Quick notes

  • Going global is all about diversification.
  • You’ll need to spend some time and money getting to know your future customer base.
  • There are more opportunities for global expansion than you think.

 
Today, we live in a global economy valued at $90 trillion. With social media and the news, you can find out what’s happening in just about any country across the globe.

So, what’s stopping you and your business from going global? To do business internationally, it takes some skill and patience. However, with the right amount of research and determination, expanding your business beyond the USA is more than possible.

Building relationships is key

Establish a relationship with someone who resides in the country you’re interested in expanding to. This is a critical factor, as you’ll need someone local to really understand the country’s culture and customs in order to do business internationally.

Learning the intricacies of local etiquette, as well as business dealings, will help you build the skills to catch the big client or partner you’re fishing for. Otherwise, you may spoil what could be a great opportunity with a few silly faux-pas or major mistakes.

To do business internationally, it takes a lot of time and effort. Don’t be surprised if you enter a “courting” season with potential partners or clients. This sometimes years-long effort may seem like a nuisance, but it’s actually a blessing in disguise. You don’t want to do business internationally with a flaky partner.

So sit back, keep in contact, and remember: this courting period is insurance for you just as much as it is for your potential client or partner. Being too pushy or needy may inhibit your ability to do business internationally in the long run.

Think outside the box

Some of you might be thinking, “I can’t expand my business to other parts of the world.” That’s where you’re wrong. There are numerous opportunities to expand your business into new markets, especially global ones. Doing business internationally will create a great opportunity to diversify your revenue streams.

Diversifying your business’ interests is key, as you don’t want to heavily rely on one market for your profits. It’s better to build a solid foundation for your business in a variety of large, small, and even international markets.

If you’re heavily concentrated in one market, you’ll be at the will of said market, creating a major vulnerability for your business.

Diversifying your business’ interests is key, as you don’t want to heavily rely on one market for your profits. It’s better to build a solid foundation for your business in a variety of large, small, and even international markets.

Researching businesses similar to yours in other countries will give you a good start to do business internationally. Take a close look at what they have to offer. Could your business do it better? Could you offer more competitive pricing?

While you’re at it, take inventory of potential needs your business has, too. Look for potential partners in other countries that would provide a mutually beneficial relationship. There very well could be a wellspring of opportunities waiting for you.

Still not sure where to start? This helpful tool from Bloomberg tracks data from economies in nearly every country. Updated every few days, this could give you more insight as to which country you want to tackle next.

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