Once a business is running successfully in a domestic market, it is common for entrepreneurs to expand abroad to attract new potential customers. There are many benefits of moving your business into global markets, including new opportunities for growth and sales, and the opportunity to make your business more competitive in your industry. Make sure to build your network and use it to develop your ideas or to source ideas from». As this relationship grows, consider whether they will make for a good partner in your expansion, or if they will serve more as mentor, helping you learn how to do business abroad. These relationships will be key when you make the final jump. With a market-research firm, you will be able to decide whether your business will be well received in that area and whether there is a market for your services and products at all. In addition to culture, language barriers can make it challenging to effectively communicate while positioning yourself as an industry leader. Learning the language is the best way to overcome this barrier. Use this interactive language map to determine which language is most spoken in the region you are targeting and how long it will take you to learn it. For example, German is the most spoken language in Germany, Austria, Switzerland, and Belgium, and takes approximately 8 months to learn when studying five days a week. Put a plan in place to learn the language early on so you are ready when business starts moving forward. Get them on board by asking about their ideas for communication, customer acquisition, marketing and more. These are just some of the steps you will need to take when expanding your business internationally. If you go into expansion with the right boxes checked, you will be more successful in the long run.
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