How to start a foreign economic activity

Entering the international market is a crucial step for any company that will require many calculations and special studies performed professionally. Even an experienced entrepreneur who has achieved success in his country can make serious mistakes when starting to work for export - such an activity requires special knowledge and experience.

You will need

• -Detailed information about those countries on the market of which you are going to enter;

• - Established business relationships with a bank that provides a number of international services.

Instruction manual

1

Start with a macroeconomic review - evaluate the different countries and regions of the globe in terms of the demand for your goods or services. At the same time, take into account the political and economic situation in each country, its culture and traditions, climate peculiarities, etc. Most likely, you will be able to weed out many countries at once, and the ways of "introduction" into the few remaining that are suitable for you should be developed separately for each country.

2

Test the market in the country you are starting to interact with. Find out when a specialized exhibition related to your profile takes place and visit it. As a rule, it is easy to estimate demand in a particular country precisely during such "industry" events. Having talked with potential distributors, you can certainly make up your mind about whether it is advisable to enter the market in this country.

3

Decide whether you will export the goods you produce, or organize the production in that country, due to which you are going to expand the range of your sales. Decide also on the export distribution channel - either a foreign representative will work for you, who will undertake to organize the whole business independently, providing only regular reports, or your team will have to work in a foreign country.

4

Choose a bank that you will rely on when working abroad - you will definitely need international credit, export financing and foreign currency services. Try to start cooperation with the bank that provides the most diverse package of international services. Find out also with what large foreign banks this bank has correspondent relations. Having solved the problem with financing, you can safely proceed to the solution of private issues.

Useful advice

Find out if there are export brokers of your profile in the country where you plan to enter the market - companies whose employees can advise you and help you resolve a number of organizational issues.

Own business: international trade