Starting an international business is a tough task as it involves mutual understanding and transactions between two regions, countries and nations. There are many physical and social factors involved when an organization or individual businesses think of expanding business internationally. But before one can actually think of starting on this path, he/she will need to test some basic parameters and check to see if they are in control of all resources.
What is Your Motive?
Did you receive an enquiry from an international importer who wants to know about you, your services or your products? If that is the reason you have decided to dive into this venture then you might have to face some problems later. Before you say yes to exporting, you need to explore your future potential in this segment. Research can give you a very different perspective of the market. Conduct your market research well; maybe hire a research agency to thoroughly check all your options. This research will give you exact demand for your products in overseas markets, and if the results agree with you then you might just have taken the first step into an international business circle.
Can you manage your Resources?
An international business could be your stepping stone on the ladder of success. You will undoubtedly face many challenges in terms of duties, taxes and even logistics of the export industry. Will be you able to meet customer demands if there are other interested parties? How will you manage your exports? You will need to first find the right channel to transport your goods which might be through air cargo, sea freight or even by road if you are close to the borders of some countries. You will need to calculate which will be the most convenient and most economical in terms of capabilities while reducing wastage of resources.
Get Your Payments in Order
The most important result of any good business is payment. You start your international business based on the fact that it has huge potential and will help you grow both strategically and commercially. Therefore you will need to make sure that your payment channels are very clear. Which currency will you deal with? Will you offer discounts and other benefits, if payments adhere to some of your requirements? Moreover you will also need to think about payments as taxes based on some rules and guidelines. Only then will the Government begin to recognize you as a legitimate business person and as a part of the country's economic powerhouse.
