Top 5 Ways to Seek For Foreign Business Partner

Exporting is not reserved for large multinationals, SMEs too can find an interesting outlet to increase their turnover. But developing internationally is not without risk: language barrier, legal and cultural ignorance of the country you want to conquer. Starting with local partners is a safer step.

Top 5 ways to seek for foreign business partner

The essential market research:

Before you start looking for a business partner, the market research step will allow you to know if your products are suitable for the country where you want to operate. You will then need to inform yourself about the local economic context, the structure of distribution networks, the regulations in force (for example, labeling) You will find a lot of information on the internet.

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Prospecting:

The key to success Turn to your Chamber of Commerce and Industry, they will offer you an interview with an international specialist. You can tell him about your project. Chambers of commerce have a network of major business partners, they organize meetings, including with buyers looking for new products. You will obtain valuable information on the choice of the country to export to and above all, you will be able to benefit from experiences already lived abroad. In short, this process will open doors for you and you will be accompanied by experts. You can also participate in international fairs, exhibit your products and build a network of business relationships. Sites like eventseye.com offer a search by places, dates, industries. It’s a free database! Also consult professional associations, business directories abroad.

Local support:

A foothold in the target market Signing a contract with local support means engaging with an intermediary between the distributors and you. This will require building a solid relationship of trust, because how do you know if it will serve your interests? He must know local customs, master the language and the legislation. Do not rush into your choice, do a little research to cross-check the information gathered with other sources. Again, seek advice from an international expert in your chamber of commerce. Once you have made your choice, you will have to sign various contracts with him, but also with your future distributors. Entrust your documents to a translator in Bordeaux to be sure that all the clauses will be understood and respected.

Foreign embassies and trade commissioners in foreign markets:

Many countries have trade counselors attached to their diplomatic posts overseas, including embassies, consulates, and high commissions. Those same counselors may also be present in key markets in the home country, as is the case in Canada, to assist companies with local support before their engagement in international markets.

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Published studies and books:

A variety of exploration institutions and government agencies conduct profitable and request exploration and publish studies on their results. For illustration, GAC in Canada publishes a wide range of sector biographies and studies. These studies can be penetrated online, occasionally for a figure, or can be ordered from a university library. The business section of a good bookstore contains books concentrated on specific requests, and frequently includes sources of business information.

Top 5 ways to seek for foreign business partner