? Think about the potential market research. Even if you have an excellent final product, it is very important to identify the habits of potential consumers. For example, if your target group is lactose intolerant, you will certainly not open a pizzeria selling pizza with large portions of cheese.
Is your target group familiar with your product or service? If not, be prepared to invest enough time and resources in consumer education. However, if you are a pioneer and present an interesting product, that product will give you a name and a position in the international marketplace.
Do you feel comfortable in the country where you want to do business? Since you are likely to spend a lot of time in your chosen country, it is important to learn the language, culture, and customs of the locals.
What is the infrastructure? What is the standard? How good are the roads? Are raw materials for production or reproductive material guaranteed to create quality services?
If you do not get satisfactory answers to the above questions, it does not mean that the business idea is wrong, but that you have simply chosen the wrong international business market. Remember, there is no idea that is not fantastic somewhere in the world.
We live in a time when globalization and integration have become irreplaceable in the business world. Therefore, you cannot remain isolated in a small national economy if you want to build a large and successful company or if you want your work to be recognized on a larger scale. The International Business program has carefully created a team of experts in this field to help you minimize the risks of doing business in the international market and to get out of it as a leader.
Before you start global expansion, the first thing you need to do is harmonize your business plan and business objectives with new markets or create a new business plan. This is of paramount importance in assessing your availability and dedication to international growth.
If you have already built a brand, think about how to harmonize it with the new market. For example, if English is not spoken in the chosen country, it is unlikely that its inhabitants will know what Netflix is, right? The same rule applies to the logo. The crown has a completely different meaning in the US and China. No matter where you want to do business, always ask yourself what the story is behind your brand and if that story can bring you new customers.
Research the market and find out about the competition
In order for your international market to be successful, you need to research the needs and buying habits of your potential consumers. Ask yourself which companies are active in that market, who wins, and who loses. The trade sector is generally the most relevant institution where you can find out before you decide to start expanding in a particular country. Also, find out as much as you can about your competition.
Choose how you want to distribute products
Choose and evaluate the most favorable method of distributing your product in a foreign market. You may decide to start a foreign-owned company and cooperate with agents, representatives and distributors, and you may find investors who will finance your business idea and thereby invest in your company, which will emerge through a joint investment. .
Find out about legal frameworks
Find out how you can shape prices in a particular market, if there is room for negotiation with local suppliers, and, of course, find out about the legal frameworks for business in the country you choose to expand. Namely, cultural, social, economic and legal differences can be a real challenge for every entrepreneur who decides to act globally.
Find out about possible tax benefits
Find out how you can best act in your chosen market and what measures you can take to ensure that your services or products are properly paid for. Also, be aware of possible subsidies from both the state and the private sector, as there is a very high probability that if you have a product that is missing from the market, you will be partially funded by the state, which will help you. made the first steps in the good world considerably easier.
Declare the goods in accordance with the regulations
Transfer or start exporting. If you have a physical product, be sure to pack it and mark it according to the correct regulations of a particular state. Even though global shipping decisions are relatively similar, product declaration regulations differ, no matter where you start.
Before you set out to conquer the international market, think about the following questions, which can greatly ease the transition period.
Will they be interested in your product in a particular state? Think about the potential market research. Even if you have an excellent final product, it is very important to identify the habits of potential consumers. For example, if your target group is lactose intolerant, you will certainly not open a pizzeria selling pizza with large portions of cheese.
Is your target group familiar with your product or service? If not, be prepared to invest enough time and resources in consumer education. However, if you are a pioneer and present an interesting product, that product will give you a name and a position in the international marketplace.
Do you feel comfortable in the country where you want to do business? Since you are likely to spend a lot of time in your chosen country, it is important to learn the language, culture, and customs of the locals.
What is the infrastructure? What is the standard? How good are the roads? Are raw materials for production or reproductive material guaranteed to create quality services?
If you do not get satisfactory answers to the above questions, it does not mean that the business idea is wrong, but that you have simply chosen the wrong international business market. Remember, there is no idea that is not fantastic somewhere in the world.
We live in a time when globalization and integration have become irreplaceable in the business world. Therefore, you cannot remain isolated in a small national economy if you want to build a large and successful company or if you want your work to be recognized on a larger scale. The International Business program has carefully created a team of experts in this field to help you minimize the risks of doing business in the international market and to get out of it as a leader.
