With solid investigation, effective planning, and resourceful, creative execution, we believe companies can find success in the global marketplace today. There are good opportunities for many business models in foreign markets. Some of the steps we recommend include:
1. Know your company and your industry.
Before you can determine if your products and/or services are a fit for the global marketplace, you should have a clear picture of where your company (and the industry in which it operates) is today, and where it will be (as well as where you want it to be) tomorrow. Don’t forget to consider supply constraints and other factors that might change your product or service lines later.
2. Determine how your business model translates.
There are numerous ways for companies to enter foreign markets, including exporting, importing, joint ventures, licensing and off-shore production. For firms that produce, manufacture or resell goods, exporting is usually the easiest and least risky method. If you are interested in exporting, don’t overlook indirect exporting, where an intermediary familiar with (and approved by the government to conduct) business in the target country handles the actual transfer of goods.
3. Identify and investigate target markets.
You must consider all the factors, positive and negative, that impact your ability to penetrate a market. You might need to make adjustments, such as changing the manufacturing materials to meet environmental requirements in certain countries. Or, local content initiatives might require you to refine your manufacturing, distribution or sales model.
4. Develop a business plan.
The business plan you created when you opened your firm, and any subsequent plans you have made for operating and/or expanding domestically, won’t translate directly to foreign markets. You may be able to adapt it, or you may need a new plan entirely. There are many issues to consider, including:
- Potential markets/sources/customers.
- Import/export pricing strategies.
- Initial financing streams and anticipated revenues.
- Additional costs (e.g. marketing; shipping; inventory storage; storefront; travel).
- Legal, regulatory and license requirements.
- Potential partnership or investment opportunities, if you are interested.
- Sales model (Internet or location-based).
5. Global Site Visits.
Our team of experts can support in any required site visit for various industries to remote areas and new/existing markets. We represent your company throughout and submit detailed reports and/or market surveys based on business needs.
6. Seek advice and assistance.
Our team of experts are here to support you. Our proven approach and methodologies will help you in making the educated decisions on the best way to move forward.