Taking the next step to expand your business and opening it up to a global market is the epitome of a “leap of faith.” If you go forth blindly, without the proper preparation, it can be a disaster. However, with careful planning and the right tools, it can be a financial windfall. Here are a few challenges companies of all sizes face when they start to do business internationally.
Working with clients and customers is challenging enough at home. When you add the challenge of trying to communicate in another language, the chances for misunderstanding are greatly multiplied. To smooth things out, make sure all your documentation and your website are completely accurate when translated into a new language. Many web browsers like Google will translate your site automatically, but you might still want to check it out. No translation program is perfect and you don’t want something important to be wrong. If this is a problem, consider creating your own version of your website in a second language. This gives you the control over what potential customers and clients see.
For your legal documents and agreements, consult with a professional translator and an attorney that speaks the intended language so there is no ambiguity caused by misinterpretation.
Money is the lifeblood of any business, and yours is no exception. You need to get paid, and paid on time to keep your cash flow in the black. If you want to sell your goods to customers in another country, you better have an easy and reliable way for them to make payments set up before you start. With payment solutions like those from Integrapay, you can offer a variety of payment solutions from major credit cards to bank debit and others with the security that international payment need.
You can also offer subscription services and allow consumers to set up recurring payments. This offers a simple and seamless solution that takes care of all the details like exchange rates and more. Just be sure your pricing guidelines specify which currency they are in.
If you’re looking to establish a physical presence in another country there are even more things to consider. This will require you immerse yourself more in the culture and learn the local customs. For example, hiring employees in Sydney isn’t the same as hiring in New York or Bangkok. When you are new to a location, the best advice is to work with a local recruiter or hiring agency. Their expertise is going to be invaluable until you get acclimated to the culture. These professionals can help you find the right people, negotiate with prospects, set up realistic work expectations and understand the how the local customs might impact your business. Also, make sure you have someone either on staff or on speed dial that can help you navigate the local tax situation and requirements. This is one thing you don’t want to leave open to misunderstanding.
The Bottom Line
Taking your business international can be an exciting yet terrifying step. The possibilities are endless and the rewards can be amazing both personally and professionally. While the process is not without its challenges, with the right preparation and a willingness to rely on the expertise of local professionals, your business can become a global powerhouse in no time.