If you have a small business and you would like to go global, but are too afraid of the risks entailed by the move, here are some pointers to what you could do to reduce the potential losses. The reality is that you shouldn’t be afraid to enter global markets, as it’s easier to do it nowadays than ever before. There are many resources you can use, and the Internet is a powerful tool. You can use the Internet both to promote your business, and to look for reliable business partners in other countries. Due to the advance of technologies, it’s now easier than ever to contact players in the global market, and to find out all kinds of useful information about going global.
The first thing you need to do in order to go global is do some research. The more research you do, the less amount of risk you take. You have to do research on the products you want to buy or sell, and you also have to do research into the businesses that you’re signing agreements with.
Though you can find a lot of information about foreign markets on the Internet, there is also another good way to do it, and that is by contacting the consulate your country has in the country you want to do business in. Consulates have staff that specializes in studying the local market and in mediating business deals between players in their country and businesses in the country where they are located. If embassies are usually located in the capital of one country, consulates are rather located in the area with more economic potential. When you’re contacting the consulate of your country in China, for example, pay attention to the communication in itself. Be professional and offer sufficient information about your business and about your import/export plans. You won’t get an answer if your communication is not professional and compelling.
You can do the same with consulates and embassies of other countries in your area. They too have trade commissioners who are there to facilitate trading between their country and yours. By contacting consulates and speaking to trade commissioners you can find out valuable information and make sure that the players you get into business with are serious.
Use the Internet to get in touch with companies who you’d like to get into business with. If you’re new to the global business market, start by trading products that don’t have a lot of trade barriers. Also, avoid trading with large commodity items, at least in the beginning.