Most entrepreneurs and companies would love to participate in the global marketplace, but don’t readily know how to get started. With advances in technology, the barriers to enter the world markets have largely been knocked down. With the playing field more level, as between small and large companies, individual entrepreneurs, small and mid-sized businesses can today affordably start to do business in overseas markets.
International Start Up & Expansion Best Practices. The best-practices planning process for entering the global market place entails research, strategic planning and commitment. As distance, time zones and cultural/language differences are present, the initial pace of business can be slower and more time-consuming than expected. Proper planning and advice throughout can help navigate through such challenges.
Typical steps can include:
Preparing an international business plan
Conducting foreign market research, including existing products/services and competitors
Identifying specific international markets where opportunities exist for your goods/services
Establishing the type of business structure (e.g. branch office, distribution, sales agency, joint-venture, etc.) you will utilize to sell/distribute your products/services in the market
Research and establish your price points, specific contract terms, and regulatory compliance
Coordinate and establish government resources and financing alternatives
Plan for efficient logistics, moving/delivering the goods/services
Finding international markets and expanding your business should also involve research and establishing price points, specific contract terms and regulatory compliance, government resources and financing alternatives, and planning for efficient logistics. This would entail moving and delivering the products or services.
Matchmaking and Revenue Generating Opportunities. Finding and developing a relationship with quality foreign partners can quickly add value to, and in some cases, jump-start your international business. Finding such partners and opportunities however, may be a significant challenge.
General legal advice is something other international law firms can routinely provide. Beyond providing traditional legal services, RKF can also assist clients with business development, partnering, matchmaking, planning, operations and expansion strategy. Through our extensive network of high level industry and government contacts in numerous countries throughout the world, RKF Global assists clients find appropriate matchmaking and revenue generating opportunities.
Over the years, RKF has developed an extensive network of companies and professional relationships in many countries, and have assisted clients in partnering and/or collaborating with these relationships to enter and establish a presence in new markets. In addition, there are public and private services which have been used successfully as to both market research and locating and/or vetting business partners.
For more information on Finding an International Market Opportunity, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (312) 888-2000 today.
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