With 95 percent of the world’s consumers located outside of the United States, expanding your operations outside our borders can be a smart strategy for your business. Can being the operative word.
Your research may reveal a sizable market for your product or service in a foreign country. But before you open your doors in a different country, see how well you can answer these make-or-break questions.
1. Is your local business strong?
Most small business experts recommend achieving success at the local level before shooting for international stars. If you’re not already in business, you might be tempted to start from the ground up in a country with cheaper labor and fewer regulations. (more…)