Expanding internationally is the good way to keep your business growing. When you have an online store on Shopify, becoming a global company is an impressive accomplishment, but you also need to be careful because there are many challenges in front of you.
You need to consider many things before deciding to enter the new market. For example, consider if you have the trade barriers, proximity, currency, and culture or a potential customer base in the foreign markets.
The challenges of international business you should prepare for before going global.
Language and cultural barriers
You can hire bilingual staff members who can translate for your company. You can get the outsource tasks like overseas customer service if you don’t have the budget for full-time translators.
Besides, you also need to pay attention to the cultural norms and research the cultural practices. It’s important to understand the different ways people communicate.
Tax codes and compliance issues
It is also a challenge to learn the different business regulations, tax codes, and packaging standards. Besides, you can set up a separate foreign business entity and bank account to make handling transactions worthwhile for the banks.
In Europe, the instructions for the products need to be written in many languages, even 24 languages.
It can take you longer to do business overseas, so you must be patient and prepared for multiple interactions to build trust.
Persuading the foreign customers to trust your brand as this product is also sold in their country. You must convince the international market that their brands are trustworthy and better than the competition
Find the right partner(s) and team.
You may need a partner (even a mentor) who understand the local market, has experience in the [industry].