Is An Import Business Right For You?

When starting a business, one of the most important considerations is what is going to make you stand out from your competition. For some business owners, they will attempt to differentiate themselves through the items they sell in their store, and what can be more unique than something imported from another country? Before diving into the world of importing goods and dealing with international shipping and customs, you need to consider whether or not it is a practical and logical decision for you and your business. Why Import Goods? What is so great about products from another country in the first place? The main allure of imported goods lies in a system of balance, according to eHow. A given business would want to import certain goods if: The local demand is greater than the available supply. The price of a…

Category : International

What It Takes To Be Successful Doing Business Internationally

Modern business has brought about challenges that people didn’t even think of decades ago. The biggest challenge is the sheer amount of competition that now exists in nearly every industry. As the business world has globalized, you’re no longer just competing with the company in your city or state. Now you’re going head to head with every business that does something similar to yours across the world. So what kind of personality does it take to succeed? Well, consider some of the characteristics of Alex F. Bouri, Chairman of Seament Holding. Bouri is someone who possesses the number one trait when it comes to being a successful entrepreneur, or even an executive: ambition. He speaks three languages, (English, Arabic, French) travelled to Nigeria to get his professional start, and started his own cement business with $50,000 loan. He eventually became…

Siendo Internacional: Dirigiendo Una Compañía Multinacional

Aun siendo una operación pequeña, cada compañía tiene la capacidad de hacer negocios en varios países.  Debido a avances en tecnología, transporte y comunicación, cada compañía debe de estar investigando oportunidades internacionales.  Para poder lanzar negocios internacionales, uno debe pensar en tres cosas: 1) Oportunidad Con razón, cada producto tendrá un recepción destinta en cada país.  Las intereses y necesidades varían cultura a cultura.  Es necesario como negocio investigar cuales son las oportunidades internacionales de su propia compañía.  Ha que hacer las siguientes preguntas: quienes son los consumidores? Cuales son los intereses culturas de esas personas?  Cuanta facilidad tienen de consumir mi producto? Investigando las oportunidades ayuda a su negocio sabe cuales países debe de considerar. 2) Riesgo Después de establecer cuales son sus oportunidades, es necesario entablar cuales son los riesgos asociados con los países seleccionados.  Las leyes de…

‘How Stupid Are We?’ and Other International Business News

This week there have been a couple of interesting developing in international business that can help us learn some important lessons about business. US Tire Maker Titan International CEO Maurice Taylor Derides French Workers As Lazy For Putting In ‘Three Hours A Day’ First, it has been interesting to see the fall out after the CEO of US Tire Maker, Titan International responded negatively to the suggestion that they purchase a failing factory in France.  After outlining how he perceives the French workers as lazy and the financial burden of manufacturing in France, he summarizes his position by stating, ‘How stupid are we?’ I still find this to be an amazing situation.  It demonstrates the interaction (both positive and negative) that business and government necessarily have.  As communities seek to bring in large employers, they will invariable run in to…

Dubai, A Perfect Place to Do Business

Location can play a huge part in the success of a business. Ask any business owner, anywhere. Being in the right place, and at the right time, too, can often mean opportunity presents itself when otherwise it perhaps wouldn’t. The Middle East is perfectly placed in that respect, with major emerging markets to the east and west. Add minimum red tape and bureaucracy and a strong international banking presence to the mix and the decision to move there becomes decidedly easier. That’s why the United Arab Emirates (UAE), and the city of Dubai in particular, is increasingly seen as the perfect place in which to do business. A case in point is the rapid rise of Dubai International Financial Centre (DIFC), the financial and business hub which connects the region’s emerging markets with the developed markets of Europe, Asia and…

How to Reach an International Customer Base

Reaching an international customer base is a complicated process and one that will require significant investment. The rewards that come from tapping into an international market, however, can be huge. By reaching an international market you will be able to expand your potential client base dramatically and increase your profits significantly. This article considers how your company can reach an international customer base.   Develop an International Appeal Developing an international appeal is the first important step to take because your product or service needs to appeal to an international audience. To ensure international appeal, your product or service will need to tap into a market area that is both global and niche. Your company needs to offer something that cannot be bought on the high street, but is desired by all.   Learn the Trading Practices Trading internationally is…

Dream Big – 5 Tips to Help You Expand Your Business Overseas

Thinking of expanding your business overseas may be a risky thing especially if you are new in the international business arena. The procedure of linking your company to the international chain is not easy and obviously needs a lot of preparation. If you plan sluggishly, you may end up making a very negative move, which might even see your expansions dream crushed. The following are some tips that you can look at when linking your business internationally.     1) Have certain goals Companies fail because of poor goal planning as they enter the world market. Before you think of setting the link, you need to take forethoughts and think of how you will run your business. Research is important at this point and you must make a thorough exploration of the available opportunities before you think of launching into…

Top 5 Tips to Grow Your Business Internationally

Online marketing is one among the many ways that is currently been used by many entrepreneurs to place their businesses in the international markets. For this reason, if you desires to have good sale internationally, you need to interact and engage with your online audience.     1. Consistency This is one trait that many online entrepreneurs fail to emphasize when dealing with their businesses. If you desire one strategy that will see your business through, then you should always focus at being consistent. One area that requires consistency is when using social media as a way of drawing traffic to your online business website. It is important to always understand that this strategy always take time before you starts to see the real fruits but the moment you starts to see these fruits, is of no doubt that your…

Tips for Choosing a Logistics Company That Fits Your Business

Tips for Choosing a Logistics Company That Fits Your Business The third-party logistics company, or 3PL company, that you choose can make or break the fortunes of your company. If you choose a company that’s not a good fit, all kinds of trouble can ensue. It’s important to keep in mind at all times that the 3PL company that you choose will act as a crucial link between your business and your customers. If something goes awry during the shipping process, your customers aren’t going to blame the logistics company; they are going to blame you. With that in mind, you should take your time while looking for a third-party logistics company. From carefully interviewing logistics consultants to making sure that the 3PL company has your best interests in mind, the process can be long and arduous. However, it will…

3 Key Steps To Internationalizing An SME

There are incredible opportunities for the small to medium-sized enterprises in the global marketplace.  At the same time, there are countless obstacles that make internationalization a significant challenge for the SME.  Below are some of the key preliminary steps a small to medium-sized company needs to take before making any significant investment in a foreign jurisdiction. 1. Research Potential Destinations Any commitment to growing internationally should only be made after a great deal of research and deliberation.  Expanding your operations to new destinations will require considerable capital and resources.  Some basic strategic questions to ask yourself and your team include: Is your business seeking to expand to new markets, to set up a new manufacturing base, or both? What benefits would an international operation bring to your company?  How does it fit into your long-term growth plan? What is the…

Bilingual Education: Starting You On The Road To Success

It’s common knowledge around the world that Canada is a bilingual country.  French and English are the two official languages in Canada, and even though New Brunswick is the only officially bilingual province, being fluent in both languages offers benefits in any region of the country. Culture The term ‘culture’ is often more implied than it is something tangible, but being bilingual in Canada will enable you to circulate in many different circles.  Much of the history of the country and certainly Quebec is deeply rooted in the French language.  Learning both official languages doesn’t ensure that you’ll be on the cusp of ‘all things cultural’ in Canada, but it certainly doesn’t hurt. Income It isn’t too uncommon to see job postings for both English and French speakers in Canada, especially in government positions.  According to the Association for Canadian…

How to Avoid Major Challenges When Shipping Heavy Equipment Overseas-

How to Avoid Major Challenges When Shipping Heavy Equipment Overseas Shipping heavy equipment and machinery internationally is a huge, thriving business. International equipment shipping may sound like it would be problematic, but it is only slightly different from shipping anything overseas. You just need to follow the rules for exporting and importing machinery and equipment. In order to avoid any major complications, you should take a few precautions. Choose Wisely Don’t use the first international company that comes to mind. Ask around to find a company that has been handling this type of shipping from the United States successfully for a long time. You probably have some business associates or friends who can point you in the right direction. There are online forums that will give you some good recommendations for a reliable, hassle-free shipper. An experienced international shipping company…

What Does Venture Capital Mean to You?

Many small business owners look at venture capital as some sort of “necessary” in order to build a successful company, but they do not think about the challenges associated with raising and using other people’s money.  It is always important to evaluate what you business needs are and what risk you are able to take on if you bring in venture capital.  Here is an interesting analysis from the Harvard Business Review of the development of venture capital historically:

Adapting Yourself to a New Market

With international business comes the pros and cons of entering into a new market.  Some products and companies fail to fully research a new market and humorous mistakes can ensure.  In the case of John Deere, see what they did in Spain to succeed in that market:

Understanding Markets: Commodities

Here is an interesting video from INSEAD Knowledge on the current outlooks for various commodities sectors.  Regardless of the market that you are working in, it is important to evaluate the various factors that are impacting your business and determine the best ways to reaction to those adjustments.  What risks are you facing in 2012?

Thinking International? Know This First…

Globalization is still in full force and now more than ever, small businesses are breaking into the international market.  But with increased access to new business market, there is also increased access to potential liability.  Here are four questions you should ask as a business owner when considering expanding into an international marketplace. 1) Who are my potential clients? When working internationally, it can sometimes be more difficult to investigate potential vendors or customers to evaluate whether or not they will be able/willing to do business with you.  Also, there may be more risks in operating in certain countries or with certain governments as clients given that country’s political and economic structure. 2) What are the country’s compliance requirements? Also, different countries will have different regulations as to how you can do business within their country.  This means that the…

VIDEO: INSEAD- Can You Survive Today’s Business World?

Here is an interesting discussion from INSEAD about the challenges that businesses face in finding success today.  What are the challenges that you are facing and how are you overcoming them?

International Business: Don’t Drown

When I was a young boy scout, I remember an experience I had while attending Scout Camp in Minnesota.  It was early in the summer and the camp we attended was right on a large lake.  While there, we had opportunities to engage in many aquatic sports activities including small boat sailing.  We could take out a small two-person sailboat and explore the lake.  I remember going out with a friend to explore in one of these boats after having received limited instruction in how the various parts of the boats operated.  As a young kid, I remember thinking I had the capacity to learn things quickly so a friend of mine and I decided that we knew enough and were ready to go out in the boat. We quickly figured out that while we knew how the pieces of…

SmallBiz Counsel Video Review: Avoiding Corrupt Practices in Emerging Markets

Given the facility of international business and the expansion of emerging markets, it can be easy for business owners to slip into corrupt practices.  Here is an interesting discussion on the impact on business and what companies can do to avoid corrupt practices.  It is produced by the INSEAD Business School:

5 Ways to Improve Global Expansion

Because technology and resources are making the globe smaller and smaller, small businesses need to consider options of expanding their operations internationally.  As with any new market, though, expanding internationally has its potential problems as well.  Here are 5 ways to research a new international market for your small business: Follow the News- You would be surprise to know how much you can learn about potential markets when you watch the news.  What countries are discussed and why?  Which countries are going through political changes or opening their doors?  Which businesses are moving into new regions and why?  To be successful in any market, it is critical to have as much information as possible.  As you follow the news, you can identify areas of interest and that will lead you to other areas of research. Investigate Potential Local Competitors- Once…

Tips for Managing International Business Expansion

Because technology and resources are making the globe smaller and smaller, small businesses need to consider options of expanding their operations internationally.  As with any new market, though, expanding internationally has its potential problems as well.  Here are 5 ways to research a new international market for your small business: Follow the News- You would be surprise to know how much you can learn about potential markets when you watch the news.  What countries are discussed and why?  Which countries are going through political changes or opening their doors?  Which businesses are moving into new regions and why?  To be successful in any market, it is critical to have as much information as possible.  As you follow the news, you can identify areas of interest and that will lead you to other areas of research. Investigate Potential Local Competitors- Once…

Navigating International Business: Lessons of a Boy Scout

When I was a young boy scout, I remember an experience I had while attending Scout Camp in Minnesota.  It was early in the summer and the camp we attended was right on a large lake.  While there, we had opportunities to engage in many aquatic sports activities including small boat sailing.  We could take out a small two-person sailboat and explore the lake.  I remember going out with a friend to explore in one of these boats after having received limited instruction in how the various parts of the boats operated.  As a young kid, I remember thinking I had the capacity to learn things quickly so a friend of mine and I decided that we knew enough and were ready to go out in the boat. We quickly figured out that while we knew how the pieces of…