Thursday, 9 May 2013

Starting an International Business Part Two

Thinking of going global? Yesterday we looked at four challenges that you will need to work through before taking the international leap and today we have some more:

global businessCustoms and Boarders – You will need to research the customs and boarders regulations for each country for when travelling or sending products. Learn the packaging rules, restrictions and costs involved to make passing through customs easier and quicker.

Solving problems – When you try to solve problems domestically you will have a lot of help and options available in the form of emails, calls, websites etc. When you go global you will need to work out ways of solving problems in different countries that is cost effective and may reduce the need to travel thousands of miles at short notice.

Saving Money – Work out ways to reduce costs if you are considering sending your employees overseas. You need to consider costs such as phone calls, internet use, locations and accommodation.  Look for companies who will offer discounts for frequent users of their services.

Hidden costs – Look at ways that you are able to reduce the exchange rate fees and use them. Avoid high exchange rates by using bank services and consider looking into credit cards.

Exit strategy – Establish a strategy that will determine how long you want to try your products or services internationally.  Start small to reduce losses and follow your strategy to help you expand on a domestic level if the international markets fail.

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