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When you first started your business, you may have limited product sales to a national level. This can be a smart move for start-ups, as it allows you to build a loyal customer base locally and create a strong brand that people love. However, as your business expands over the years, it’s time to start raising the bar and tapping into markets in other parts of the globe.
This can help your brand reach new customers and become just as popular in these areas as it is on your home soil. If you think your business is ready to take this next step, below are some quick tips to help you prepare for selling products internationally.
Market Research
The first thing you must do before expanding to a global market is to carry out thorough research for these new areas. What works as marketing strategies in your current marketplace won’t necessarily work elsewhere, so it is important to understand these different cultures and whether or not these areas will have a demand for the products your company sells in the first place.
All of this information will help you determine whether or not these new markets are right for your company, as well as how you can connect with this new customer base effectively.
The Cost of Exporting Goods
Another key thing you will need to factor into this international expansion is how much exporting goods to other countries will cost your company. You may find that opening a warehouse and some offices in these new areas is more cost-effective than selling directly to customers in that country. However, this isn’t always possible.
Make sure that you look into the different options and whether or not these exporting costs will be worthwhile for your business at this time.
How Will You Ship Your Products?
You will also need to find the best way to ship your products to your international customers and how much you will charge for this. These costs will differ greatly depending on if you are selling to wholesalers or individual customers online. You can ship via cargo ships, or you might prefer to use the air freight options as this can be quicker.
If you do choose the latter, make sure to look at up to date air cargo news to see how issues and current happenings in this sector could impact your business operations.
Does Your Business Have the Right Infrastructure?
You might feel that your business is ready to take the next step and explore international sales, but if your current infrastructure isn’t right for this kind of expansion, you will have problems. You’ll need to make sure you have a big enough team to handle the rise in demand or that you are in a position to hire new employees to make this happen.
If in doubt, speak to a business advisor to see if they can help you decide whether going international is right for your company.
In any case, if you do want to start engaging in international markets, consider the tips above and see if they can help you decide whether or not this is the right next step for your company.
