International Law Attorney Pueblo CO
Reaping Business Success in a Foreign Market
Leaping from your comfortable U.S. base into a foreign market is a huge decision. But once you’ve made it, your work has only begun. You have to ensure that your move abroad is well planned and executed. The future of your business may now depend on it.
The good news is that there are a variety of strategies and tactics that can lead to international success for your venture. And there are plenty of tools, resources and even allies available that are aimed specifically at helping make small businesses successful overseas. Here’s how to use them:
Look for openings based on macro developments
It’s easier than ever to figure out what’s happening in markets abroad that may provide openings for your business.
Mark Frichtel, for instance, learned from trade magazines and other research that government cutbacks in health-insurance coverage in many European countries had health-care providers and consumers scrambling for less expensive medical devices. So Jesse & Frichtel Dental Labs, the Pittsburgh-based dental-device maker that he co-founded, leaped into Germany and Switzerland.
“Next year, those two countries will account for around 10 percent of our business,” Frichtel says.
But be wary of shifts in global economics
At the same time, taking advantage of foreign possibilities increases your exposure to economic and even political instability abroad that may give you little recourse as a small, U.S.-based business.
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