Klamath Insurance Center, Inc Blog
If your business has already achieved significant growth and success here in the United States, then the next step is to make it global. Some startups even triple their revenues when they decide to go international. Here are the five steps you need to take if you want to make your business global.
Pick Your Markets
Among the 195 countries of the world, where are you planning to start? You can go for the English-speaking countries. You can also choose the ones where you've already been to. Alternatively, you can choose business-friendly countries. The goal is to get 80% of your sales to come from your global markets. Thus, you need to prioritize your efforts.
Pick Your Structure
There are various levels of investment and complexity when it comes to taking your business global. Thus, you should decide on the distributors, channel partnerships, and leveraging methods that you’re going to use. You might need a local company to be your partner, such as in China. Whatever happens, read, research, and ask for advice.
Learn the Local Rules
Learn the local laws, business tax regulations, contractor rules, employment rules, compensation rules, and accounting rules of the country you’re planning to partner with. Never underestimate downside risk from organized crime and bribes. Thus, it’s best not to have a business with countries famous for corrupt governments. At the same time, fins ways to localize your product. Launch it using your partner country’s local language.
Localize Your Fulfilment
Think in advance about your back-office tasks. Make sure that someone will be answering the phone in the local language. Also, think of the payment collection methods as well as payroll payment processing procedures. Think about who will train your employees or who will do the marketing.
Localize Your Marketing Efforts
Your partner country has its own unique culture. Thus, you need to get an expert that can tailor your advertisements into something that resonates with the local market. Make sure to consider your local competitors. Also, coordinate with your U.S. contacts when you’ve made your decisions.
Some Final Words
Global expansion is both an exciting and tricky task. You need to deal with the complexities of your partner country. You also have to understand an entirely different culture. However, if you really want some peace of mind, then get yourself a business insurance policy. Business insurance will always back you up when you have trouble here or abroad.
At Klamath Insurance Center, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (541) 882-5555. Get your free quote today by CLICKING HERE.