Foreign Market Calling? Consider these Tips Before Making the Move!

Global trade has no dearth of opportunities for your business, provided you prepare yourself adequately to enter foreign markets. 

The success of the companies like Sony, Samsung, LG, Reebok and Volkswagen – that have their roots in Europe and Asia -- in different countries across the world has also encouraged many enterprises to walk on their path. 

Even the small businesses can make their way to the global market through different routes. They can, for example, market their products via local distributors, sell to customers based in export territories directly, enter into joint ventures with local business enterprises, or offer products through a website. 

Though opportunities are there, success is not guaranteed. At the end of the day what matters the most is how your strategies worked in an unfamiliar market. 

Here are some tips that can help you prepare for your big stride into new markets.

Understand the Culture

Before you design your strategies to promote your products and services in a foreign market, update yourself with customs and business etiquette of the market you are planning to venture into. It can even include -- the history of that country, salutations used to greet someone, and the lunch hours or the prayer timings (in case of Middle-Eastern, African, Asian and countries). 

Stay Updated With the Foreign Trade Policies and Other Economical Details

Study in detail about the foreign trade policies of that country and figure out how it would facilitate your business. It is crucial to keep yourself informed about how the country’s currency has fared, its value fluctuations, and import/export timelines as it is always advisable to avoid speculation and work on locked in currency rates and delivery dates.

You should also stay updated with the business-wise foreign direct investment limits of different countries. It will help you choose the right country – the one that favors your business model and potential for profit. 

Join a CEO peer group when you plan to expand your business across the global borders. The CEO group – a rendezvous of industry leaders – offers corporate executive coaching that increases your chances of making profit as you get guidance from somebody who has achieved this feat with success. 

We will be discussing some more points on the same topic in our next blog. So watch this space!