“96% of the world’s population are consuming products outside the United States and one billion people are expected to join the global middle class in the next decade.” These statistics illustrate the tremendous opportunity for small and medium businesses in the United States to increase market share and revenues by expanding into international markets. The “BRIC” countries, Brazil, Russia, India, and China offer excellent market and growth opportunities. If you are considering expanding into one of these international markets, contact Subhan Law Office, LLC at 414-232-8704 to discuss each country’s market barriers and opportunities in more detail.
When entering into a new international market, you want to consider: 1.) barriers to market entry, 2.) market opportunities, and 3.) your company’s market entry strategy. Barriers to market entry include, language, culture, political instability, financial insecurity, legal uncertainty, lack of technology, lack of a skilled workforce, and other factors. Market opportunities include, being the first mover into the space, high demand for your product or service, emerging high growth market, and other factors. Your business’s market entry strategy should cover your method of entry, your target segment, and distribution channels. Methods of entry into a new international market include, licensing, franchising, exporting, joint venture, and or forming a wholly owned subsidiary. Your business should select the country that offers the best present and future market opportunity.
Entering an international market is challenging; however, with the proper due diligence, and adequate resources, your company can increase brand recognition, grow market share, and increase revenues. If you want to learn more about the resources available to you to help your business enter a new international market, take a look at inwisconsin.com, www.export.gov, and www.sba.gov. Call Subhan Law Office, LLC at 414-232-8704 and let us help you and your business enter a new international market.