Thursday, August 25, 2011

The Key Elements For Success Of A Small Business In Overseas Markets

Here's a few things to ensure are addressed if you are intending to expose your Small Business to overseas markets .....

Make sure you are versed in their customs and know the costs of start up. You should already have a business plan but if you don't I strongly suggest getting one. How will you fund the expansion into the new market? What type of entity will you operate as (LLC, Incorporation, Corp, S-corp etc). Find out the international tax rules. What will your sales forecasts be? What about initial costs and operating costs? Who will represent you over seas? All this boils down to is there are market for your business in the Asian markets. When will you be profitable? Who are your competitors? What is your marketing strategy? The answers to these questions and many more will allow you come up with your key strategies as well as contingency planning. Having a great accountant who specializes in international accounting will help tremendously as well. You may seek some legal services as well.

Spearheading a campaign into an overseas market requires an incredible amount of detail and cultural/custom/legal specific knowledge. It would also be highly beneficial to transfer someone from your management team directly ahead of your startup - that way you have a source you can rely on to negotiate on your behalf and ensure everything is prepared smoothly before you invest further ahead. They can also be responsible for sourcing local talent for succession management with an excellent background in your industry.