Tap to Read ➤

Accommodating Yourself to International Business

Carol Evenson Sep 7, 2019
These are a few basic points that you need to know before you can safely venture into the field of international business in order to expand and explore your business on an international level.

Introduction

Business can differ between your country and the international market. If you've been running a business in one country for long, you're probably well versed in everything such as taxes, necessary costs, and how to get consumers.
Look into all these differences to consider if you ever decide to make your business more international.

Pricing

Based on your products, you might be targeting a section of the market such as middle-class if you own a normal grocery store. However, it's important to note, what is considered middle-class can heavily differ based on the country you're in.
A good way to find out how you should be pricing your products is to visit other businesses in that country. Make sure to observe what people are actually buying and note down what actual prices are.
You must get this information in person as often you can see misleading numbers online that point to one thing, but then you find out that a lot of people don't purchase a product that might be more expensive.
Additionally, talk to other business owners living in that section of the world so you can get a brief history of what prices have been like and what do they foresee them being in the future. You must find out pricing before you start to get into the international market.

Education

You might want to have an international business, but don't know much about running a business in your home country in the first place. While you could wait a few years by starting your own business at home, you might just want to cut to the chase than making that grind.
In that case, you should consider getting a formal education for business. This means by either going to a traditional university or getting USC's online MBA so you know everything important about business without wasting money that could cause you to shutdown.
Make sure that you find a place known for helping students with international business as many business programs focus solely on what you can do at home with a business. Make sure you consider getting formal education for business if you're someone looking to start a business somewhere else in the world.

Locations

You need to worry about pricing, and also about how you think about locations. In United States, for example, many Americans live much farther from each other than traditional countries that focus on big cities. So consider moving your business from being spread to having many locations in a city.
If you are moving to somewhere that has more large cities, having the right location is one of the most important parts about expanding into the international market.

Products

You might have to make adjustments when selling it to international market. For example, Americans like food with more sugar compared to other countries, so if you are selling a food product that has American amount of sugar in it, you may want to remove that sugar.
You might also run into issues where some countries might not need a specific product. Some countries run on Halal diets, meaning you are forbidden from eating pork so you would want to not sell pork there.
Understanding what products to sell in other countries is an important part of making sure that you can succeed in the international market.

Conclusion

By following the information before you head into the international market, you'll be ready to go. Make sure you are always looking into business news for whatever country you are moving your business into as you could run into new laws that affect your business for better or worse.