6 ways your Company can Succeed in the Global Market

These days most of us, want to be entrepreneurs, that’s the millennial thing. I will be honest being raised in another country, I miss my native foods and when I was younger. Every time, I visit, I would tell restaurant owners, to move into the American markets. Did they want to? You guessed it! Yes, I mean, it’s everyone’s dream. But, business owners would tell me how difficult it is to break into a foreign market.  There are many reasons why even successful companies, don’t tap into the international markets. However, people have tapped into Global Markets successfully for many years.

Here is a shortlist of what successful companies have done.

• Build Relationships with the community members. Giving back to communities is a great way to build relationships and gain the support of your prospective clients. This especially works in developing countries. I know a successful businessman, in my home country, he is a giver and everybody loves him for that. His business is growing through word of mouth, am not sure if he gives just as much in his home country, it doesn’t matter. It’s working for him and the locals love him.

• Culture (Links to an external site.). You will find a difference in culture, wherever you go. If you are tapping into the global market, you should learn about other people’s cultures. In my country, there is no such thing as the customer is always right. Most business run by, it’s my business I will curse you out if I want to and also kick you out as well. So you probably have an advantage in that area, because you are not going to do that.

• Start Small. Don’t go to a foreign country ready to open ten restaurants, start with one and see how the people react towards your product or services.

• Research. Find out the countries’ economy and the resident’s buyer patterns. It wouldn’t make sense for Gucci to open a store in my country, most of the population can’t afford it. They are easily influenced and they may want it, but so many people are donating or selling them at a thrifty price. They wouldn’t make enough profits, if they went to my neighboring country South Africa things might be different over there. So you might be better off, opening your company in South Africa.

• Language. You probably want to know a few words in whatever language (Links to an external site.), they speak in the country. We speak 73 languages in my home country, luckily English makes it 73 so you might be ok. But they are many other countries, that may not speak any English at all.

• Strategies. You might have to change how you advertise your products, maybe even how your products taste. I remember being a kid, and my favorite snacks would get swept off the shelves because they had GMO’s they are pretty strict about those things back home.

We all want to run successful businesses and once a business is successful, most business owners want to expand to other markets. It may be difficult, but you can have success overseas, sometimes even easier than the American market. Think lower tax rates, lower operation costs, and business-friendly laws and regulations. The key is doing all the necessary research about the new markets, learning about cultures, languages and building relationships with that community will help you succeed.