Business Overseas – Essential to Do Homework
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i m a student Gather intelligence. Before conducting business overseas, its essential to do your homework. A few spy tips cant hurt, either. The Central Intelligence Agency — yes, that Central Intelligence Agency — has already gathered extensive facts on the people, history, government, economy, geography, communications and transportation systems of more than 260 countries. You can access this data through the CIAs World Factbook which is available online free of charge. Youll find additional resources on international markets in the Global Entrepreneurship Monitor and various publications by the World Bank.
2. Learn the lingo. Because of language and cultural barriers, marketing in the global economy can be tricky. For marketing-related insights from bloggers around the world — with topics ranging from social media to Web analytics — head to GlobalThoughtz. To further expand your global business lexicon, check out globalEDGE, B2B International and the Global Small Business Blog.
3. Watch those exchange rates. If you arent careful, fluctuations in currency exchange rates can eat up your profit margins. ExchangeRate provides data feeds to help you keep up, while sites likeYahoo! Finance, x-rates and OANDA offer currency conversion tools.
4. Be a smart shipper. More often than not, expanding into a new global market involves a regular shipping routine. The FedEx International Resource Center is an excellent guide for small-business owners, no matter what shipping carrier you use. Youll find detailed profiles on more than 200 countries with specific requirements that may affect your shipment. The site also offers international document assistance, a list of shipping dos and donts, global trade links, and more.
5. Become a social media butterfly. Nothing has done more to open up global business relationships than the explosion of social media. MyVenturePad spotlights the most effective social media strategies for small businesses, including tips on international business-to-business collaboration.
6. Bookmark the SBA. The Small Business Administration has developed a comprehensive resource page that links to fast facts, videos, podcasts and online courses on numerous aspects of international trade. The SBA also offers financing programs for small businesses looking to go international. But remember, these are loan programs — not grants. And SBA loans typically require personal guarantees from the small-business owner, so be aware of the increased risk youre taking.
7. Track the trends. International economic trends can quickly turn a market opportunity into a financial disaster. If youre engaging in business overseas, its important to keep a close eye on the world economy, from the budget deficit in Greece to the housing boom in China. The trends can change minute by minute,