Foreign Market Business Expansion

If you are a merchant looking to take your business to another level you may want consider expanding your business internationally. Many businesses stick to the ‘safety’ of the United States for marketing their products, which is quite understandable, as it is much easier to run a business dealing with customers for the most part of the same mindset as yours, abiding by the same laws,etc. Though it may sound overwhelming to go international it really can be quite feasible and quite profitable.

Firstly, collect data about how fast the market is growing (in the countries you are interested in expanding to) and how eagerly new retailers are accepted by international shoppers. Additionally find out how to connect with channel partners in the countries whose market you wish to enter. Establish a network devoted exclusively to the foreign market, a number to call when problems arise or when challenges need to be ironed out. You may need to devote a separate department to the task of managing your international market.

The US Department of Commerce is represented in each US embassy around the world. They are there to help the retailers enter the foreign market and help them to forge connections and create relationships with other American companies in the market.

The first thing to do when establishing a presence in a foreign country is to initiate relationships with banks, an accountant and an attorney. As with any business relationship you want to create a strong business connection with the warmth of a human relationship to. Show you are interested in the welfare of the country’s people and how your products can be beneficial and accepted by them. Express an interest with respect to each countries laws and affirm how you are most willing to work within their guidelines and how you respect the laws of their land. Create an image for yourself as the law abiding American you are.

As per the shipping and different currencies you can decide how you’d like to proceed with that based on your preferences and each particular country. There are many international shipping companies that can ease the shipping expense. Additionally you can choose whether to stick to the universal American dollar or accept international currencies. Though, the initial years may be a bit tough as you get your feet wet (so to speak) stick it out and you will see how an expanded customer base can really expand your profits.