Yoel Wazana Provides Tips for Doing Business Globally

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Expanding your business globally is the end goal of many, many entrepreneurs. You can introduce your products to new customers, increase your revenue, and help your company gain more exposure. If your company is growing rapidly and you feel it’s time to take it to the next level, business owner Yoel Wazana provides tips for going global.

Study the market beforehand

Whatever you do, don’t just jump into a market overseas without first becoming familiar with the demographics. The more you know about them, the better chance you have of promoting your brand. You should take the time to examine the market you will be entering beforehand, get a feel for the other businesses, especially your competitors, and take a look at the companies that are winning and those that are losing.

Know how to present your brand

When you do business globally, keep in mind that your company name and logo may not be familiar to those in the new country. You’ll need to find a way to present your brand in other countries so that people will understand and recognize it.

Take a trip to your new location

Since you will be doing business in a new location, it is in your best interest to book a trip and see the area yourself. This will help you get a feel for the people and their hospitality, the environment, and the customs. Also, because you are in another country with its own etiquette, you’ll need to take certain sensitivities into account. You can hire a local guide to introduce you to the area and a professional translator to help you understand the language. 

Utilize the Internet as much as possible

When doing business globally, the Internet is the best communication device. Not only can it help you research your new location, but it’s also a quick and cost-effective way for you to promote your business. Marketing platforms that utilize social media and offer online advertising can give your company the upper hand.

Know the local laws

Just as there are laws and regulations at home, so there are overseas and your company will have to be in compliance in order to stay in business. It may be in your best interest to bring a legal professional with you to advise you on the process. They can help ensure that you are legally covered as far as partners and suppliers go, that any imports and exports are properly handled, that taxes are being computed properly, that worker policies are followed, etc.

 

Posted on December 3rd, 2013 by admin

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