Are you thinking about taking your business global? More and more U.S. companies have made this move and experienced significant successes. In fact, many of these businesses expect their non-U.S. revenue to continue to grow over the next 12 months, which makes it a great time to make this move.
However, while having a global business may sound good, do you know how to make it happen? If you need some tips and advice, you are in the right place. Use the information here to help ensure your global expansion efforts are successful.
1. Consider the Cultural and Language Differences
One of the first challenges you face when trying to “go global” is the language barrier. It’s a good idea to hire bilingual staff members who can provide translation services.
If your business doesn’t have the budget for full-time, on-site staff members to handle translation, consider using professional, third-party document translation services. These companies provide the same high-quality services at a much lower cost than a full-time employee.
2. Consider Regulatory Issues and International Compliance Factors
Learning about the various packaging standards, business regulations, and tax codes in different countries is challenging. For most businesses trying to expand globally, compliance is another huge factor to consider.
To minimize mistakes and potentially expensive consequences start slow when expanding. Choose one area at a time to fully learn all regulations and compliance issues before moving on to another.
3. Packaging Considerations
Your products must be localized to where they are being sold. This means different packaging, different voltages (for electronic items), instructions in the local language, and more.
The main problem for most businesses is having someone from the local area familiar enough with your product to suggest the necessary changes. You can’t just resell your U.S.-targeted product in another country – trying to do this will eventually lead to global expansion failure.
Remember, packaging standards vary from one country to another. In the U.S. for example, directions are needed in English and sometimes Spanish. However, if you are selling a product in Europe, the directions for even basic and simple products may have to be provided in 24 languages or more.
If you plan to sell your product regionally, you may have to increase your packaging budget for these labeling needs.
4. Understand the Pace of Business in Other Countries
In the U.S. the business world moves at a rapid pace. That’s not always the case in other countries.
When you move your business overseas, making a sale is considered both a personal and a professional event. Things will take longer to resolve overseas, but that’s not a bad thing. Just be patient and prepared to undergo several interactions to build trust.
Planning Your Global Business Goals
If you want to have a global business, using the tips and information here will put you on a path to success. If you want more helpful business advice, be sure to check out some of our other blogs. Our goal is to provide quality, updated, and accurate information for our readers.
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