Global Business TOP 10.

• Author: JONES, KRISTIN
• Position: Tips for succeeding in the international marketplace - Brief Article

Tips for succeeding in the international marketplace

Whether a business is new to exporting or looking at expanding into new markets, it is important to take the time to do things correctly. Below are some tips for succeeding in international trade.

Tip 1: Check to see if an export license is needed. Most products can be exported freely from the United States, but some products, particularly items that may have military applications or use advanced technologies (for example, computer equipment and software) need to be approved. Contact the Bureau of Export Administration's Customer Service at 202/482-4811 to find out if a product requires any special treatment. If an export license is needed it can take a few months to get approval. Don't wait until the last minute!

Tip 2: Protect intellectual property. Work with an attorney with international experience who can explain the different national regulations and protections applicable to intellectual property rights. While some countries don't do a very good job at enforcing intellectual property right protections for foreign companies, there is a bright spot on the horizon. Most trade agreements do include a section on such protection and more countries are being held to their commitments.

Tip 3: Investigate regulatory requirements. While U.S. products are recognized as some of the best in the world, countries may have different regulatory requirements. Being ISO 9000 registered does not necessarily mean a product is in compliance. Machinery, medical devices, electronics and toys are among some of the most regulated products.

Tip 4: Learn about the market. Globalization is the trend but cultures and national interests persist. Be aware that adaptations may need to be made to a product or distribution method to better fit the foreign market and business culture. The more easily a product can be adapted to foreign needs, the better the chances of success.

Tip 5: Know your partners. Before selling a product to a company in another state, there would be a credit reference check, right? Many companies don't know that the same thing can and should be done for foreign companies. There are several companies that can do international credit reference checks. Contact the Indiana Department of Commerce for help.

Tip 6: Get advice. Get to know international service providers! There are many experts available to help companies explore the world of exporting. At some point in an export transaction the help...