Business has a process or cycle like how we have a life cycle from infant to adult, businesses locally start from the bottom but all business man minded are not stop or limits themselves in just one pace of their journey. All business man wanted to have big and successful businesses. One of the ways to have a successful business is having a business’s expansion locally domestically or internationally but as I've said business has a process and it is not just like as easy as 1, 2, 3 and if you are having business and you want it go faster to internationally or globally it is not just like that, all successful businesses start always at the bottom and the rest is history.
Business expansion and putting your brand internationally is a great opportunity to all business man or the owner but as you know that, at the same time it is a big risk to encounter or needed to overcome. Somehow, everyone knows that there are no businesses succeed without taking a risk, without having or experiencing challenges or failures. Challenges and failure are not the hindrance to stop the business but it is a way of having hope to start new again, to be strong enough, to overcome this and think new things, plan new plans, strategize an effort towards to an actions in order to have a successful businesses or industries. It is a way to grow your businesses and make this challenges and failure as a foundation of your successful and strong businesses.
Expansion of businesses globally and internationally is indeed difficult because there are lot of things to consider, risk to overcome specially to make sure that your business will have higher sales than your domestically sales, make sure it will be profitable and always think on how you will satisfy your target market so the rest of the sales will be follow.
The first thing to consider in taking your business internationally, "Are you ready for putting your business internationally and having business expansion?" it is not only push it through because if we think our product prosper and fitted in other country it does not mean they will. See and think of that? Next thing to consider is our finances to support our funds in investing our business internationally and sustain the growth of your business forecasting. We all know that the most important thing in having business is your financial budget and that is part of our business plan.
And last to consider, if our business can build a strong customer pace internationally remember our target markets are not the same in our locally business target market, maybe our products appeals good to our country home but not internationally.
So here it is, International markets provide a distinct challenge to all perceived businesses doing internationally or expansion of it.
For me the challenge number 1 that needed to overcome is the culture and language barrier as well as the communication, we all know that when putting up the business we must determine and know our target market same as putting internationally we must know our target market too knowing that our target market internationally has their own culture and tradition and we need to adjust in what they have. Frist thing to do, conduct a market research in connection to our business and to our target market.
Our business needs to be aware of the environment in our target country that we have to deal with and to compete with. Customers expect next-day delivery and customer support to be available 24/7 in certain countries. We will run the risk of alienating our clients if our company can't offer this. We must adjust to what culture they have in order to have a profitable and successful business.
Second thing to do, need at least one person who speaks the local language in your team. communication has connection to the culture and language barrier. We would also need to recognize that different nations run at different paces. For success in international business, good contact with employees, customers, and clients abroad is important. Do our actions to learn how different cultural values and expectations can and should affect the way you engage in a professional setting, such as shaking hands. It can allow you to better manage possible communication issues in international business by becoming aware of appropriate business etiquette abroad, and how factors like religious and cultural practices can affect this.
The number 2 challenge, Internationally laws and regulations. Putting business internationally, we must be aware to the foreign laws and regulations and especially follow them. Legitimize is the key in putting business so your target market does not worry if your business is legal or not.
Beyond compliance with official rules, it is also important to obey other unwritten cultural guidelines to participate in foreign business. This can prove particularly difficult with ill-defined regulations or possible corruption in emerging markets. It seeks to eliminate fraud in foreign business and unethical practices. A general rule is to be careful not to indulge in any controversial operations that may be legal, but may have future reputation damage consequences. Before we get taking place, we must conduct research about the country where we putting our business, the specifics details and information to make sure we understand what we need to do.
The 3rd challenge for me, developing a pricing strategy based on your country base, cost calculation and supply chain risks. Setting prices of our business products and services can be a challenge to us when putting internationally, we all know that all aspects of business internationally were not the same in locally especially the cost of goods, calculation of it as well as the pricing strategies. And another major factor in our pricing strategy should be in putting business overseas or internationally. In order to remain competitive, we have to weigh costs, while still retaining profit. Researching the prices of direct, local-market rivals will give you a point of reference, but it remains crucial to ensure that the calculation still works in our favor. For instance, the cost of production and delivery, labor, marketing, and distribution, as well as your margin, need to be taken into account for your business to be viable.
There are lot of challenges to overcome when putting up business internationally, but when we think on the bright side of it, it is a great achievement and opportunity that we might get so fight as much as we can. It is just a matter of fact that we must be ready 100 percent, conducts research and plan strategize that will help our business be profitable and successful. By taking a carefully considered this new opportunity to approach to new concepts, incorporating those that complement your business objectives and discarding those that do not, we can help our business expansion plans run smoothly. We may also improve our business in our initial market as well.
