If your business is expanding internationally, look closely before you leap. Both large and small companies sometimes underestimate the requirements and difficulty of expanding operations abroad. Recently noted examples in the press include Google’s experiences with Orkut in Brazil, as well as the experiences of smaller firms.
Apart from understanding the business environment from a marketing perspective (e.g., business/consumer demographics, competition, etc.), examine key areas, such as:
- country specific practices and regulations relevant to your business operations and industry
- cross-border, as well as, local taxes and duties
- labor laws and practices
- foreign currency, in the context of local and global economic trends
You can read about how these factors have impacted some large and small businesses by clicking the links above. Be sure you are prepared to create detailed market analyses and entrance plans for growth. And, find a dedicated local person, or firm, to help establish your local presence in target markets before launch.