Launching a business overseas is a great way for entrepreneurs to expand their global reach and increase their earning potential. By wisely selecting your target market, your business can benefit from low market entry barriers, reduced overhead expenses and inexpensive labor costs. Combine all these and your choice to set up office in a foreign country can result in lower costs of doing business, significantly improving your bottom line.
The key to success lies in carrying out adequate market research to uncover these hidden opportunities followed by developing a robust sales strategy to net potential clients. Your business needs to come up with an excellent marketing strategy if it hopes to compete with other established businesses in foreign countries.
Penetrating foreign markets will no doubt pose several challenges. Some of these include new laws and regulations, different currencies (and fluctuating exchange rates) as well as a completely different business environment from what you are used to. However, the biggest challenge you might encounter is the people; their language, culture and behavior might make communication more difficult, thus affecting your business operations.
You need to be aware of these differences in order to prepare and eventually overcome them. If you want your business to make headway in a foreign country, you need an efficient way to communicate with your clients.
Thankfully, technological advances have provided all you need to set up an open communication channel for your business using the tools below.
This is the perfect method of correspondence if you want to send signed forms or other types of business documentation. Emails also allow you to keep a record of the history of client requests and communication for future reference.
- VoIP calls.
While email has its advantages, it can sometimes be impersonal. VoIP (Voice over Internet Protocol) calls solve this problem since you can keep in touch with your clients through Skype or Hangouts. This allows you to conduct negotiations, solve client issues quickly and add a personal touch to your communication. For this to work, you’ll need a high-speed business Internet connection provided by a reliable company such as Primus Business Services.
- Social media.
Alternatively, you can harness the power of social media to market your products or services. Facebook, Twitter or LinkedIn are perfect venues for you to interact with your clients. You can share content, updates and your own tips with customers, helping to establish your business as an authority in its niche.
Social media also gives you a unique platform to get feedback from clients as well as handle any grievances or complaints they might have. Another advantage of social media is that all communication can happen in real time and at the client’s pace, giving them the convenience of controlling the discussion. Real-time communication can be invaluable especially when it comes to sorting out misunderstandings.
Setting up a business in a foreign country can be financially and emotionally rewarding if you do your research, set realistic goals for success and avoid or mitigate any potential challenges that inevitably accompany any new business venture.