Every successful business starts with an idea and planning to execute to gain success. If you have an idea to start a business you should look further than the western world region. There are lots of untapped markets in the world. If you starting a business focus on the local market and expand in due time to get more profits.
Focus on the local market and specialize.
If you start a clothing company then you know that establishing a factory in the countries like India, Bangaladesh or Sri Lanka is profitable. Nike make their shoes in the countries like Indonesia and Vietnam. If you make those products oversees and sell on the domestic market for a higher price then this is for real profitable. The value of the US Dollar is gaining more terrain. It takes a products like clothing, shoes ,gems or jewelery to make a profit in America for example. Since the western customers are brand and quality savvy. They want established brands and they buy to maintain a social status. Look how Lexus set trend in the 90's amongst the rich rappers and how now Tesla is gaining terrain.
Learn the local language.
If you establish an office abraod then hire local educated workers. If you sending expats then make them learn the local language. This means that you can focus on targeting the local markets too. You can not leave the local market untapped. This might mean less profits than the western world region. But every cent counts when you do business. Once I bought Tommy Hilfiger and Versace Polo t-shirts in Sri Lanka on local market. It was of quality because it comes from straight out of the local factories. Some units reaches the west. If CEO's and other expats learn the local language then they can communicate with the local businesses to generate profits.
Adapt to the local culture.
Learn your employees the local culture. To adapt to the local culture you need to interact with the local people and learn their customs. Learn how to talk in the local language and cook like the locals and even dress like the locals. Also hire some local people to help the foreign workers out to adapt to the local culture. Study the local competition and learn how you can compete with selling to the domestic market where you have established the factory in. Organize a get together with expats and local employees to have drinks and interact with each other to exchange their experiences.
Build a network.
When you move abroad your domestic network becomes less effective. Build a network with other foreign companies abroad. Go to the events and help out the charties where you establish your new business. China is a really a country with lots of potential. If you own a webshop then you know you can network on the events in China to buy goods and sell online. Respect the culture of the people and influnce those people have and play by the rules. Be humble and talk to the people who can help you out. Research and learn the new trends. If you call the owner of the ice cream company up to buy ice cream for your workers and you. You can arrange a good price deal to buy only from this company to give your workers a refreshment.
Creat a solid businessplan before you establish abroad.
Do a good market research and make a customer profile and target the right market segment. Be accountable and execute your plans to gain profits you desire. Believe in the products you market and add value such as a reliable customer care. Create a good aftersales. Once you have sold a product call the existing cutomers to ask if the products satisfied the customers needs. Upsell and cross sale the products.
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