Global Business Perspectives

With the world becoming flatter and shrinking more everyday, many organizations are looking at what is the best way to take their companies across borders.

Here are 8 options that could work for you and your organization.

1. Open an Office/Branch in the new market.  Take your company and duplicate your efforts in the region in which you want to expand.  This can take some time to get ramped up and running.  Researching which market, choosing space, transferring or hiring employees, dealing with regulations and laws, working within the new financial system.

2. A Joint Venture with a local company can help you navigate the waters of the new market.  These folks typically understand the market and have the resources to help you get your product off the ground.

3. A foreign distributor can be your man or woman on the ground to help you sell your product globally.  They know the lay of the land and can help you get your service or product launched in the new market. 

4. Foreign licensing agreements which you can provide to a local supplier.  They usually already have a customer base and your product could be the perfect compliment to their products.

5.  Direct exporting, this is self explanatory.  You directly export your product to a customer abroad.  Dealing with issues of payment and freight forwarding can be daunting.  This can be the easiest set up if your service/product can be sold via the internet. 

6.  Indirect Importing uses a domestic merchant exporter that takes on all the risk of getting your products abroad.  On top of that, they speak English typically and you deal in your currency in the U.S. legal system.

7.  Franchising, this is a pretty safe way to go as the franchise organization offer training and understands how their product will do in the market. 

8.  Strategic Alliances should be made even in domestic situations but are imperative when you take your business global.  Business resources can be shared and may include common distribution, channel, knowledge, products or expertise. 

Which one do you think sounds the best for you, your organization and your service and/or product?