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Is international trading something that you are thinking about?
Every business has a dream to expand on a wider platform, rather than just staying local. I am sure that you have the same dream as well. There are many things to consider when you are planning to expand your business on a world scale. Many aspects are overlooked by a business till it is too late.
Some things that you might want to consider before expanding internationally would be:
The currency and payment methods in other countries would be different than what would be used in the country that your business is currently operating in
The language in that country will be different and they will not have the same expertise in the English language compared to your current target audience
The culture would differ quite a bit from the culture compared to the culture where the company’s headquarters are
The government requirements and regulations for imports, exports, and the taxes that are associated with trading internationally
Market research for the specific country that you intend to open your company in
Understand what the life of a local is in the country that you are planning to expand in to understand their needs and wants better
There are many factors that can help you determine whether you should go ahead with expanding internationally or not. These tips might help you decide if you would like to open up your country internationally or keep it local.
Stay tuned for my next blog that will discuss what you should consider before deciding to move forward with the expansion of your business.
References:
Ads, G. (2016, November 20). Retrieved February, 19, 2019
from https://www.youtube.com/watch? v=nrV6-ma359M
Carlin, P. (2018, March 08). What To Consider Before Expanding Your Business Internationally. Retrieved from https://www.forbes.com/sites/forbesfinancecouncil/2017/03/17/what-to- consider-before-expanding-your-business-internationally/#72c6791d6926
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Things to consider before expanding internationally
You have already decided that you would like to expand your company on a wider platform. Congratulations, but have you considered the cost, legal requirements, etc of the country that you would like to expand in?
Some things that you would like to consider before making the final decision to expand internationally would be:
Do you know the reason behind the expansion?
Do you have the capital required for the expansion?
Do you have a business plan that you plan to implement?
Do you have knowledge about the country’s culture that you are planning to open your organization in?
Have you conducted market research in that country and are aware of the barriers that you might have to face?
These are some of the questions that you will have to ask yourself before you make the final decision. This is a critical step in the decision-making process because it can make this an achievement for your business or a breaking point.
(Chapman, 2014)
The first step that must be conducted in the decision making is to determine the reason behind the expansion. Many may say that the reason is obvious, I want to acquire more capital and expanding internationally, it will help me achieve that goal. That should not be the goal, the goal should look at how entering the market in the country will help your business and the products that you have to offer. (Anderson, 2018)
References:
How to Expand Internationally: 5 Things to Consider. (n.d.). Retrieved February 19, 2019, from https://blog.capterra.com/how-to-expand-internationally/
Chapman, L (Photographer). (2014, October 20). Business Growth [digital image]. Retrieved from https://www.flickr.com/photos/lloydchapman/15397630979/in/photolist-psCTfc-7kizSP-5YfTME-acqstu-jDgBu5-34LvGt-e1oNCV-7HbcJz-Y7qf1C-5d4BoD-7JAJQP-26XM6YE-bUm6NG-dFJZpF-acjYht-e6h3DU-9AB94n-dCi7Gj-VmZXzy-65vcCd-oWa5ug-8EFjaZ-98U84f-dPq9T6-dePNv2-FaRxJA-YK5E4q-aHjbb8-pY4mpd-bxsf1y-7FfEyx-9gub98-cQmdBC-Q7pZv-dePMYh-9gxg6J-615pZ3-9gub1a-65wTzZ-jNnxyx-9gub44-akHJTF-bjYUEc-nvw9QA-9guapz-9gVULb-2xXNff-36rJMd-4Pf9zs-HQPWAG
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Every flight does not have the same destination
You will gain a different experience with every different adventure that you will take. The same thing goes for you when you expand your business to a different country, where there is a different culture.
Countries do not only differ, but cultures and languages differ as well. The celebrations, slang, food and even clothing can be different. For example, in English, we might say that you have a sore throat and you are coughing as if you are dying. In Punjabi, we say that you have a “kutte wali khang” which literally translates to you have the cough of a dog. Both of the phrases mean that you have a very bad cough. However, if we were to use the phrase that is said in Punjab, many anglophones would find that phrase very offensive.
Additionally, there are many celebrations that are celebrated in different parts that may not be celebrated where you live or where the main office is for the business. That is something that should be taken into consideration when thinking about expanding your business. For example in India, there are many religions that have their different celebrations. Followers of the Islamic religion celebrate Eid but that does not mean that they will celebrate the same festivals as Sikhs and Hindus. When hiring employees, the company must take these things into consideration. They will need to consider that some employees like to the take day off for those celebrations in order to celebrate time with their families.
(Festivals of India, 2019)
Many companies might not think about these small details before making their decision to expand your business internationally. This should be one key factor that should be considered by the individuals deciding if this is a move that they would like to make.
http://worshipindia.blogspot.com/search/label/different%20religions
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