The successful businessman says that although globalization can be lucrative, there are certain steps that must be considered before making a decision and improving profitability.
All business people should study the market to determine whether or not the product will make money. It doesn’t take long to find a target audience. And consumer response is fairly quick: either its going to sell, or it won’t.
Think big. Your company may be local, but look at it like its already international. Design a website to show off what you have. Many consumers respond to what they see online. Albeit, it may not be the response you are looking for.
Global consultants can also offer a goldmine of ideas. Experts in other countries know the terrain and can offer the best strategies going forward.
Always understand the tax laws of other countries. No two are the same. It’s best to know everything about a country’s taxes before you find yourself in really hot water.
Learning the language is essential. You can’t have an interpreter translating your ideas. Only you can do that. Take some online language classes or buy some books to help give you a good grasp of the language.
You will need to hire qualified professionals that know both the market and the language. Knowing the country’s logistics and how it pertains to laws will keep you on stable ground.
Payment restrictions are also a necessary evil for a variety of reasons. International business is great, but restrictions must be placed on credit and debit cards, as well as credit insurance. Protect yourself.
Opening up a business internationally can be a handful, especially if you are deficient in some areas. Get a good grasp on what you need to do, and everything else will fall into place.
Flavio Maluf is the head of Eucatex, and is well known for providing advice to Brazilian entrepreneurs. Currently, he’s working to help secure Brazil’s future. What’s more, Flavio constantly talks about what others can do to help Brazil’s economy on Twitter.