How to Take Your Small Business Global
95 percent of the world's population lives outside of the United States, yet less than 1 percent of small businesses in the USA export to other countries. Of that 1 percent, two-thirds of businesses sell to only one foreign country. That means the vast majority of the world has never seen your product. How can you tap into foreign markets?
Firstly, you aren't alone . Many small businesses are jumping to service markets abroad. Between 1992 and 2001, American small businesses increased their foreign export by 250 percent, which was double the growth rate of big businesses.
Save time by not trying to reinvent the wheel . There are other small business owners who have already taken their products abroad. They are case examples just waiting for you to study. Find out who in your field is already exporting abroad. Then, learn from their mistakes so you won't have to go through them yourself. This may take a little investigative work on your part, but you could potentially save millions of dollars by what you uncover.
Pick a culture that fits your product . Big regrets happen when a company invests in a market before understanding it, like selling wool clothing to Indonesia. If you are not well acquainted with the country to which you will export, perhaps a visit is in order. Talk to locals and conduct market research to assure the need for your product exists. You may be surprised to find they actually have a product that rivals yours, and is trumping you in quality. But if you don't get it right the first time, don't give up. If people in the states have found your product useful, chances are there are markets abroad who would feel similarly. It just may take some time to find the right fit, and once you do, you'll be happy you were a thorough researcher.
Build on existing relationships and create new ones. Where are your business contacts? If you have several contacts in China, for instance, they could help you determine market needs and logistical details there. It would also be pleasant to work with friends in your new venture. However, if your country of choice is New Zealand, and you don't know anyone there, this can be easily remedied. Network on the Internet to build contacts, or ask current contacts whom they know in New Zealand.
Don't be afraid of logistics and foreign languages. Logistics may be a pain at first. That is just the way it is when you are scheduling truck transportation from halfway across the world and you can't understand a word of what the driver is saying. Just remember that your patience and hard work could pay off in a huge way, if you do it right. As for foreign languages, you will naturally want your web page to be available in the languages of your new market. Hire professional document translation services to help. Do not rely on amateur translators, as your business is at stake.
Adjust your contact information to international formats. In addition to translating your website and other documents, be sure you have the little details taken care of, like clarifying the country code on your telephone number. If you are like many small businesses, you do most of your phoning by cell phone, so you'll want an international calling plan as well.
Enjoy the rewards. With any business growth comes the potential for stress. Enjoy your successes and let your failures be learning experiences. And if at first you do not succeed, try, try, try again. The world is a big place.
About the Author: Amy Brevard is a Freelance Writer for Innuity . For more information about document translation services go to MultiLing
Article Source: ArticlesBase.com - How to Take Your Small Business Global