Forbes > Goldman Sachs & Veem partner. Learn more
Forbes > Goldman Sachs & Veem partner. Learn more
global-market

How to Turn Your Local Business into a Global Success

Globalizing your operations is becoming more and more of a necessity in today’s business world.

 

Overseas opportunities are pulling local businesses from their comfort zone, with promises of expansion, scalability, and more suppliers than you can buy from.

 

International expansion may seem like a no-brainer, but running a successful business across borders is a whole different animal compared to domestic sales.

 

Here’s a guide to taking your local business success on the global road.

 
 

Consider Culture

 
cultures
 

Personal relationships make or break business success anywhere that you travel. Knowing how to walk and talk in Japan won’t garner the same results in Sweden.

 

Small business owners have to do their homework before working on foreign soil.

 

Learn the cultural etiquette and experience, and you’re one step closer to business success.

 

There’s plenty of online resources to help you learn about doing business abroad, such as Veem’s comprehensive country guides.

 
 

Monitor Markets

 

Your small business may seem unstoppable at home, but it could be a different story overseas.

 

Global expansion is beneficial for corporations big and small, but that doesn’t mean that every country will suit your business.

 

Global expansion is beneficial for corporations big and small, but that doesn’t mean that every country will suit your business.

 

A simple market study can help you better understand in which countries your business would thrive, and where it would dive.

 
 

Start Small

 

How do you start a journey of a thousand miles? One step at a time.

 

The same applies to taking your business global.

 

If Europe seems like a natural progression for your business operations, start in one European country, not all of them.

 

Spreading yourself too thin, especially as a small business, can result in little to no market traction, and plenty of effort all for naught.

 
 

Hire Help

 

Small business owners are used to doing it all themselves, from HR to accounting.

 

Although they can certainly handle the work by themselves, hiring help makes it far easier.

 

There’s no reason why you can’t find the same local success when you take your business overseas.

 

It’s likely that you won’t have the local supply-chain connections that you enjoyed at home, but fear not.

 

If you’re looking to purchase goods, local agents will know the perfect manufacturers and distributors for your business.

 

Plus, they’re experts on their country’s regulations and policies, as well as market data that can influence your business strategy.

 

Going global doesn’t have to be stressful. In fact, it can be what brings your profits to new heights.

 

With a bit of elbow grease and a good attitude — two things most small business owners have in spades — there’s no reason why you can’t find the same local success when you take your business overseas.

 

But to improve your odds, let Veem handle your international payments.

 

Veem is built to solve small business struggles, namely bank wire transfers that are costly, outdated and unprotected.


7-05

 

Every day and dollar matters — especially for globalizing small businesses.

 

With $0 transaction fees, preferred FX rates, and clear pricing, you can rest assured you’re getting the best bang for your buck.

 

Join Veem today for payments that keep you growing.