You cannot grow your business if you confine it to a specific location. For business growth, you must tap into foreign markets. For this, first, you must see how lucrative the market is. For example, at present, China is a top flourishing economy in the world. Therefore, many entrepreneurs want to penetrate the Chinese market. To tap successfully in any market, you must develop your business strategy in the language that they understand. For instance, For the Chinese market, you must develop your business strategy in the Chinese language. If you are not native to the Chinese language then no worries, you must take the assistance of Chinese translation services. Let’s have a look at different strategies to enter foreign markets.
Do you know what franchising is? It helps the business owners to open a branch of their business in another country, which is a franchise in a foreign land. In this way, you can make your brand recognizable. For example, KFC, when trying to penetrate the Chinese market open their franchise in China but they make blunders due to the wrong translation of their slogan. Opening the franchise with clear and accurate translations will give you a specific fee that can be enough for your per year profit. It is the easiest way of breaking into two markets. You just must take your existing business model as a form of franchise in a new target market. For instance, if you want to tap into the Malaysian market then you must open your franchise while going for Malay translation services.
Partnership
The partnership will reap many benefits. For example, if you are a Chinese entrepreneur and you want to tap into the Malaysian market then your partner will not only share investment with you but will also give you insights into the Malaysian market. You must be very careful in selecting the partnership because it can either fasten your business endeavor or can slow down it. There should be no communication barrier between you and your partner. Therefore, you must communicate with a Malay partner in the Malay language. For this, you can take the assistance of Malay translation services.
Direct Exporting
Direct exporting is also a very important strategy. With the help of this strategy, you can sell directly in the market where you want to tap. For example, if you want to tap into the UK market then you must make your products available at UK stores and see what response you get. For using this strategy, don’t forget to use the target language. For instance, if you are not proficient in English then you must go for English translation services to get your products and services ready for the UK market. Your friends can be of great help and can act as a distributor. They are a sort of bridge between you and the brick-and-mortar stores. These distributors can also help you in making contacts in foreign lands. In this strategy, you also need to look for shipping logistics but, in many cases, it is like selling products and services in-store.
Do you know what a joint venture is? It is a partnership between two companies or two people. They invest equally in a business venture. Moreover, the profits are also shared equally. One important thing to note is that two companies work on the same project but separately.
Buying a Company
You can easily enter a foreign country if you buy a company. You can get many benefits. Few of them are
Turnkey Solutions
Have you heard about the name of Turnkey Solutions? Probably not. It is a type of system that is built for end customers and is easily implemented in your business process. It is ready to use solution and is used in certain processes like website design, training content management and training. It is one of the best business strategies. They are often a contract that is supported by the government.
Piggyback
What is piggyback? It is a process of selling the products to foreign companies. If you want to make your domestic products global then you can ask different agencies to sell your products at the global level. In this way, you can make your existing business available to the global market.
Licensing
Licensing is different from Piggyback in a way that instead of talking to domestic firms, you can ask a foreign firm to own your products temporarily. For instance, if you have a widget that can be used as inventory software in some company then you can ask them to use it and license it for them. Licensing is not an easy strategy. To make it workable, you must force the firms to buy it. Moreover, you must deal with the government and lawyers to fulfill the legal formalities.
Wrapping Up
Whatever business strategy you adopt, you must communicate to the foreign market in the language that they understand. If you are monolingual don’t worry, professional translation companies are here to assist you. All you have to do is, select a reliable & professional translation company that can fulfill your communication requirements.
