5 Steps to Starting International Business
Whether you are a company or an independent distributor, there is always a chance of widening your business abroad in order to gain more profit or get your business internationally recognized. For those who are about to try international business, here are 5 starting steps that might help you picture your future international business.
- Pick an Industry
If you are a new resident, the business industry is your country. Surely you can move to another country, but you will want to reside in it hopefully for a long time. That is why deciding what industry that you will be engaged in is the most essential because you do not want to find yourself giving up in the middle because you feel the business field is unfit for you or the prospect is not good enough. Open your mind and have a thorough study about the business field that you want to choose, and do not forget to see the global opportunity that comes with it.
- Start Looking for A Business Partner
As we are talking about international business, picking an international business partner is an inevitable step, especially if you are a distributor. Narrow down your search from business industry to the players inside the industry. The easiest way is to visit an international exhibition where you can find a lot of companies baring their products to you. You can also seek help from government resources that can provide you with a list of trustworthy companies related to the field you are interested in.
- Learn the Profile of Your Potential Business Partners
You might have found one or two companies that are to your liking, and your next step is to get to know them. In this digital era, companies usually put the information regarding their vision, products, and services on their website. However, judging from the surface is always never enough. You need to get in contact with your potential business partners in order to gain information that is not posted anywhere. Do not be afraid to ask many questions because when starting a business, you need to be aware of everything that you are going to face later on. Talking with your potential business partners also allows you to know how they communicate with you and find out whether they really are the right partners for you.
- Analyze the Market
This step is a basic when it comes to doing business. What makes it different is that in international business, you are talking about one similar market in two different countries. To put it in a simple way, their market is not your market. Why knowing this is important because you will have to review whether let’s say a product that meets a success in your potential business partner’s country will also give you the same success in your country. This step is really important because the failure in this step might affect your previous decisions on business partners or even industry.
- Know the Regulation
As regulations differ in one country to another, you must really pay attention especially in the product regulation because you do not want to find the products that you have imported do not meet the standard in your country. Other than products and services regulation, shipping regulation is also important because you will perform export-import activities which will oblige you to deal with government’s standards of procedure. Discuss carefully with your business partner and also your legal team to avoid any legal dispute in the future