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5 Steps to Take before Going Global
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5 Steps to Take before Going Global

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Going global can be a difficult process, no matter how large your company is. Follow these steps to make sure that you're ready before you take that big step.

Going global can be a difficult process, no matter how large your company is. Follow these steps to make sure that you're ready before you take that big step.

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Transcript

  • 1. 5 Steps to Take before Going Global
  • 2. Deciding to go Global • World economy is expanding everyday • Appeal to expand internationally is growing • Going global takes time, effort, and money • Make sure you’re on the right track!
  • 3. 1. Examine the market • Market research is well worth the cost. • Ask these questions: – Is there enough of your target market in a given area to support business? – What other similar solutions are selling internationally or in a given area? – Which countries are going to be the most profitable for you to release your products in? – Is success likely in more challenging areas? – Does your product even have global appeal?
  • 4. 1. Examine the market • Pinpoint certain countries that will be more profitable for you • Take into account your market research and target groups before going global
  • 5. 2. Research Rules & Regulations in New Countries • Do further research on countries you are interested in • Research business regulations in each country • Make sure your product doesn’t violate any country regulations • Look at rules for trademarks, patents, copyrights and trade secrets
  • 6. 3. Familiarize yourself with locales • You may need to set up local offices for business to really take off • You may also need to partner up with another company in the area • Extra money will go into setting up a local branch, so make sure that area is worthwhile
  • 7. 3. Familiarize yourself with locales • Learn the local language or bring someone that speaks it • Localize your products if possible • Localization will prevent offending locals and could promote your product better
  • 8. 4. Determine a Budget • Map out your strategy for going global • You may have to stretch resources more • Market research will make budgeting easier
  • 9. 5. Protect Your bases • Stay within the protection of local laws • Apply for patents and trademarks if your product makes it necessary • You are at the mercy of the nation where you are selling your products • Make sure your patent translation is high quality
  • 10. Get help going global • MultiLing is a patent translation company that can offer you services to make your transition a little easier. • Contact MultiLing for a free bid request!