There may never be a better time to take your business abroad and tap into new markets. While scaling up to go global does present unique challenges for smaller businesses, the ones that are willing to navigate those challenges are likely to be rewarded with new growth opportunities in these markets.
- Their products and/or services are successful domestically
- They have a solid domestic business plan with proven effectiveness
- They have specific advantages over the competition
- Their products and/or services are unique in one or more ways
- Their products and/or services are competitively priced
- They are willing to invest resources of time, people and capital without return for a period of time. Entry into new markets may require two or three years of effort before showing a profit
- They are sensitive to and aware of the cultural differences of doing business in other countries