1. Grow your business
This will probably be much easier than when people try to expand the market place.
2. Diversity risk
The idea that a business relies on one market and directs all it resources into a single currency and it could be more risky.
3. Better margins
Price pressure could be less and it could also reduce market fluctuations.
4. Earlier payments
This reduces payment risk and may help with working capital.
5. Less competition
There are fewer competitors, this task is made easier. By making the product or service available to worldwide buyers, you instantly create another life line for the business by being in less competition and it increases the possibility of standing out.
1. Don’t spend enough time to define the risks of international trade
The question is: What are the reasons people want to sell or buy from overseas? It is crucial that they have a clear understanding of what international trade involves.
2. Don’t understand the local legal framework
It is dangerous because people need to assume the laws in other countries. When they do something legal, the first time can save them a lot of time and money.
3. Don’t communicate effectively the business partner
Relationships have to be worked. There are some problems between business and friendship.
4. Don’t spend enough time with potential business partners
Business people need to develop some very good partners, especially in long distant relationships.