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13 Top International Realities on Small Business in Nigeria

International Realities on Small Business :Growth can be constrained.

However, if the market which you inhabit is overstuffed with local competitors.

You can strive to carve out your own piece of the pie.

But if the pie itself is small, the pieces won’t be worth too much.

That’s why small businesses need to think about stretching their territory.

International Realities on Small Business:

Beyond traditional borders and bringing the entire world into play as their customer base.

Taking a business international doesn’t always need to be the costly enterprise some believe to be.

Making strides with international customers definitely takes some extra effort and strategic thinking.

But it doesn’t necessarily mean digging deep into your company’s reserves.

And, if you make your strategic roll out wisely.

You’ll likely find that the potential profits awaiting you can more than offset the costs it takes to make it happen.

In reality, a small business can’t possibly maximize its potential if it has the ability to go global and doesn’t follow through.

If you’re looking for investment ideas in foreign countries.

The trading software known as QProfit System has proven to be one of the most successful around.

Here are some of the reasons why small businesses need to think about operating on a large, international scale.

International Realities on Small Business:

The international market fuels the growth of many small and home-based businesses.

When starting your business, you should not limit your potentials by ignoring international realities.

You need to think how you can go global with your small business.

Marketing to a geographic area outside of your hometown will boost your market share and help you keep pace with your competitors.

Small businesses throughout the United States and other countries have gained international exposure and increased profits through exporting.

International Realities on Small Business

In fact, the Small Business Administration (SBA) reports that small businesses represent 96 percent of all exporters of goods.

The advent of the Internet has made the daunting task of going global easier.

Today’s home business owners are successfully adding international components to their marketing programs.

Two principal strategies are commonly used: establishing a relationship with a business or individual overseas.

And developing a Web presence that makes products and services available worldwide.

There are no hard-and-fast rules as to which businesses should export, and which should not.

However, making the export decision requires careful assessment of the advantages and disadvantages of expanding into new markets.

Here’s a checklist to help you determine whether your business can make it in the international markets or not:

International Realities on Small Business

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1. International Realities on Small Business:Quality of your product

To ensure success abroad, your product should be special and of high quality.

It is tough to sell cheap merchandise abroad, particularly if they can produce your kind of products cheaply.

2. International Realities on Small Business:Flexibility and change in mindset

Selling internationally means catering to the needs and tastes of people whose cultures and tastes are different than yours.

You need to avoid stepping on the cultural taboos and sensitivities of your new market.

Evaluate the differences carefully.

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3. International Realities on Small Business: Language barriers

To effectively market your product, you need to be able to “speak the same language” as your consumer.

Thus, you need to have the capabilities to translate brochures and product manuals into foreign languages.

You have to be exacting in providing instructions and could be liable if you make errors in providing operating data.

Your website needs to support the languages in the market that you are targeting.

In addition to your main English-version website.

You need to have your website content  translated in Spanish, Chinese or whatever language your target market speaks.

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4. International Realities on Small Business:Product acceptability

What works in your domestic market may not work for other markets.

Sometimes, you may even need to revise your product to suit the climate and setting of your new market.

If you intend to sell electronic products, for example.

You need to make sure that they are suitable for electrical current differentiation abroad.

5. International Realities on Small Business: Product names

Cultural sensitivity includes ensuring acceptable product names.

Check if your logo contains characters that may not be considered acceptable.

Some names may have unfavorable meanings or connotations in other countries.

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6. International Realities on Small Business:Level of commitment

Clarify your commitment to international trade and your reasons for exporting.

You also have to have immeasurable patience, since preparations and clearances can take many months before you make a single initial shipment.

7. International Realities on Small Business:Organizational structure

Exporting to be successful needs an organized set-up.

You need to have mechanisms to seek out buyers and importers for your products.

You also need to ensure multinational legal compliance (labeling, packaging, product safety and liability laws, etc.).

An alternative would be to hire an export management company to help you gain instant access to foreign market knowledge and export know-how.

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8. International Realities on Small Business:Additional costs

Expect to pay for additional costs, particularly for product modifications and extra production costs.

You will also need translation services for your sales personnel and translation of your promotional materials.

You can also face greatly expanded telephone and other communication bills, plus travel costs for visiting the countries in which you plan to market your products.

9. International Realities on Small Business:Pricing

An important consideration is whether you can sell at a competitive price abroad.

Price differentials that are acceptable in the domestic market may not hold true in other countries.

Carefully consider the foreign exchange market and its volatility.

Given the instability of your new market’s currency, your products may be priced too high or too low.

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10.International Realities on Small Business :Level of competition

A more careful analysis of your market is needed to determine who your competitors are.

The number of exporters providing the same product to the same market is a good indication of the demand for your business.

Exporting may offer tremendous market potential for certain small companies.

However, be prepared to do additional research and incur preparation expenses necessary for developing and implementing an international business plan.

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An international business plan is an essential tool to properly evaluate all the factors that would affect your company’s success.

Resources to Help You Reach the Global Markets

How to Expand the Market of Your Small Business

Starting An Import/Export Operation: Products and Source of Information

Getting an Export License When Selling on the Web

Starting an International Trading Business: How to Get Leads

International Realities on Small BusinessInternational Realities on Small BusinessInternational Realities on Small Business

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11. International Realities on Small Business :Cost Concerns

If you need certain goods that require you to make the products you sell or provide the services you offer.

It can get costly quick, and it can eat up a lot of the margin you have to make profits.

But finding foreign distributors who might be able to offer goods at beneficial prices can help in that area.

These small, incremental price cuts, over time, can make a large difference in your business.

You also might be able to make foreign connections to make the next step into selling your products internationally.

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12. International Realities on Small Business :Marketing Ease

No longer does foreign marketing have to be an extremely costly endeavor.

The internet and social media has made it extremely easy to cross borders.

And reach audiences you otherwise might not have ever imagined attracting.

The key to this process is building a website that is easy to use and understand.

Even for those who might be speaking a different language.

In addition, you should find the social media platforms used most by audiences in that country and try to build your own presence there.

Read also:110 Hot-Selling Products for Export Business in Nigeria

13. International Realities on Small Business :Finding an Audience

Just deciding that you’re going to sell products in international territory isn’t enough.

You have to make sure that there is an audience for what you have to sell.

In some cases, you might have to make a slight adjustment to find the proper niche.

Research on what the people in these foreign countries are lacking in the market can help you find ways to fill that niche.

It may seem like making the jump from local to international is too daunting.

But what you’ll find is that the benefits can outweigh the negatives, both in the short term and in the long haul.


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