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Тел: +38 044 234 94 63
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Тел: +38 000 000 00 00
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8 Steps to Internationalize Your Business

How to Internationalize Your Business

Internationalizing a business is a rather daunting task, but when you apply a methodical and thoughtful approach, it can be extremely rewarding and profitable. Let’s take a look at the steps towards internationalizing your business.

1. Choose What Country

Using safe and precise metrics, estimate the market appeal of each country which you take into consideration. Look for the best fit for your specific products and services.

2. Conduct a Market Analysis

Such tools like Porter’s Five Forces and the classic SWOT analysis can be extremely useful in defining the advantages and disadvantages of running a business in particular countries. As you analyze your variants, pay more attention to the foreign environment because this will be the major departure from your present operations.

Internationalize Your Business with Chalice Consulting

3. Plan Your Market Entry

Actually, you don't know will your existing business model work well in a new country? With an eye to successfully enter a new market, you should think about acquiring a local business to master their core business experience, having access to local knowledge or making a strategic alliance with a current business.

4. Evaluate Your Market Position

You clearly understand the position in your existing market, but you don't know what position it will take in international markets. Assess the level of competition and their positioning to help you find your own place.

5. Consider Your Targets

Due to diversity in consumer preferences, lifestyle, and expenses, you may need to attract various clients internationally, not the way you do it at home. Study carefully the geographic, demographic, psychographic, and behavioral data, since you are limited to your target customer base.

6. Fine-Tune Your Products and Services

Do your existing services and products satisfy the needs of customers in your countries? Many companies believe that they need to adapt their products to meet the needs and requirements of their international clients.

7. Evaluate Your Core Competencies

If you'll gather all info about the position of your market, your target clients, services and products, you will easily assess your main competencies. Do you have access to the resources and knowledge you require to successfully position your business internationally? If not, do you know how to obtain those main competencies?

8. Analyse the Supply Chain and Value Chain Options

Internationalizing your business you'll need to pay a close attention to importing/exporting, regulations, franchising, and licensing. Do you have systems in place to deal with all component of your supply chain?

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