International Networking: 5 Pointers for Breaking into the Global Market

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There used to be a day when all but major multinational corporations could ever hope to really branch out far from their geographic headquarters. Thanks to emerging technology and an increasingly global marketplace, those days are now largely behind us. Almost any type of business can expand as they desire, so long as they have a solid plan in place. If you are a business owner looking to grow outside of your existing location, keep reading to discover five pointers that will help you break into the global market.

Turn Your Brand into a Franchise

When you first started your business, people in your area began to recognize your brand. As you expand globally, that will be your initial struggle. People must first know who you are before they will consider buying into what you have to offer them. One of the best ways to expand globally, then, is to franchise your brand. This will enable you to get your name known to consumers in various regions of the world, and your business will reap the benefits.

Export Directly

If you have a product that you think will sell in a foreign market, but you want to test the waters first, direct exporting is a great way to go. This allows you to get your product directly onto the store shelves of retailers in the new market. Sell them there and see how it goes. This is perhaps the lowest cost way of entering a global market, and it minimizes your risk. If sales go as you would like, then it will be time to consider further expansion using one of the other tips in this post.

Follow the Example of Successful Global Companies

Throughout the years, companies have both succeeded and failed miserably in their efforts at global expansion. You obviously want to be in the category of the former. To do that, it would be wise to take some time to study the success stories of global companies such as NuSkin. Learn what they did right, and discover the mistakes that they made along the way as well. You can use this information as you develop your own plan for a measured and successful global expansion.

Look into Developing a Global Partner

There are quite a few cultural considerations to take into account when expanding into a global market. You cannot be an expert in the way of doing business in every country in the world. At the same time, this does not mean you will not be successful in your efforts to expand into a given market. However, you might need a local partner in order to make the plan viable. Consider contacting a business or supplier on the ground in the country you are looking to enter into. Becoming a partner with them might be the best way of entering the market and becoming profitable in a relatively short period of time.

Consider a Joint Venture

You might also want to consider developing a joint venture in order to enter a foreign market. In fact, many countries will require this as a first step towards setting up operations within their borders. It is also a way to share expenses, minimize risk, and still reap the profits of global expansion. A joint venture can often cover an entire region of countries, which is another reason to consider this process as well.

While there are certainly other considerations to take into account when entering the global market, these five pointers will almost certainly get you headed in the right direction. Take your time and explore various markets before deciding to dive in with both feet. This will maximize your potential and minimize your risk.

 

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