When entering a foreign market with a service, an entrepreneur faces numerous issues: an unfamiliar market space, a different mentality of consumers, unknown legislation, a language barrier, and new partners.
For a number of reasons, foreign economic activity turns out to be more difficult than activity in the domestic market since it is necessary to take into account national, religious, cultural, and ethnic characteristics and the countries’ specifics whose markets the company plans to enter. In foreign markets, the company faces more factors that are rather complex in their interdependence than in the domestic market. Companies that decide to conquer a foreign market have to understand that such activities require significant investments, forces, and resources: both organizational and personnel, financial, and commercial.
The greatest difficulty faced by entrepreneurs seeking to realize their foreign economic potential is the lack of objective information about the potential capacity of foreign markets, the competitive environment, and potential partners, as well as the requirements for entering these markets.
In any case, the preliminary preparation work is critical to the success of a business project because it allows for the avoidance of a significant number of errors and complications, which can result in significant financial, time, and reputational losses. For example, without analyzing the foreign market and checking the reliability of foreign partners, their business reputation, solvency, and SWOT research of competitors, it is inappropriate to even start. You should also know the risks in advance; for example, you cannot open a business in China if the owner of the controlling stake is not a Chinese citizen. And in Europe, it will not be possible to optimize taxes, as our compatriots are used to doing. In Vietnam, the importer is not entitled to sell products specifically to the final buyer, etc. All these features can lead to the bankruptcy of the enterprise, and this often happens with non-residents.
A businessman planning to enter a foreign market is faced with a lack of complete information about the features of exporting goods to foreign countries, the features of local markets, potential consumers, foreign competitors, and other exporters; the difficulty of verifying the real capabilities of a counterparty and its business reputation; and the need for a thorough audit of companies’ partners.
As a rule, a businessman, even after having built a successful business in the local market and planning to develop it abroad, cannot count on his own financial security service because it does not always have sufficient resources: awareness of foreign legislation, verified contacts in the country where it is planned to open a business, informal sources and insiders, and overseas market research require specific skills and knowledge.
The benefits of the Consulting Company “Sidcon” are that all of the necessary information and analytical services in preparation for establishing a business in another country are provided comprehensively; you do not need to contact different companies for analysis of each direction. The Consulting Company “Sidcon” is uniquely positioned to provide these services anywhere in the world; “Sidcon” attracts specialists from the country of interest to the customer for qualified consulting support. In addition to consulting support, we offer the selection of specialized experts for legal support, including registering a company abroad, obtaining the necessary permits and certificates, and providing accounting support.
An individual approach is applied to each of our customers; our specialists develop a strategy in each particular case because there are no universal recipes for success. And most importantly, since the Consulting Company “Sidcon” also holds importance of its two decades impeccable reputation, we guarantee complete confidentiality in our work to each customer.
Summarizing the above, the management of the Consulting Company “Sidcon” informs about the publication of the book “SECURITY OF FOREIGN ECONOMIC ACTIVITY FOR COMPANIES”, which systematically considers the security of foreign economic activity of companies in the context of sustainable development and modern technologies for companies entering international markets and also provides recommendations for the management and successful project implementation for a company entering into a foreign market.
Media Contact
Organization: Sidcon consulting company
Contact Person: Tkachenko Olena
Email: [email protected]
Phone: +38-050-417-9939
Website: https://sidcon.com.ua/en
Address 1: 03115, Ukraine, Kyiv City, Peremogy Avenue, 121-b, office 224
City: Kyiv
Country: Ukraine
