Wednesday, 8 May 2013

Starting an International Business Part One

Even the smallest businesses now have the opportunity to work on a global scale due to modern technology. Although it is easier than ever, it doesn’t mean that it would be a good choice for everyone. Before you go global you will need to look at the international challenges and see if it could be a workable before you start investing time, money and energy.

Challenges for Global Businesses

global businesses
Finances and affordability – Going international includes a lot more costs ranging from phone calls, offices, travel, customs and international logistics.  Logistics – shipping your goods overseas – will be one of the biggest costs to work into your business. You may need to hire a freight forwarder, pay for insurance, tax and duties as well as additional packing.

Feasibility – You will need to work your global plans into your business plan and conduct research to see if there is a market for your products or services.  It’s also a good idea to do test runs before making major investments.

Language and communication – Are you able to communicate well enough to establish yourself overseas? You may have to consider hiring translators for meetings and calls add language options onto your website and online marketing and learn the business etiquette for the countries you are targeting.

Currency exchange – working with an international collection service helps to make sure the transactions run smoothly for you and the person/consumers you do business with in the other country.

Return tomorrow for further key challenges that need to be overcome when starting your global business.

No comments:

Post a Comment