Steps to Enter Worldwide Markets

Steps to Enter Worldwide Markets

As with any business start-up or expansion, market analysis, readiness assessment, and planning are critical steps to entering worldwide markets. Of particular concern to small firms preparing to go global is finding the right markets and creating a marketing plan. Numerous organizations and agencies will help with finding existing data on markets, laws, and regulations.

Before entering a market at all, you should either rely on the expertise of the trade intermediary that you have carefully identified and researched, visit the country in question, or both. If you cannot make a personal visit, learn as much as you can from both official and unofficial sources—such as from Americans who currently do business in the country—as well as directly from its citizens. Also, keep up with markets through publications such as International Trade Update

Some organizations that assist small businesses also provide readiness assessment services. These sources of assistance can help you determine what you need to do to be prepared for global marketing. For example, you may have a product that is viable from a market perspective, but you may need to address packaging and compliance issues before exporting it. By assessing readiness, you can avoid costly mistakes and position your company for international success. The London School of Business and Finance is the excellent source to learn more about global marketing.

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