The Secrets to International Business Success
All of the biggest businesses are international. By branching out into multiple countries, you can hugely increase the number of potential customers. This article will teach you 9 secrets to international business success.
Do your homework
As with any business decision, you have to do your homework. You need to know the market conditions, local laws, employment regulations and culture before you startup. You also need to know how much money it’s going to cost y0u. This is particularly important when adding extra countries into the mix as they will all have different costs.
Take advantage of available resources
There are numerous books, websites and even courses that can help you prepare. You’ll be able to find out if it’s actually possible to do business in another country – and whether the rewards outweigh the costs. If you’re not sure what sort of resources are available, simply visit your local library or search online for ‘international business advice’.
You should also get out there and socialize with people in the same situation as you. You never know when a valuable contact might turn up. For example, if you’re setting up business in China, you’ll need to be able to speak Mandarin – so go to local community events and find anybody who can help you. You can also implement translation software to help you work with another language.
Find a mentor
You can go to networking events on your own, but you’ll find it’s even more effective if you have a mentor with experience in the area. A mentor will be able to advise you and guide you through all of the ins and outs of starting an international business.
Develop an international profile
You’ll be much more attractive to investors if you have already made an impact on the international marketplace. If you’re selling your products and services internationally, you must be able to prove it with sales figures, market share or a successful business plan.
Build your cross-cultural knowledge
No matter how much you learn about a country, there will always be more to learn. For example, you might know that France has a 35-hour workweek – but do you know what the legal implications are? You’ll have to ask a French lawyer to find out.
Use the internet
If you need to know anything, the internet will almost certainly be able to tell you. It’s one of the most valuable resources out there and businesses that don’t use it are at a big disadvantage. Use it to find out about international markets, cultures and more.
Focus on your business plan
No matter how much research you do, your business plan is always going to be a work in progress. You’ll find out things that you need to add later on and you may have to change parts of the plan as time goes on. Investing some extra time here will save you trouble in the long run.
You’re going to need to be patient and work hard in order to make it an international business. This isn’t something that will happen overnight – and if you’re not willing to put in the effort, then you might as well give up now.