Business Fit Magazine October 2019 Issue 2 | Page 22

Business value at a lower price. For example, a company which manufactures a product in China may have lower labour costs than a company which manufactures in the U.S., so it can offer an equal product at a lower price. After the advantages of internationalisation, let’s talk about how to go international. There are various ways to enter a foreign market. Most common market entry strategies are: • • • • Export: In theory, the easiest step to enter a new market, is to start with exporting. Production sites and offices remain at home, products are simply shipped abroad. Making use of modern-day technology like Webshops, involves little risk and easy expansion of customer base. Cooperation’s, Franchise, Licences: with an already existing and successful product / service you can enter a foreign market with risks that can be overseen Sales offices in countries you want to trade: advantage is that you can hire local staff which has knowledge of culture and local conditions Production sites in countries you want to trade: here it is similar to the point above. To have a local production site helps you also to get access to local raw materials, and this can have a great impact on your cost calculations. Summary: Bringing your business to another country is fun and rewarding (personally and financially) but it needs to be done with care. Proper planning and market knowledge are important because as with people, you seldom get a second chance for making a first impression in a market. - Take your time but also do not lose momentum - Have a strategy - Ask experts such as us We, Maike and Lilli, have extensively worked in different countries and gained intercultural knowledge and deep insights of them. Those range from native experiences in Germany and Russia, to student, travelling and working experience in Australia, Canada, Ireland, North and South America, Egypt, Eastern Europe. Speaking many languages, knowing cultures in depth Malish can support with tips, management of your corporate expatriate services and international expansion. malish.global/about/malish-international/ Independent of the market entry mode, the strategy and the WHY needs to be clearly defined. A brief overview and questions companies need to ask themselves: • • • • • • Why do I want to go abroad? Do I (we) speak the language, are familiar with the culture? Will my brand/marketing and name work abroad? (the English word “mist” could be an interesting product name yet in German “mist” means rubbish and thus might be counter-productive) Have I conducted a market analysis (competitors, customers, channels, costs)? Do I have legal, social, work related advisors? Which official contact point can help me? Like Chamber of Commerce, trade agencies, consultants As with people, you seldom get a second chance for making a first impression in a new market Lilli Rohde Co-founder MaL!ish, Business Strategist, International Speaker and International Coach, Lilli managed international sales teams, implemented systems, tools and processes on a global scale and launched successful products in her time within the Food and Beverage industry. Maike Benner Co-founder MaL!ish, Business Strategist, Finance Expert 22 and International Speaker, Maike has supported, managed and led various projects in her professional and volunteer life. Her analytical, communication and project management skills have made her an expert in the field of system implementation, workshops and trainings. 23