5 Tips for Breaking Into an International Market

Today's technology gives us access to so many vehicles for breaking into markets abroad. Having the tools to go global with your company, however, doesn't mean that you have the skills to do so. Since international firms tend to make bigger profits, grow more quickly, and are less likely to go out of business, it's easy to see why you'd be eager to break into a new market. Just look at what happened when Alex F Bouri took his company, Seament, international: he changed the cement industry forever.

So, yes, breaking into a new market is advisable. But these tips from Alex Bouri will help you to do so more wisely, and hopefully more successfully.

Look Beyond the Obvious Cities

You'd be surprised to learn that some second-tier cities are easier to make revenue in, due to being less competitive, than larger, more "obvious" cities. For example, in India, better-known cities such as Bangalore are already saturated with certain industries, but smaller cities like Ahmedabad and Nagpur could make for a great place for your product. Plus, they also have highly skilled and eager talent to choose from.

Seek Advice

You're not alone in your exporting endeavors. In fact, there are plenty of resources for you to access before taking the first big step, such as government-run trade and investment bureaus. You could also contact other non-competitors who have already paved the way in your destination locations to ask for advice.

Research

Crunch the numbers to figure out if the location(s) you've chosen to expand to have a market for your products and whether your company will be able to compete with local firms when it gets established. If you can safely say "yes" to both of those questions, then you need to delve further into your research, such as figuring out how you will advertise, what taxes are like, and how to finance a property.

Be Flexible

In your new location, how quickly and easy will you be able to upsize or downsize? You never know what your business's progress is going to be like, so no matter what comes your way, you need to be ablet o sustain it. If you need to hire 50 more employees on the spot, will your premises support that? Can you bring on remote employees? Flexibility is invaluable in a situation like this.

Learn the Culture

When the time comes that you want to start marketing, making partners, et cetera, it's important to know the etiquette in order to avoid rubbing anyone the wrong way. Learn the "rules," whether it's receiving a business card with both hands or removing your shoes indoors, in order to avoid making any enemies or giving your company a bad reputation.