Brian Tracy shares four tips for selling internationally: understand local culture, research and test before launching, navigate regulatory and tax complexity, and adapt your format. Best Buy's failed expansion shows what happens when you don't.
Hello, I'm Brian Tracy, and today I want to talk to you about selling your products internationally. Go getters all speak the same language, regardless of where they happen to be born. They understand, drive, determination, and focus immediately without anything getting lost in translation. But entrepreneurs who want to take their mission to a global level may need a little bit more than just an unbreakable spirit. There's an art to handling people from other cultures and identifying priorities that may be wildly different from your own. Thankfully, the rewards of your efforts can be well worth the work that you put in. Even though it might be scary to venture into new markets, the opportunity is undeniably there. Experts advise companies to put their top talent into expansion rather than saving it for those at the lower levels. New ideas, products and brands are seeing incredible success as values and expectations shift around the world. In fact, most countries have so many opportunities that the real problem is finding out which ones to concentrate on. Those who can adapt their service or product offerings to fit with different people all over the world may soon find themselves drowning in increased business. And with the advent of the Internet, there are now even more ways to test the waters before diving in. One of the more difficult things an entrepreneur can do is to get a handle on how different cultures function in the real world. Even more frustrating, they may find the culture is widely different in two different sections of the same country. If they can't adapt their strategy, they may find themselves struggling to gain any traction in the beginning. This may be perfectly fine for brands with deep pockets, but not everyone has the capital to sustain a loss leader for very long. When Best Buy opened up overseas, they thought their business model would appeal in much the same way it did to Americans. But not everyone enjoys navigating a store that's big enough to build airplanes in. If the decision makers at Best Buy had known this before pulling the trigger on their international campaigns, they might have been able to tailor their marketing to address this problem or even to change the format of their stores. When even major conglomerates with all their resources fail to see the main problem with their strategies, it's especially useful for smaller entrepreneurs to be flexible enough to speak to what the people are really looking for. When figuring out the specifics of how to conduct yourself in the country, you should do at least a little bit of research before getting started. Many experts will post their own experiences about the minutiae of setting up shop there. This way, you know not to advertise the fact that you work 20 hours of the day in a family oriented culture. But even with Online Advice the best way to absorb a culture is through trial and error. Expat entrepreneurs in many countries can expand their network just because they're doing something unusual, but they need to be careful about how they conduct themselves. For example, you may need to adjust your hours so that you can cater to your business partners or change your etiquette to ensure that everyone feels comfortable. The taxes and regulations are different for every country, with some being far more welcoming than others. Some countries have incredibly low corporate taxes and minimum wages, such that a business could do what they do now for just pennies on the dollar. Others will make their fees and rules so strict that it can make any company want to throw the towel in before they get started in the first place. The payroll may be difficult to establish, the taxes may be complicated to file, and the registration rigamarole may border on ridiculous. While it's true that practically every country out there can be a potential target for the devoted entrepreneur, some countries are simply easier to do business in than others. Entrepreneurs also need to be aware of how they are seen within the country. Apart from the official rules and regulations. Some countries are notorious for being rather lax when it comes to both the formal laws and the enforcement of those laws. But if you upset or disrespect the wrong authority, you may find yourself in a world of legal trouble. These types of complicated dealings can be the death of hopeful entrepreneurs everywhere. Let's say you've submitted all of the materials you need to set up your company, but you're not getting any response from the powers that be, the ones that control your destiny in the government. They may need a polite but forceful push from you to make things happen, but how would you know that until you've taken the time to understand their culture? Before we wrap up, I'd like to leave you with a thought to share with your friends and followers. Your ability to solve problems and make good decisions is the true measure of your skill as a leader. Now I'd love to hear from you. So my question for today is what are your biggest questions regarding international entrepreneurship? Leave a comment below and I'll be sure to follow Follow up with you. Thanks for watching. And remember, if you want to change your future, take action. And take action now. If you enjoyed this video and feel it was valuable in teaching you about selling your products internationally, subscribe to my channel like this video and share this video with your friends. Don't forget to click the button on the screen for a free gift. Thanks again for watching.
