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      • Coins to Buy on the Dip
      • Fastest Growing Crypto
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      • Long Term Investments
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      • How to Spend Bitcoin
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      • Bitcoin Blackjack Sites
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        • Aqru Review
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        • What is APY in Crypto?
        • Yield Farming Platforms
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        • Best DEX Coins
        • DAO Crypto Projects
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    • Bitcoin Price Prediction
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      • Axie Infinity Prediction
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      • CateCoin Price Prediction
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      • DogeBonk Price Prediction
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      • Dogelon Mars Prediction
      • Ethereum Price Prediction
      • Floki Inu Price Prediction
      • Hoge Coin Price Prediction
      • Kishu Inu Price Prediction
      • LBLOCK V1 Prediction
      • LBLOCK V2 Prediction
      • LUNA Price Prediction
      • Pi Coin Price Prediction
      • Polygon Price Prediction
      • SafeMoon Price Prediction
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      • Stepn GMT Price Prediction
      • SXP Coin Price Prediction
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      • XRP Price Prediction
    • Best Altcoins
      • Buy Battle Infinity
      • Buy Bitcoin Cash
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      • Buy Celo
      • Buy Cardano
      • Buy Cartesi
      • Buy Chiliz
      • Buy Cronos
      • Buy Dash
      • Buy EOS
      • Buy ENS
      • Buy Ethereum
      • Buy Ethereum Classic
      • Buy FTX Token
      • Buy HBAR
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      • Buy IOTA
      • Buy Litecoin
      • Buy Livepeer
      • Buy Loopring
      • Buy Lucky Block
      • Buy LUNA 2.0
      • Buy LUNC
      • Buy Neo
      • Buy Pitbull Coin
      • Buy Polkadot
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      • Buy Solana
      • Buy Spark
      • Buy VeChain
      • Buy XRP
      • Buy ZCash
    • Best Crypto Exchanges
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      • Margin Trading Exchanges
      • Social Trading Platforms
    • Best Meme Coins
      • Best Dog Cryptos
      • Buy Baby Doge
      • Buy Dogecoin
      • Buy Floki Inu
      • Buy Kiba Inu
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      • Buy Tamadoge
    • Best DeFi Coins
      • Buy 1inch
      • Buy Aave
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      • Buy Avalanche
      • Buy Balancer
      • Buy Bancor
      • Buy Chainlink
      • Buy Compound
      • Buy Cosmos
      • Buy Curve
      • Buy DeFi Coin
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      • Buy Maker
      • Buy Polygon
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      • Buy Sushiswap
      • Buy Tezos
      • Buy Uniswap
    • Best Web 3.0 Coins
      • Buy Basic Attention Token
      • Buy Biconomy
      • Buy Filecoin
      • Buy Theta
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      • Buy NFTs on Binance
      • How to Flip NFTs
      • Make Money With NFTs
    • Best Metaverse Coins
      • Buy ApeCoin
      • Buy Axie Infinity
      • Buy Decentraland
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      • Buy Enjin
      • Buy Gala
      • Buy GMT
      • Buy Immutable X
      • Buy The Sandbox
    • NFT News
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      • New NFT Projects
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      • Sport NFT Drops
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      • Azuki NFTs
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      • Buy Ford Stock
      • Buy Gamestop Stock
      • Buy Hertz Stock
      • Buy Lockheed Martin Stock
      • Buy Matterport Stock
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      • Buy Nikola Stock
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    • Best Trading Platforms
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      • How to Day Trade Stocks
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      • Low Spread Forex Brokers
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      • Bitcode AI Review
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      • Bitindex Prime Review
      • BitIQ Review
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      • Immediate Edge Review
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      • Prime Advantage Review
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      • Teslacoin Review
      • Today Profit Review
      • 7Tesler Review
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      • Bitcoin Smarter Review
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  • Investing
      • Best Cryptos
      • Best Beginner Cryptos
      • Best Crypto Under $1
      • Best Crypto Winter Tokens
      • Best Emerging Cryptos
      • Best ERC20 Tokens
      • Best Future Cryptocurrency
      • Best Move to Earn Crypto
      • Best Utility Tokens
      • Best Video Game Crypto
      • Coins to Buy on the Dip
      • Fastest Growing Crypto
      • Hottest Cryptos Right Now
      • Most Promising Cryptos
      • Next Crypto to Explode
      • Invest in Crypto
      • How to Invest in Bitcoin
      • How to Invest in DeFi
      • Long Term Investments
      • Low Market Cap Cryptos
      • Most Undervalued Cryptos
      • Penny Cryptocurrencies
      • New Cryptos
      • Best Crypto ICOs
      • Best Crypto IDOs
      • Best Crypto IEOs
      • Best Crypto STOs
      • Best Crypto Crowdsales
      • Best Crypto Presales
      • Best Crypto Private Sales
      • Buying Coins Pre Launch
      • Crypto Games
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      • Best GameFi Cryptos
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      • Best Play to Earn Games
      • Crypto News
      • Best Crypto Reddit
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      • Crypto Tiktok Trends
      • Crypto Youtube Channels
      • Twitter Crypto Trends
      • Crypto Wallets
      • Best Cardano Wallets
      • Best DeFi Wallets
      • Best Ethereum Wallets
      • Best XRP Wallets
      • Crypto Bank Accounts
      • How to Spend Bitcoin
      • How to Spend Ethereum
      • Bitcoin Casinos
      • Best Bitcoin Gambling Sites
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      • Bitcoin Blackjack Sites
      • Bitcoin Roulette Sites
      • Bitcoin Slots Sites
      • Ethereum Casinos
      • Earn Free Crypto
      • Best Crypto Airdrops
      • Best Crypto Faucets
      • Best Crypto Giveaways
      • Earn Free Bitcoin
      • Make Money With Crypto
      • Earn Interest on Crypto
      • Aqru Review
      • Best Staking Coins
      • Crypto Interest Accounts
      • Crypto Lending Platforms
      • Crypto Loan Sites
      • Crypto Savings Accounts
      • Crypto Staking
      • Earn Interest on Bitcoin
      • Earn interest on Ethereum
      • Earn Interest on Stables
      • What is APY in Crypto?
      • Yield Farming Platforms
      • Yield Farming vs Staking
      • DeFi Crypto Guides
      • Best DeFi Apps
      • Best DeFi Interest Rates
      • Best DEX Coins
      • DAO Crypto Projects
      • DeFi Lending Platforms
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      • DeFi Swap Exchange
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      • Worldwide Crypto Guides
      • Best Africa Crypto Projects
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      • Buy Bitcoin AU
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      • Buy Bitcoin UAE
      • Buy Bitcoin UK
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      • Crypto Exchanges AU
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  • Cryptocurrency
      • Buy Crypto
      • Buy Bitcoin
      • Buy BTC with Apple Pay
      • Buy BTC with Credit Card
      • Buy BTC with Bank Wire
      • Buy BTC with eToro
      • Buy BTC with Paypal
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      • Bitcoin Price Prediction
      • ALICE Price Prediction
      • ApeCoin Price Prediction
      • Axie Infinity Prediction
      • Battle Infinity Prediction
      • CateCoin Price Prediction
      • Cardano Price Prediction
      • Chia Coin Price Prediction
      • DeFi Coin Price Prediction
      • DogeBonk Price Prediction
      • Dogecoin Price Prediction
      • Dogelon Mars Prediction
      • Ethereum Price Prediction
      • Floki Inu Price Prediction
      • Hoge Coin Price Prediction
      • Kishu Inu Price Prediction
      • LBLOCK V1 Prediction
      • LBLOCK V2 Prediction
      • LUNA Price Prediction
      • Pi Coin Price Prediction
      • Polygon Price Prediction
      • SafeMoon Price Prediction
      • Samoyed Coin Prediction
      • Shiba Inu Price Prediction
      • Stepn GMT Price Prediction
      • SXP Coin Price Prediction
      • VeChain Price Prediction
      • XRP Price Prediction
      • Best Altcoins
      • Buy Battle Infinity
      • Buy Bitcoin Cash
      • Buy Binance Coin
      • Buy Celo
      • Buy Cardano
      • Buy Cartesi
      • Buy Chiliz
      • Buy Cronos
      • Buy Dash
      • Buy EOS
      • Buy ENS
      • Buy Ethereum
      • Buy Ethereum Classic
      • Buy FTX Token
      • Buy HBAR
      • Buy IOST
      • Buy IOTA
      • Buy Litecoin
      • Buy Livepeer
      • Buy Loopring
      • Buy Lucky Block
      • Buy LUNA 2.0
      • Buy LUNC
      • Buy Neo
      • Buy Pitbull Coin
      • Buy Polkadot
      • Buy RadioCaca
      • Buy Solana
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      • Buy VeChain
      • Buy XRP
      • Buy ZCash
      • Best Crypto Exchanges
      • Best Altcoin Exchange
      • Best Metaverse Platforms
      • Best Crypto Apps
      • Best DeFi Exchange
      • Best P2P Exchange
      • Binance Referral Bonus
      • Binance vs Coinbase
      • Binance Review
      • Best Binance Alternatives
      • Best Coinbase Alternatives
      • Bitstamp Review
      • Bitstamp Sign Up Bonus
      • Coinbase Review
      • Coinbase Sign Up Bonus
      • Crypto.com Review
      • Crypto.com Sign Up Bonus
      • Crypto.com Visa Card
      • Crypto Credit Cards
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      • Margin Trading Exchanges
      • Social Trading Platforms
      • Best Meme Coins
      • Best Dog Cryptos
      • Buy Baby Doge
      • Buy Dogecoin
      • Buy Floki Inu
      • Buy Kiba Inu
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      • Buy Tamadoge
      • Best DeFi Coins
      • Buy 1inch
      • Buy Aave
      • Buy Algorand
      • Buy Ankr
      • Buy Avalanche
      • Buy Balancer
      • Buy Bancor
      • Buy Chainlink
      • Buy Compound
      • Buy Cosmos
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      • Buy DYDX
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      • Buy Kyber Network
      • Buy Maker
      • Buy Polygon
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      • Buy Tezos
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      • Best Web 3.0 Coins
      • Buy Basic Attention Token
      • Buy Biconomy
      • Buy Filecoin
      • Buy Theta
  • NFTs
      • How To Buy NFTs
      • Best NFT Apps
      • Best NFT Games
      • Best NFT Giveaways
      • Best NFT Lawyers
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      • Best NFT Presales
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      • Make Money With NFTs
      • Best Metaverse Coins
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      • Buy Axie Infinity
      • Buy Decentraland
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      • NFT News
      • Celebrity Backed NFTs
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      • New NFT Projects
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      • Invest in the Metaverse
      • Best Metaverse Apps
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      • Real Estate Investment Club Review
      • Identity 20XY Review
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      • Binance
      • Crypto.com
      • DraftKings
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      • Magic Eden
      • NFT Launchpad
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      • OpenSea
      • Rarible
  • Stocks
      • Types of Stocks
      • Best Biotech Stocks
      • Best Bitcoin ETFs
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      • Best Cannabis Stocks
      • Best Cheap Stocks
      • Best DeFi Stocks
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      • Buy Stocks on eToro
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      • Buy Stocks with PayPal
      • Invest in Stocks
      • Invest in NFT Stocks
    • Trading
        • Best Trading Platforms
        • Best Investment Apps
        • Capital.com Review
        • Copy Trading Platforms
        • Demo Accounts for Stocks
        • Day Trading Platforms UK
        • eToro Review
        • eToro Review UK
        • eToro Review ZA
        • How to Day Trade Stocks
        • How to Trade Commodities
        • How to Trade Crypto
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    Digital & Social⟩Leadership

    5 Key Steps for SMBs Considering Expanding Overseas

    author imageAndrej Kovacevic Last updated: 2 February 2020
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    Photo: contrastwerkstatt / Adobe Stock

    For small businesses, the internet now makes it possible to expand into new territories and markets with ease. That’s because online commerce is borderless. That doesn’t mean, however, that there’s nothing you need to know when expanding your small business into a foreign market.

    In fact, there’s plenty that can go wrong for a small business that sees to operate internationally. Making a smooth entry into a foreign market requires some serious forethought and careful planning. To help small businesses considering such an expansion, here are five steps to prepare for the process.

    1. Conduct Local Market Research

    As you would when expanding a small business into a larger local territory, the first step in an international expansion plan is to conduct thorough local market research. That will help to make sure the market will support the business’s plans, and that there’s sufficient demand to make it worth the effort.

    A great place to start is to go over the available tips and best practices provided by the US Department of Commerce’s Export.gov page on the subject. It has everything a small business needs to know about collecting market data in unfamiliar territories.

    2. Consider Regulatory Requirements

    Depending on the nation or region the business seeks to expand into, there will be differing local laws and regulations to govern how to conduct business. Some countries will require specific business licensure, while others could have industry-specific oversight and reporting guidelines.

    For businesses operating over the internet, there are also local data governance and privacy regulations like the GDPR that apply as well. They’re the kind of things that can come back to haunt a business if not seen upfront.

    3. Plan for Shipping and Fulfillment

    Unless the primary products to be sold are digital in nature, it will be necessary to create a plan for shipping and fulfillment operations in the country the business is expanding into. This could be as simple as finding local suppliers for the products that you sell, or as complicated as setting up regional distribution capabilities within the new market itself.

    It’s critical to assess all of the costs of fulfilling orders for new customers, including what local shipping companies will charge for last-mile delivery services. In smaller markets, those costs often prove prohibitive for small businesses.

    4. Determine Local Payment Options

    To sell products overseas, it is necessary to have ways to accept payment for those products in the local currency in the market. Online businesses can accomplish this by accepting international payments via PayPal, but that’s not the best option in every case.

    For larger purchases, it’s sometimes desirable to use options like wire transfers and international money orders. In some regions, it may even be necessary to accept cash-on-delivery for products, which then requires a deeper understanding of foreign exchange markets and a means of moving hard currencies across international borders.

    5. Be Careful with Marketing Localization

    When preparing to go live with sales and a corresponding marketing push in another country, it’s important to go over all of the details with a fine-tooth comb before a single prospective foreign customer has their first encounter with the small business.

    It’s common for cultural misunderstandings, translation errors, and other localization issues to turn an otherwise solid product launch into a major marketing disaster. Even large corporations struggle with this aspect of moving into foreign markets, so go slowly and double-check everything.

    Ready to Launch

    Once every step in a small business’s foreign expansion plans is executed to perfection, all that’s left to do is work like crazy to make it a long-term success. That will mean keeping up to date on the changing conditions in that market and making corresponding changes to keep pace.

    The good news is that that kind of market agility is a strong point of most small businesses, so it should be the easiest part of the whole process. That said, operating successfully in multiple locales is no simple feat, so keep your eye on the ball at all times or risk having a long-planned expansion turn into an unexpected retreat.

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      This article was written for Business 2 Community by Andrej Kovacevic.
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    author image

    Author: Andrej Kovacevic

    Follow @andrejtl

    Andrej is an accomplished digital marketing specialist and an avid internet technologist. Throughout his career, Andrej has combined his passion for cutting-edge technology with a keen eye for emerging industry trends to deliver customized marketing solutions to businesses and clients around the globe. He believes that the key to modern

    … View full profile ›


    More by this author:
    • How US SMBs Can Avoid Layoffs as the COVID-19 Crisis Continues

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