Going Global: Considerations for Moving Onto the International Stage
As our world gets more connected, many businesses are considering going international with their efforts. Long the purview of large multinationals, international business is becoming more common every day. Here's a quick look at some considerations to keep in mind when going international with your business.
Start by researching the basics. What's required to do business in that country? Do you need to have an office or substantial operation to be able to do business there? What about bonds or employment requirements? Make sure that you have a solid grasp of what all of the requirements are and follow them to the letter.
Understand your prospective customers. What's different about their culture and values? If you don't understand what drives them to purchase your products, you can't effectively market to their needs and desires. Beyond research, talk with immigrants from that country to get a better grasp of what drives them.
Work on interpretation, not translation. Though it's tempting to simply use a translating program to convey your message, remember the mistakes of the past. For example, a drink company tried to translate their message as that product bringing life, but in Mandarin, translated as the product bringing the dead to life.
Consider payment and logistics. How will you accept payments or ship your products? Discover how your current payment systems work and whether they can be used to accept international currencies and transactions. Are you able to legally or logistically ship your product to clients in that country? As an example, plant matter may not be shipped to some countries.
Follow the regulations. Though it's tempting to simply mark a product as a professional sample or gift to avoid customs issues, it's far better to simply pay the smaller expense than risk much higher fines for failing to do so. Determine exactly what you need to do to stay in compliance and make sure those processes are always followed.
International business is more achievable than ever before, and keeping these prospective issues in mind will make the process go more smoothly. But what if you're not quite sure whether your plans will work well in the real world? The experienced business professionals at AccountRely can help. Please feel free to reach out today to get started.