For most of the businessmen, it is a dream to take their business globally once they have achieved success in the domestic market. But, establishing a strong presence in the international market is not just as easy as saying. There are certain regulations and responsibilities that should be adhered to while selling in the global market. If you are ground stuck and do not have any idea on selling products in the international market, then you have come to the right place. We have created a complete guide that gives you elaborate information on taking your business online.
Need patent protection:
While selling products internationally, you should get the patent for each country you do business. Though it is an expensive undertaking, you should be ready to make such a big investment to protect your product. You can consider registering with the Patent Co-operation Treaty which is governed by the World Intellectual Property Organization. It is enough just to pay a fee between $3000 and $6000 to patent your products for different countries to around 30 months.
Whether qualified for tax breaks:
Most of the countries offer you tax breaks and incentives. Department of Commerce is one of the great resources that let you in securing contracts with the government of foreign countries. It helps you with arranging meetings with potential partners to establish your business globally.
Look for a Freight Forwarder:
For distributing the products online, you must manage a strong supply chain to move your products across the international borders and should be in compliance with custom regulation. As it is a very daunting process, you need to work with a recognized freight forwarder with in-depth knowledge on this regulation.
Choose the right market:
Once you have registered your products with PCT or Patent Cooperation Treaty for protecting your patent, you should conduct in-depth researches to determine the right markets. To accomplish this, you need to give consideration to four major aspects. They are as follows:
- You need to evaluate your sales and check whether your product is selling better in the global countries.
- It is also important to understand the language and cultural differences that could present a boon or hindrances to the success of your business.
- You should understand the political and economic policies and regulations in the countries you are interested to sell your product in.
Conduct market research:
If you have identified your markets, you should carry out market researches by speaking with potential customers and government representatives.
Come up with business strategies:
You should develop export plan and business strategies that should be in compliance with both domestic and foreign government regulations. You can work with business consultants to develop unique strategies suitable for your business niche.
Hire a sales team:
If there is significant language barrier in selling products globally, then you may be required to hire a local sales team to increase the number of sales and leads. Though you are required to make commissions or salaries, you can tap into the international market by hiring the sales professionals who are acquainted with the culture and language of your target market.