While the international market may be a perfect target for your business, expanding beyond your home country isn't without its challenges. Here are a few that you'll need to prepare for.
Language and cultural barriers. Selling to customers or working with vendors who don't speak your native language can be a significant obstacle for any business owner. That's why Skouras recommended hiring bilingual staff members who can easily translate back and forth.
"If you don't have the budget for full-time translators, outsource tasks like overseas customer service and translation of promotional materials to freelancers," Skouras said.
Beyond language, differing cultural norms may also stand in the way of a successful business expansion, if your company doesn't respect them. Lee advised entrepreneurs to research cultural practices in the countries they plan to expand into, especially as these may relate to the company's product or service. Foreign customers' and business partners' needs may not be the same as those of your domestic stakeholders, and this could affect your sales, marketing and overall business strategies, he said.
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