How to Succeed in Going Global [Infographic]

How to Succeed in Going Global [Infographic]

This is a guest post by Colette Cassidy, Director of Irish tax consultancy firm All Finance Tax.

It takes an extraordinary amount of hard work to set up a business. It takes a greater deal of hard work to make the business a success.

It takes a greater deal of effort still to turn the business into a globally successful one.

When companies such as Tesco and Starbucks find it an uphill battle to achieve worldwide success, that speaks volumes for how fiendishly tough it is to have a globally successful brand.

Hard work alone is not enough to make it big on a worldwide scale. The key ingredient is often understanding how overseas buyer cultures work and being able to adapt your product or service (and indeed your overall business) accordingly.

What are the key mistakes to avoid in going global?

  • Lack of research.

This is often the one that scuppers dreams of global business domination. Every international market has its own unique characteristics.

For instance, your domestic market might have a culture of impulsive buying, but a foreign one could be far more conservative.

  • Failing to adapt.

This is another common error in international expansion.

What works in Ireland or the UK, for example, is by no means guaranteed to work in the USA or Japan. A level of adaptation to other cultures is essential.

  • Inadequate budgeting.

You know that going global will cost big bucks, but a lot of businesses still don’t budget sufficiently to meet the investment that international expansion demands.

  • Expecting a quick return.

The costs involved in going global are so steep that you would be utterly foolish to think you’ll make the money back quickly.

International expansion is a long-term game.

  • Casting the net too wide.

Some businesses decide to expand internationally and try to crack numerous markets straight away, when they would be much better off focusing on one or two. Expansion can be incremental.

What are the benefits of going global?

This all makes it seem as if international expansion is a disaster waiting to happen, but if you develop a sensible strategic plan, you could be on to a winner.

  • Continued growth.

You could settle for being top dog domestically, but then are you really progressing?

If there’s a genuine chance that the business will succeed internationally, go for it if you want the company to grow.

  • Reduced domestic dependence.

Just because you are number one at home now doesn’t mean you will be forever. A seasonal lull in the domestic market could be tough to endure, so why not try to pounce on concurrently strong periods elsewhere?

  • Brand development.

A globally recognized and respected brand is worth millions. Think of how McDonalds and Google are world-renowned names.

If you play your cards right, you too could have a brand that enjoys a positive image all around the world.

  • Shooting for the stars.

If the chance to challenge the world’s biggest brands doesn’t excite you as an entrepreneur, you shouldn’t be in business.

Every entrepreneur should relish the opportunity to take on the big boys at their own game, because it’s an opportunity that only comes along for a very select few.

Depending on what your business does and how it would translate to foreign markets, international expansion may or may not be for you. The least you should do is fully analyze the likelihood of succeeding globally. After all, you’ve achieved a lot in setting up the business and bossing the domestic market, so think of it as another rung on the ladder.

Here’s an infographic, courtesy of All Finance Tax, sharing all that, together with the steps to going global, what to do during an international meeting, hiring a distributor, and more.

 global business infographic

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Becoming an Online Merchant: 4 Tips to Find the Perfect Product to Sell

Becoming an Online Merchant: 4 Tips to Find the Perfect Product to Sell

E-commerce is a booming industry and will only continue to grow in the coming years. That’s why it’s not so surprising that there are plenty of people who want even just a small slice of the proverbial pie.

But whether or not you are looking to establish a full-blown online store or would simply want to supplement your income by buying and selling items on the side, you have to pick a product to sell that would, well, sell.

With the right marketing strategy, one can argue that anything and everything can be sold online. However, the real challenge is finding a product that is conducive to success. How do you find that product? Here are a few pointers.

Finding The Ideal Product to Sell

1. Target Hobbyists and Collectors

You’ll be surprised by just how much money hobbyists and collectors are willing to spend to fuel their passions.

If you have a knack for finding rare items, you’ll be a big hit with collectors. Whether they’re interested in action figures and toys, lapel pins, first edition books, stickers, sports cards, or even antique dinnerware. Just make sure that everything is legitimate.

Meanwhile, there is no shortage of hobbies on which people willingly invest their time and money.

Some of the more popular ones include biking, fishing, knitting and crocheting, calligraphy, model building (including radio-controlled vehicles), and handicrafts. Look for a leisure pursuit where you can act as the product-based solution and you’ll easily enamor yourself to these customers.

2. Something Hard to Find or Can’t be Bought Locally

There are some things that can be easily found in a local grocery store or a specialty shop — say gardening or baking supplies. But what about specialty foods, magician’s accessories, eco-friendly products, and fandom items?

Most likely, people will go online to find these. You can enlist the help of Google Trends and Google Keyword Tool to get a glimpse of what kinds of products people are searching for online and use the results as a guide to pick a niche product to sell.

You can also try to sell products that can’t be bought or difficult to procure locally, like Japanese Kitkats, the “three-story” alfajor Oreos, or Asian beauty products. The latter, in particular, is a good place to start since a lot of products are only available in select countries or regions but are available through wholesale Asian cosmetics websites. Do the hard work of sourcing these products (and offer them at reasonable prices) and see just how much your customers will love you.

3. Star with The Accessories Before The Big-Ticket Items

When people buy big-ticket items such as 4K TVs, high-end smartphones, and gaming laptops, they buy them only once. Their next purchase of these kinds of products will probably be in the next two to three years.

These are big investments, after all, and people are much more reluctant to spend huge amounts so often. However, accessories are much more common purchases and people are relatively more agreeable to spending more often on these items. Especially when they’re meant to increase the performance or ensure the longer life of the bigger product.

Think about HDMI cables and switchers for TVs, charging cables and power banks as well as cases and protectors for smartphones, and gaming accessories like a mouse, a keyboard, and a good pair of headphones.

If you already sell the big-ticket items, then it’s a wise decision to add the accessories to your online catalog. If you’ve yet to choose what to sell on your online shop and/or you have a limited capital, you should consider selling these kinds of accessories first.

4. Consumables Mean Customers That Keep Coming Back

Consumables mean that you will have a steady customer base and a rather reliable revenue stream. What’s more, when people need to order products from you regularly, it’s much easier to build a loyal customer base.

Think about specialty cooking ingredients (Himalayan pink salt, anyone?), supplies for arts and crafts, and even cosmetics. Just make sure you’re able to deliver each and every time, since you don’t know when your customers will run out of their stock or order in bulk in advance.

Of course, choosing which product to sell is just one part of a thriving online business, since you should also take into consideration the demand, potential competition, and reliable suppliers, among others. However, it’s also undeniable that finding a saleable item is a huge contributor to your business success. Good luck on your journey as an online entrepreneur!

If you're into ecommerce, you might be wondering what product to sell on your online store. Here are 4 great ideas that are sure to make you money and bring you loyal customers: #ecommerce #onlinestore #makemoneyonline #sidehustle