Expand Your Business Internationally
Companies decide to expand their businesses internationally for many reasons. Often the motivation is the potential for increased revenues, market share or economies of scale. If international expansion is part of your company’s plan, then it’s time to start putting those plans into action. Going global is not quick and easy, but the rewards are often worth the investment.
Most governments around the world want to increase exports to other countries and limit imports to items that are needed and demanded but not easily produced. That is the essence of trade. Think about kids trading baseball or Pokémon cards. One has a card that is of value to the other, so a transaction naturally takes place. Some governments, like the USA and Canada, provide financial incentives and expertise to facilitate international exports. To learn more about export incentives, check out your state or provincial government websites.
Each country has a list of products and services that cannot be exported. Before companies invest resources, they should determine whether or not they can legally export products. There are some electronics and natural resources for example that that the US government does not permit to be exported.
On the other hand, your company will need to ensure that the product(s) you wish to export will be accepted by the destination country. Make sure you know the rules, restrictions and additional documentation required by the destination country. For example, the product you are exporting may be subject to tariffs and customs duties. Each country also has a list of products that may not be imported. For a list of import restrictions by country, check out The International Trade Commission site.
Product and service revisions are often necessary for approval in the destination country. You may need to modify your product or service to meet the regulatory and cultural requirements of the country you’re exporting to in order to meet:
- Regulatory approvals
- Packaging requirements
- Label language translations
- Cultural tastes and preferences
- Cultural norms
- Forbidden goods and materials
Services Can Be Exported Too
Restaurant concepts, grocery stores, retail establishments, sporting events, hotels, gyms, are services that are also exported. Often this is accomplished through franchising. The international concept partners with a local manager/owner that offers domestic knowledge, expertise, and the general ability to get things done optimally. For example, Kentucky Fried Chicken and Pizza Hut were amongst the first US Companies to adapt their product to foreign markets, and expand operations internationally. Decades ago, Islamic Services of America (ISA) helped them by providing guidance on acceptable ingredients and processes to export to nearly 25% of the world’s Halal population.
Islamic Services of America (ISA) Provides Exporting Expertise
Islamic Services of America (ISA) has been helping companies expand internationally since 1975. Navigating market expansion, understanding international export regulations and international Halal standards is challenging. The team at ISA is a group of diverse and highly talented individuals ready to take on your most challenging expansion projects and guide your team along the way as you navigate the opportunities and challenges of the global Halal market. A guide is someone you can trust to navigate you through new and unfamiliar territory and that is exactly our approach when you sign on with ISA.
ISA plays a role in the global Halal industry both as an educator and a certifier. ISA partners with companies that specialize in the production of consumable and non-consumable products and audits and certifies those that are found to be Halal compliant. Has your company been considering how to take part in the global Halal movement? If so, now is the time to reach out and see what other companies have found when ISA becomes part of your team.
Companies that are doing well domestically are often noticed internationally. Their products are actively sought after. If you are getting inquiries from outside your country, take them seriously.
These are opportunities for higher sales and lower costs due to economies of scale. You can minimize risk by doing a little research, due diligence and planning prior to committing resources. ISA can help guide companies in their quest for international expansion.
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