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A Guide to Preparing an International Business Plan

By: FITT Team

An international business plan acts as a framework that identifies goals and objectives, specific target markets and clients, resources required and strategies to be developed in pursuit of international business opportunities. The plan allows for the monitoring of progress via metrics against which success and failure can be measured. A comprehensive international business plan will be comprised of a number of integrated strategies related to business functions, including communications, sales and marketing, finance and production.

What Is an International Business Plan?

An international business plan is a valuable management tool that describes who a business is, what it plans to achieve and how it plans to overcome risks and provide anticipated returns. It can be used for a wide variety of purposes, such as to:

• Set goals and objectives for the organization’s performance.
• Provide a basis for evaluating and controlling the organization’s performance.
• Communicate an organization’s message to managers and staff, outside directors, suppliers, lenders and potential investors.
• Help the planner identify the cash needs of the business.
• Provide benchmarks against which to compare the progress and performance of the business over time.

A comprehensive and detailed plan forces the planner to look at an organization’s operations and re-evaluate the assumptions on which the business was founded. In doing so, strengths and weaknesses can be identified.

Although highly dependent on the individual business case, on average it takes a three-year commitment to establish a successful presence in a foreign market. This process may require tremendous human, technical and financial resources during the developmental period.

The Planning Process

An international business plan is subject to repeated adjustment and revision to keep it current with the changing circumstances of the organization. The plan is a feedback mechanism through which new information is continually incorporated into the organization’s operations. Planning always precedes action. Therefore, planning must be thought of as a continuous cycle. The analytical tools presented here are not intended to be used just once. If they are to be useful, they should be used repeatedly as part of a process of improvement and incremental adjustment.

Plan Preparation Guidelines

These 7 guidelines will help in preparing a comprehensive international business plan:

• Clearly define the objectives for producing the plan : Who is going to read the plan, and what will they need to do? These objectives can help you decide how much emphasis to put on various sections.
• Allocate sufficient time and resources to thoroughly research the plan : A plan is only as good as the research that went into producing it.
• Show drafts of the plan to others : It can be very useful to obtain feedback from others, both inside and outside the business.
• Create an original plan that is done specifically for each business case : A common mistake entrepreneurs make is to borrow heavily from a sample plan and simply change the names and some of the numbers. There are two big problems with this approach. First , the emphasis placed on various sections of the plan must reflect what is important to the particular business in question. Second , a good plan should flow like a story, with the sections working together to demonstrate why the business will succeed. Plans that borrow too heavily from other plans tend to be disjointed, with some sections contradicting others and various key issues left unaddressed.
• Outline the key points in each section before the writing starts : These points must then be reviewed to ensure the sections are consistent with each other, there is little duplication and all key issues have been addressed.
• Ensure financial projections are believable : For many readers, the financial section is the most important part of the plan because it identifies the financing needs and shows the profit potential of the business. In addition, a good financial plan will give the reader confidence that the author really understands the business.
• Consider writing the executive summary as the last step in the process: It is usually easier to provide a concise overview after the detailed content has been created.

If you’re having trouble getting started with your business plan, try writing like it’s a series of tweets—one for every section of your business plan. To get your point across, 140 characters is all you need.

Forcing yourself to boil each section of your business plan down to one main point is an exercise in decision making and strategy all in itself. When you’re done, you’ll have everything you need to take your next step, whether that’s practicing your pitch to potential investors or a business partner, or sitting down to expand each tweet into a full section of a more traditional business plan.

Core Content

The international business plan is the culmination of all of the work done to determine the appropriate venture for the organization’s growth. As part of the feasibility process, the organization will have determined its own internal readiness, conducted comprehensive target market research and carefully analyzed any relevant risks.

At this point, the organization can take all of this information and analysis and formally document the plan for moving forward. There are many different models and examples of how to put together a formal business plan, rather than one correct way.

The right format will depend on the organization, the venture being pursued and who will be accessing the business plan and for what purpose. However, there are some basic guidelines to follow.

One of the reasons business plans are developed is to convince investors and/or bankers to invest in the venture.

Increasingly, they are looking for a business plan to include two sections: one relating to online strategy (in terms of e-marketing, social media and ROI) and the second relating to corporate social responsibility (including quality, health, safety and environment policies).

The inclusion of these topics gives more credibility to the company by demonstrating its commitment to the community and to employees’ well-being.

Telling a Story 

One trend in business planning is to use a narrative structure in the document, rather than traditional technical writing techniques. Storytelling techniques are increasingly being used throughout the business world to create personal and organizational brands, deliver marketing messages and develop persuasive plans.

Stories make presentations better. Stories make ideas stick. Stories help us persuade. Savvy leaders tell stories to inspire us, motivate us. That’s why so many politicians tell stories in their speeches. They realize that “what you say” is often moot compared to “how you say it.

Instead of using bulleted points and cold, technical language, organizations employ a “beginning, middle and end” narrative style. This engages the audience by establishing the context, describing the conflict or obstacles and arriving at a successful resolution.

The Executive Summary

Usually the last step of preparing the international business plan is to develop the executive summary, a short overview of what the plan proposes to accomplish. For some purposes, a one-page business plan can also be useful.

There is not a great deal of difference between an executive summary and a one-page business plan. The most significant distinction is the one-page plan must completely fit on one page in a readable font, while an executive summary may spread over two or three pages.

One-Page Business Plan

There is a trend towards the one-page business plan, especially if the plan is to be presented to potential partners for their consideration. Audiences for the one-page plan will be looking for a “quick hit”: a clear and concise description of what the opportunity is and how it is being pursued.

For example, a one-page business plan might include the following topics, as described in Noah Parson’s article “How to Write a One-Page Business Plan” on the website Bplans :

• Customer problem/opportunity
• Your solution/approach
• Business model (how you make money)
• Target market (who is the customer and how many are there)
• Competitive advantage
• Management team
• Financial summary
• Funding required

The one-page plan (or the executive summary, if used in place of the one-page plan) may provide the first impression the audience has of the business. This is the most important document generated out of the business planning process, and significant effort and care should be taken in its creation.

There are many websites the provide blank samples of one-page business plans, including Bplans , the GoForth Institute and Startup.com.

A Note on Strategic Plans

A strategic plan covers many of the same points as a business plan. However, a strategic plan sets out the detailed action plan to be followed to achieve the objectives of the international business plan.

It must outline specific activities, their due dates and who is responsible for each activity. It is a project plan with a critical path. A strategic plan ensures any venture is carried out in a coordinated, informed and systematic way.

A key consideration in action planning is how quickly to enter the market, which is driven by the chosen market entry strategy. If market entry is done too quickly, the potential for costly mistakes increases. However, if it is completed too slowly, opportunities may be missed and competitors will have more time to react.

The Planning Cycle

Attaching the word “cycle” to planning implies that it happens more than once. International business plans need to be reviewed periodically because new information that has an impact on both planning and operations is continually coming in.

All plans, including international business plans and strategic plans, need to be reviewed every time there is a major event impacting the business, such as civil unrest, a currency fluctuation or the presence of a new competitor.

About the author

Author: FITT Team

The Forum for International Trade Training (FITT) is the standards, certification and training body dedicated to providing international business training, resources and professional certification to individuals and businesses. Created by business for business, FITT’s international business training solutions are the standard of excellence for global trade professionals around the world. View all posts by FITT Team

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I have a company in Dubai and I am looking for someone who can write an internationally designed business plan with me for investors. Do you have an address I can contact?

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7 steps to create your international business plan

Congratulations! You’ve made the decision to go global . Now how do you get started?

First, determine your company’s export readiness by taking this nine question quiz created by the U.S. Department of Commerce. The website calculates your readiness score and provides additional resource links to help overcome any corporate weaknesses.

Next, develop a plan. Stanley Pfrang, Market Development Director – India, the Middle East and Africa, WEDC , and Jen Pino-Gallagher, Bureau Director, International Market Development, DATCP , shared a seven step plan at a program I recently attended.

• Proactively develop a plan. Some companies reactively dive into the international market after receiving a product or service inquiry from overseas. A better strategy is to first think through planning steps two-seven to help avoid costly missteps.
• Conduct market research. Is there a need or demand for your product or service? Is market expansion feasible? Who are your competitors? What financial and legal paperwork is required? Do your current customers also operate in global markets? If so, what can you learn from them about opportunities and potential pitfalls?
• Entering new markets. Who can help you distribute your product? Do you need storage space? Will you need a manufacturing partner located in your target destination?
• Logistics. How important is your delivery speed? The decision will help you select transportation carriers and/or delivery routes.
• Payments. Determine what currency you will accept. Will you sell in U.S. dollars and/or foreign currency? Will you offer a discount if payment is received in U.S. dollars? Will you accept letters of credit? Will you require a down payment before production begins on goods or services?
• Visit the market before entering it. How do your competitors operate? How will your customers use your products or services as compared to those of your competitor? Trade shows are a good, inexpensive resource to help you see market potentials and downsides.
• Resources. Explore state and federal government online resources. Join an industry association knowledgeable about international trade. Talk to customers and maybe even competitors to learn from their mistakes and wise decisions.

After sharing the seven step plan, Pfrang, Pino-Gallagher and other program panelists offered additional tips.

Don’t be afraid to ask questions about companies interested in your product. How long have they been in business? Obtain customer and vendor references. A face-to-face meeting to establish a relationship before doing business is best and can be done using Skype or a similar internet connection if necessary.

When seeking a trade consultant, hire a native of the foreign market you wish to enter because she will better understand the market needs and difficulties. At a minimum, hire someone with English as his second language.

Never automatically dismiss a lead that comes your way. Always explore the possibilities. It may lead to big things.

Be ruthlessly conservative in planning when internally strategizing your approach to new markets and opportunities that arise. Remember to include the impact on staff resources, time zone differences and product distribution methods.

Read Kiss, Bow or Shake Hands , a book that provides insights into business culture and customs in many different international markets. Lastly, always remember the primary goal of marketing.

So now it’s your turn to share advice. What resources do you use? What wisdom have you developed through experience? I’d love to hear from you. You can leave your comments below or you can reach out to us on Twitter and Facebook .

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One Response to 7 steps to create your international business plan

I run a small time web business in the evening, and have been operating globally for over a decade. If you have any type of web presence for your product, you quickly find yourself doing global sales on a small scale in terms of units – i.e. single items – though not necessarily on a small scale in terms of income- about 30% of my sales are out of country -that is where my strongest customers are (and oddly in the countries with universal health care and some of the highest tax rates). Many local banks are not set up to handle those type of transactions economically so I use various on line payment systems. You lose 3-4% but it is a lot simpler than any other option. I learned this the hard way when my community bank took 4 months to finalize a simple overseas bank transfer from the Philippines. For screening customers I am basically linked to other people working in the same type of business. We share mainly which customers to avoid, scammers and the like. Likewise I have come to learn a lot about what countries to ship to an which to avoid as well as the various headaches of different import customs and other processes. It can be a tricky process but a lot of local small businesses are doing it . In terms of language barriers – if you are not dealing with English speaking customers there are various free translation services on line – In todays world though you need these markets – Wisconsin is the weakest state I have for sales and overseas is by far the most profitable.

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How To Start A Business Internationally [Detailed Guide]

In the past, opening an international business literally meant crossing oceans to reach foreign markets. Fortunately, times have changed, and today venturing into the global market is much easier, safer and more popular than ever before.

In fact, international business is currently experiencing a significant boom. According to a recent study by the World Bank, international trade is growing at a rate of 3.8% per year, surpassing global GDP growth. Now, that’s a whole lot of opportunities waiting to be seized.

However, it’s crucial to acknowledge that starting a business internationally comes with its own set of hurdles. Cultural differences, language barriers, and legal requirements are just a few examples of the challenges businesses need to overcome. Yet, the rewards can be substantial.

That’s why we’ve put together this guide to help you navigate the process of setting up a business internationally. We’ll walk you through the steps, provide valuable insights, and offer practical tips to make your international business venture a success.

Step 1: Choose Your Market

The first step to take when starting a business internationally is to conduct thorough market research . This will help you identify and narrow down potential markets for expansion. You’ll be required to gather and analyse lots of data based on the economic, political and cultural environment of the countries you’re considering and the demand for your offerings in their local markets.

You can consult a variety of sources to gather information for your market research, which could include: 

• Government websites: Many governments have websites that provide information about the economy, the regulatory environment, and their country’s culture.
• Trade associations: Trade associations can provide information about your industry, as well as the regulations and standards that apply in different countries.
• Business directories: Business directories can help you identify potential partners and customers in a new market.
• Online forums, focus groups and online surveys: Joining online forums or focus groups can be a great way to connect with people who are already doing business in a new market. You can also conduct online surveys to gather direct feedback and insights from potential customers and industry experts.
• Consulting firms: Consulting firms can provide specialised advice on market research and international expansion.
• Academic resources : Universities and research institutes often publish studies, papers, and research findings on various markets that can help you provide a deeper understanding of the economic, social, and cultural aspects of the target country.

Step 2: Develop Your Business Plan

The next is to come up with a solid business plan . You’ll have to start by defining specific goals and objectives for your international expansion and outlining your strategies to make it happen.

Here’s what your business plan should include:

• Executive Summary: This is a brief overview of the business plan , and it should include the goals and objectives of the international expansion, as well as the strategies that will be used to achieve them.
• Company Description: This section should provide an overview of the company, including its history, products or services, and target market.
• Market Analysis: This section should analyse the target market , including the size and growth potential of the market, the level of competition, and the regulatory environment.
• Marketing Plan: This section should outline the marketing strategies that will be used to reach the target market, including the messaging, distribution channels, and promotional activities.
• Financial Plan: This section should provide an overview of the financial projections for the international expansion, including the costs and revenue.
• Sales Plan: This section should outline the sales strategies that will be used to reach the target market, including pricing, product positioning, and sales channels.
• Operations Plan: This section should outline the operational strategies that will be used to support international expansion, including the supply chain, manufacturing, and customer service .
• Logistics Plan: This section should outline the logistics strategies that will be used to get products or services to the target market , including transportation, warehousing, and customs clearance.
• Management Team: This section should introduce the management team and their experience.
• Appendix: This section should include any supporting documents, such as market research reports or financial statements.

A well-developed business plan will develop the success of your business in international markets. You’ll not stay focused and on track, but you’ll also have a roadmap for your future expansion efforts. Your business plan will serve as an official record proving the viability of your business, which would open numerous avenues to secure funding and attract potential investors .

Step 3: Set Up Your Business Entity

Even setting up your business’s legal entity could be a hassle when it comes to international business. There are two aspects to it:

Choosing The Right Legal Structure

There are many different legal structures available. However, choosing which would be the best for you will depend on a number of factors, including the size and nature of your business, the level of liability you are comfortable with, and the tax implications in the country you are expanding into.

Some of the most common legal structures for international businesses include:

• Sole proprietorship: This is the simplest and most common legal structure for small businesses. In a sole proprietorship, the business owner is personally liable for all debts and liabilities of the business.
• Partnership: A partnership is a business owned by two or more people. The partners are jointly liable for the debts and liabilities of the business.
• Limited liability company (LLC): An LLC is a hybrid business structure that combines the benefits of a corporation and a partnership. The owners of an LLC are not personally liable for the debts and liabilities of the business, but the LLC itself is a separate legal entity. If you need assistance, Incfile can help you file for your own LLC online for free.
• Corporation: A corporation is a legal entity that is separate from its owners. The owners of a corporation are shareholders, and they are not personally liable for the debts and liabilities of the corporation.

Registering With The Appropriate Authorities

Once you have chosen the right legal structure, you must register your business with the appropriate authorities in the country you are expanding into. The registration process will vary from country to country, but it typically involves providing information about your business, such as its name, address, and contact information.

Step 4: Get the Necessary Permits And Licences

The specific permits and licences you will need will vary depending on the country you are expanding into. However, some common permits and licences include

• Business registration: You will need to register your business with the appropriate authorities in the country you are expanding into.
• Employment permits: If you plan to hire employees in the country you are expanding into, you will need to obtain employment permits for them.
• Tax registration: You will need to register your business for tax purposes in the country you are expanding into.
• Intellectual property registration: If you have intellectual property, such as trademarks or patents, you must register them in the country you are expanding into.
• Import and export licences: If you plan to import or export goods, you will need to obtain import and export licences.

If you’re struggling to figure out which permits or licences your business needs, BetterLegal can research for you so you can focus on getting your business off the ground.

Step 5: Open a Bank Account

Opening a bank in your target market will greatly help you develop a local financial presence. Plus, you’ll easily facilitate transactions, all while complying with local regulations. Here are a few things to consider before you open your bank account:

• Research local banking options : Start by researching the local banks in your target market. Look for reputable local banks that offer suitable business services, such as international transactions, account types, foreign exchange services and international banking facilities. If you are a non-resident, you will need to find a bank that is willing to open a LLC bank account for non residents for you.
• Check the requirements : Different countries have different rules when it comes to opening a bank account. Make sure to check requirements for documentation, business licences, minimum deposit requirements, and identification. In case you need any help, consult the local authorities, business associations, or legal advisors for guidance. Gather the necessary documentation: Once you have chosen a bank, prepare the necessary documentation to open an account. This typically includes identification documents (such as passports or national ID cards) for the account signatories, proof of address (utility bills or lease agreements), business registration or incorporation documents, and tax identification numbers. Some countries may ask you for additional documents, so ensure you have a comprehensive list based on local regulations.
• Open the account online or in person: Some banks allow you to open an account online, while others require you to open an account in person. If you are opening an account in person, be sure to schedule an appointment in advance.
• Transfer your funds : Once your account is successfully opened, transfer funds to it by wire transfer, bank transfer or check. Make sure to familiarise thoroughly with the processes, fees, and any currency conversion requirements. You may also explore options such as foreign exchange services or international payment platforms to streamline your cross-border transactions.

Step 6: Hire Employees

Expanding on the sixth step of opening a business internationally, which is hiring employees, make sure to find qualified professionals in your target market and make them a part of your team. But before you hunt for potential candidates, familiarise yourself with the local labour laws and regulations. If you need any help, you can also consult local legal counsel or HR experts.

Step 7: Market Your Business

When marketing your business internationally, the first thing you need to do is to create a solid marketing plan. This plan should include your goals, target audience, marketing channels , and budget. Once you have created your marketing plan, you can start promoting your business. This can be done in two ways: online and offline.

Online marketing can include:

• Search engine optimisation (SEO): Create a user-friendly, visually-appealing website that showcases your offerings. Use SEO techniques to improve your website’s organic rankings on search engine results pages. This means optimising your website’s content, using relevant keywords, and obtaining high-quality backlinks.
• Invest in online advertising: Consider running online advertisements through platforms like Google Ads, social media ads, and display advertising networks. Target your ads based on demographic and geographic factors to reach your desired audience effectively.
• Social media marketing: Establish a popular presence on social media platforms within your target market. Engage with your audience, build a connection and use it to promote your business.
• Email marketing: Build an email list and send targeted email campaigns to nurture relationships with potential customers. To keep them engaged, provide relevant information, exclusive offers, and updates about your business.

Offline marketing can include:

• Participate in trade shows and industry events: Attending relevant trade shows and industry events is a great way to showcase your products, network with potential customers, and gain industry exposure in your target market.
• Localise your marketing materials: Translate and adapt your marketing materials, including brochures, flyers, and promotional videos, to the local language and culture of your target market. This shows that you value their customs and increases your credibility.
• Collaborate with local influencers or partners: Be on the lookout for influential individuals or businesses in your target market who can help promote your brand . Partner with them for joint marketing campaigns or sponsorships to reach a wider audience.
• Engage in public relations (PR): Build solid relationships with local media outlets, journalists, and bloggers to generate positive coverage for your business. Issue press releases, arrange interviews, or participate in relevant PR opportunities to increase your brand’s visibility.
• Utilise traditional advertising: Consider placing advertisements in local newspapers, magazines, radio stations, or television networks to reach a wider audience. Adapt your messaging to align with the cultural preferences of the local market.

Marketing your business internationally requires an in-depth understanding of the target market and the cultural differences. So, make sure to adapt your marketing strategies accordingly, monitor their effectiveness, and leave enough room to make changes or incorporate new ideas as you go.

Step 8: Manage Your Finances

Managing your finances is a crucial part of running an international business. A healthy financial record ensures stability, legal compliance, risk mitigation, and efficient operations. Here are some important steps that’ll help you keep your finances in order:

• Keep track of your money: Set up a system to track your income and expenses. This could be using accounting software or getting help from an accountant. It’s important to have a clear picture of your finances.
• Pay your taxes on time : Make sure you understand the tax requirements in the countries where you operate. Stay updated on tax laws and regulations. If need be, seek advice from a tax expert who can optimise your tax planning and avoid penalties.
• Watch out for currency exchange risks : Dealing with different currencies can be tricky. Make it a point to stay informed about exchange rates. Also, consider working with a foreign exchange provider who could manage currency conversions and minimise risks for you.
• Build good banking relationships: Choose a reliable international bank that suits your business needs. This will help you handle transactions across borders and access global financial services.
• Implement strong financial controls: Establish clear policies and procedures for financial transactions within your business. This includes authorisations, invoice approvals, and segregation of duties. Regularly review and update these controls to minimise the risk of fraud or errors.
• Stay compliant with regulations : Make sure you understand and comply with financial regulations, such as anti-money laundering and Know Your Customer requirements. Stay informed and keep your operations aligned with these regulations.

Remember, good financial health creates a solid foundation for long-term success in the global marketplace.

Tips to Keep in Mind While Starting a Business Internationally

Stepping foot in the global marketplace can be exciting. However, growing your business overseas also comes with its own sets of challenges. To make sure you’re set up for success, here are a few important tips you need before you ahead and take the plunge:

• Establish physical presence: You can do so by partnering with a local company, forming a joint venture or setting up your own local offices in the target market.
• Adapt your pricing strategy: Make sure to adjust the price of your offerings as per the local market conditions, the competitive landscape and the purchasing power of the target customers. If need be, introduce discounts or promotions to attract more customers.
• Invest in cross-cultural training: This will help your employees to develop cultural intelligence. They’ll better understand the cultural norms and expectations of the target market, which would help them build solid relationships with international partners and customers.
• Develop a comprehensive risk management plan: While coming up with a risk management plan, make sure to address the political, economic, and legal risks associated with operating in different countries. Also, include contingency plans just to be prepared for unexpected events or scenarios.
• Use digital tools : Incorporate digital tools and platforms to facilitate remote collaboration, virtual meetings, and seamless communication with international stakeholders.
• Build a strong brand reputation: Prioritise your customers’ satisfaction above anything else, make sure your offerings are simply top-notch and maintain ethical business practices.
• Stay up-to-date on trade agreements. Tariff changes and geopolitical events can significantly impact your business operations or supply chain. It is important to stay up-to-date on these changes so that you can make informed decisions about your business.
• Seek feedback and testimonials : This will help you understand what your customers actually want and need, and it will also help you improve your offerings. Positive feedback from customers can also help you build credibility and generate word-of-mouth within the target market.

While there are many challenges one may encounter while operating a business internationally, here are some of the most common ones: Cultural differences: Each country has its own unique cultural nuances and practices that can vary significantly across countries, affecting communication styles, business etiquette and customer preferences. Adapting to and respecting these differences is crucial to ensure successful operations. Language barriers: Not being able to speak the local language can make conducting business a lot more difficult, especially when you need to constantly communicate with your customers, suppliers, partners, and employees. This can be a challenge, especially if you are operating in a country with a language that is very different from your own. Regulatory hurdles: Each country has its own set of regulations, and it is important to understand these regulations in order to comply with the law. This can be a challenge, especially if you are operating in a country with a complex regulatory environment. Financial risks: Operating a business in a new market can be risky, as you may not be familiar with the local market conditions. For example, you may be exposed to currency fluctuations or political instability. Logistics challenges: Shipping products or services to a new market can be challenging, especially if the country is located far away. You will need to factor in the cost of shipping, as well as the time it takes to get your products or services to your customers. Competition: The level of competition in a new market can vary greatly. There may be very little competition in some markets, while in others, the competition can be quite high. You will have to assess the level of competition in the market before you enter and develop a strategy accordingly to compete effectively.

There are a number of countries that are relatively inexpensive and easy to start a business in. Here are a few of them, as per the World Bank’s “Doing Business” report: New Zealand: New Zealand is ranked as the easiest country in the world to start a business. The cost of registering a business in New Zealand is just NZ$43, and the process can be completed in less than a day with minimum paperwork. Rwanda: Rwanda is another relatively inexpensive country to start a business in. The cost of registering a business in Rwanda is just RWF10,000 (around US$10). Similar to New Zealand, the process can be completed in less than a day. Slovenia: Slovenia is a country in Central Europe known for its business-friendly environment. The cost of registering a business in Slovenia is just EUR750, and the process takes about a week to complete. United Kingdom: We all know the United Kingdom is a developed country with a strong economy. The cost of registering a business in the UK is just GBP12, and the process can be completed in about a week. Denmark: Denmark is a Nordic country with a high standard of living. The cost of registering a business in Denmark is just DKK3,000, and the process takes about a week or so to complete.

You can hire bilingual or multilingual staff, utilise professional translation services, and invest in cross-cultural communication training to overcome language and communication barriers.

An ardent reader, full-time writer and a lover of all things purple. Riya is an entrepreneurial spirit, making her way in the start-up industry through her expressive writing. When not working, you can find her jamming to music, watching period films, eating sushi, or petting cats.

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Featured reviews, contact info, how to start an international business from scratch: a newbie’s guide.

• by Anurag Jain
• June 24, 2023
• 9 minutes read
• 7 months ago

Introduction : International Business Decoded

Over the past 2 decades I have built dozens of million-dollar consumer brands, and have realized that the framework to build and scale any international business has been pretty consistent time and again.

While the framework is pretty simple, it takes a lot of experience and experimentation to get this right. Hence, I can relate to a lot of my students who feel great deal of ambiguity as they venture to building their own business. Embarking on the journey to start an international business can be thrilling, yet challenging. But with determination, strategic planning, and some insider knowledge, you can navigate the path to global success.

Once during my experience with Godrej Consumer Business, I was tasked to scale a business 5x in 3 years for an international market while also addressing a bleeding bottom line. I was able to put the exact framework I am sharing below to accomplish this goal. I continue to share similar deep learnings from my experience, so I encourage you to check out my Online Business Blog and subscribe so you have access to all this wealth of information. 

Hence, I have created this in-depth step-by-step guide to help you build a thriving international business, leveraging real-world examples, data-driven insights, and expert tips.

Step 1: Discover Your Profitable Niche

Crafting your niche in the international marketplace is the first crucial step. Harvard Business School’s research found that companies focused on niche markets outperformed their competitors by 1.4 times on average. Some aspects to consider while researching your niche:

• Interests & Skills: Begin by identifying your interests and skills. A niche you are passionate about is more likely to keep you motivated.
• Market Trends: Utilize tools like Google Trends, Keyword Planner, and SEMrush for in-depth market trend analysis.
• Competitor Analysis: Tools like Ahrefs or SpyFu can reveal what your potential competitors are doing and where gaps might exist.

Example: A successful example of identifying a unique niche is the story of Uber. The founders identified a gap in the transportation sector, leading to the creation of a business model that revolutionized the taxi industry globally.

Expert Tip: Utilize tools such as Google Trends and Ubersuggest to analyze market trends and search volumes for your prospective niche. These tools offer a visual representation of potential niche markets over time and across different regions.

Step 2: Comprehensive Market Research

Market research is fundamental to understand market dynamics, gauge potential competition, and uncover potential opportunities. You should use a combination of both primary and secondary research so you can look at existing resources, but also resist proxies by connecting directly with your target cohort.

• Primary Research: Conduct surveys and interviews. For example, SurveyMonkey can help you create surveys, while services like Qualaroo allow you to gather on-site feedback. You can also engage with agencies like Nielsen to do consumer surverys like in-depth interviews, focus groups, product trials or even communication review.
• Secondary Research: Resources like Statista, World Bank Data, and MarketResearch.com are excellent for gathering global economic data and industry-specific information.

Example: Airbnb’s success is a result of detailed market research, which helped the founders identify that travelers were seeking more personalized and affordable accommodation options.

Expert Tip: Leverage both primary and secondary research. For primary research, use survey tools like SurveyMonkey or Google Forms to gather firsthand data from your target demographic. For secondary research, websites like Statista and World Bank Data provide a treasure trove of market statistics and trends.

Step 3: Business Plan Development

A well-drafted business plan is a map that guides your business journey. It’s like the blueprint of your business and fundamental to get right before getting into the execution. In fact, 70% of businesses that used a business plan reported growing their business compared to 50% of those who didn’t. 

Some of the key elements of a well drafted business plan include:

• Executive Summary: Summarize your business idea, goals, and strategies in a nutshell. This is like your 1 minute clear compelling pitch which hooks the audience.
• Market Analysis: Discuss your target market, customer demographics, and competitors, with data-backed insights.
• Business Structure & Model: Outline your business structure (sole proprietorship, partnership, LLC), and the business model you’ll be using (e-commerce, dropshipping, franchising, etc.).
• Marketing & Sales Strategy: Detail how you’ll attract and retain customers.
• Financial Projections: Use financial management software like QuickBooks to develop accurate forecasts.

Example: Warby Parker’s business plan, outlining a disruptive “buy a pair, give a pair” model, was instrumental in securing early-stage funding and currently, the company is valued at over $1 billion.

Expert Tip: For creating a detailed business plan, use tools like LivePlan or BPlans. They offer pre-designed templates that guide you through each section of your plan, making the process more manageable.

Step 4: Legalities and Business Registration

It’s imperative to understand and comply with local and international business laws. Firms like LegalZoom and Rocket Lawyer can assist with some of the legal aspects of starting a business. Failing to comply with local, national, and international laws can lead to severe penalties. 

For instance, according to a study by the legal firm Nolo, small businesses may face an average fine of $30,000 for non-compliance with international trade regulations.

Here are some areas to consider from a legal and regulatory perspective:

• Business Registration: Register your business in your home country and the target countries.
• Licenses & Permits: Obtain necessary licenses and permits.
• International Trade Laws: Familiarize yourself with international trade laws to avoid legal troubles.

Example: Amazon faced multiple legal challenges in Europe for not adhering to regional data protection and tax laws, leading to fines worth millions of euros.

Expert Tip: Consult with a business attorney or use online legal services like LegalZoom or Rocket Lawyer. They provide guidance on legal issues ranging from business registration to copyright protection and contractual agreements.

Step 5: Financial Management for International Business

Effective financial management is crucial for business sustainability. Xero’s “Make or Break?” report found that 65% of businesses that practiced regular financial monitoring survived compared to those who didn’t. Also, a U.S. Bank study revealed that 82% of businesses fail due to poor cash flow management. Here are a few areas which are important to regularly review for your international business:

• Budgeting: Use tools like Mint or Personal Capital for budgeting and expense tracking.
• Cash Flow Management: Tools like Float can help with cash flow projections.
• Financial Analysis: Regularly review your financial statements to understand your business’s financial health.

Example: Elon Musk almost bankrupted Tesla due to severe financial mismanagement in its early years.

Expert Tip: Utilize accounting software like QuickBooks or FreshBooks for tracking income, expenses, and cash flow. For complex financial issues, consider hiring a financial advisor or a CPA, especially while dealing with international tax laws.

Step 6: Building a Winning Team

Building the right team is integral to your business success. Research by McKinsey found that companies with diverse teams are 35% more likely to have above-average profits. Some of the critical aspects of building a winning team include:

• Recruiting: Use platforms like LinkedIn and Indeed to recruit talent.
• Remote Team: Tools like Slack and Asana can help manage a remote team.
• Diversity: Make sure your team is representative of your customer segments, as diversity can help you build a world class international business.

Example: Google attributes much of its success to its employee-focused approach, resulting in a highly motivated and productive team.

Expert Tip: Use hiring platforms like LinkedIn or Indeed to source talent. For virtual teams, tools like Slack and Trello can help in collaboration and project management.

Step 7: Product Development and Testing

Your product/service is the backbone of your business. As per the Harvard Business Review, companies that invest in product development and customer experience have 1.5 times higher shareholder returns. Some of the key aspects include:

• Product Development: Focus on creating a unique, high-quality product that meets your target market’s needs.
• Beta Testing: Launch a beta version of your product/service. Gather feedback and refine the product accordingly.

Example: PepsiCo’s Tropicana underwent a costly packaging redesign in 2009, which was not properly tested with consumers. The result? A 20% sales drop within two months. During my role at Amazon, we had a culture of doing an AB testing for every new product or capability and the experimental culture helped us make many breakthrough innovations with large scale customer adoption.

Expert Tip: Apply Lean Startup methodologies like “Build-Measure-Learn” for efficient product development and testing. For software businesses, use beta testing platforms like BetaList or TestFlight.

Step 8: Formulating Marketing and Sales Strategy

Marketing and sales strategy is your game plan to attract and retain customers. Businesses using a documented strategy are 313% more likely to report success (Content Marketing Institute). Some of the key aspects include:

• Digital Marketing: Leverage SEO, content marketing, and social media. Tools like Moz and Buffer can help.
• Sales Strategy: Create an efficient sales process. CRM software like Salesforce can streamline your sales process.

Example: Dropbox used a simple yet effective referral marketing strategy that increased its user base from 100,000 to 4 million within 15 months.

Expert Tip: Implement a multifaceted digital marketing strategy including SEO, social media marketing, email marketing, and content marketing. Tools like SEMrush, MailChimp, and Hootsuite can assist in implementing these strategies.

Step 9: Launching Your International Business

Your launch sets the pace for your business trajectory. As per Forbes, 50% of new businesses survive past the five-year mark, making a strong start essential. Making a big bang first impression helps in garnering momentum for the business so it’s important to have a launch gameplan, like:

• Launch Planning: Plan a well-orchestrated launch. Use PR, social media, and email marketing to create a buzz.
• Opening Event: Consider hosting a grand opening event, either physically or virtually.

Example: Apple’s iPhone launch in 2007 is considered one of the most successful product launches. It created hype that revolutionized the smartphone industry and catapulted Apple’s market valuation.

Tip: Develop a comprehensive launch plan including PR, social media campaigns, email marketing, and launch events. Platforms like PR Newswire and Eventbrite can aid in getting the word out.

Step 10: Scaling Your International Business

Scaling allows your business to handle increased demand. The 2019 ScaleUp Survey found that 34.5% of scaled businesses outperformed their industry counterparts. Here are a few key levers to further scale your international business:

• Operations Optimization: Streamline your operations. Software like Zoho One can help you manage various aspects of your business.
• Growth Strategy: Develop a growth strategy based on market trends, customer feedback, and business performance.
• Partnerships & Franchising: Consider partnerships or franchising as avenues for international growth.
• Customer Retention: Use customer relationship management (CRM) tools like HubSpot to enhance customer experience and retention.

Example: Slack is a classic case of successful scaling. It gradually grew its user base from a few thousand to millions by adding more servers and refining its app to handle the increased load.

Expert Tip: Optimize your operations, refine your marketing strategies, focus on customer retention, and use tools like Salesforce or Zoho for efficient CRM.

Conclusion: International Business Guide

Starting an international business from scratch is a remarkable journey filled with opportunities, challenges, and immense potential for growth. This comprehensive guide provides a roadmap to navigate your path to international success.  Use these strategies and resources to build, launch, and scale your international business successfully. 

Remember, the journey of a thousand miles begins with a single step. Embrace the journey, learn from every stage, and make your mark on the global business stage.

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Craft Your International Business Plan: A How-To Guide

Are you ready to take your business across borders? International expansion is a great way for businesses to grow and succeed in new markets. But before you dive into an international market, there are specific steps you need to consider: crafting a strategic plan. Whether it’s determining the competitive landscape of a target country or understanding local customs and regulations, an effective international business plan can lay the foundation for long-term success while also providing guidance on how best to allocate resources and manage risks. But where should one begin? Let’s dive into it!

Analyze Potential Markets

In today’s global market, expanding your business into new markets can open up a world of opportunities for ecommerce revenue growth. To get ecommerce revenue from new markets , the first step is to analyze potential markets. This involves conducting market research to identify which countries or regions hold the greatest potential for your business. You can start by looking at demographic data, economic trends, and consumer behavior in different parts of the world.

Of course, you should also delve into the market-specific data. Analyzing the competitive landscape and potential barriers to entry is sure to determine which markets are most viable for your business. Additionally, understanding cultural differences and local customs can give you insight into how your product or service may be received in a new market. Businesses can now expand their reach and increase their revenue streams in ways they never thought possible.

Set Clear Goals and Objectives

Once you have identified potential markets, it’s time to set clear goals and objectives for your international expansion. These goals should align with your overall business strategy and take into account the resources needed to enter a new market successfully.

Do you want to increase brand awareness, generate more revenue, or establish partnerships in a particular region? Or maybe you want to expand into a new market to diversify your customer base and reduce risk. Whatever the reason may be, setting clear and measurable goals can guide your decision-making process and ensure that your international business plan is aligned with your long-term vision.

Develop A Robust Strategy

With potential markets and goals in mind, you need to develop a robust strategy for entering the international market. But how do you know which strategy will work best for your business?

Direct Exporting

Direct exporting involves selling your products or services directly into the international market. This approach can be a low-cost way to test the waters and gain valuable information about overseas markets without the commitment of setting up a physical presence. However, it does require careful planning and research. Consider your product’s suitability for the market, the logistics of shipping and delivery, legal and regulatory requirements, and how you’ll handle customer service.

Licensing and Franchising

If you prefer a more hands-off approach, licensing and franchising can be viable options. Licensing involves granting another company the rights to use your intellectual property, such as trademarks or patents, in exchange for royalties or fees. Franchising is similar but typically involves a more comprehensive arrangement where the franchisee follows your established business model and brand guidelines.

Joint Ventures and Strategic Alliances

Collaborating with a local business through joint ventures or strategic alliances can also be an effective way to enter a new market. This approach allows you to benefit from the other company’s expertise and established networks while sharing the risks and costs associated with entering a new market.

Mergers and Acquisitions

For businesses looking to make a big splash in the international market, mergers and acquisitions can provide a quick way to gain market share, access new technologies or products, and expand your customer base. These transactions require significant financial resources and due diligence to ensure compatibility and avoid potential risks.

Identify The Resources You Need

No matter which strategy you choose, entering the international market requires a significant investment of time, money, and resources. It’s essential to identify what you need to make your international expansion a success.

Consider the staffing and expertise needed to manage operations in a different country. Will you need to hire local employees? If so, do you understand labor laws and cultural norms for managing a workforce in that country? Will you need to partner with local vendors or suppliers? How will you handle language barriers and cultural differences? It’s also crucial to assess your financial resources and determine how much capital you’ll need for market research, legal expenses, marketing efforts, and other related costs. Secure funding or explore financing options early on to avoid delays in your expansion plans.

Consider Different Countries or Regions

As businesses expand globally, you must first understand the unique culture, customs, and laws of different countries or regions to effectively reach and connect with their target audience. For example, did you know that in Japan, it’s considered impolite to loudly slurp noodles? Or that in China, the color red symbolizes good luck and happiness? Or that in Germany, punctuality is highly valued?

When you consider the cultural nuances and preferences of your target market, you can tailor your marketing strategies, product offerings, and overall business approach to resonate with local consumers. This can go a long way in building trust and brand loyalty in the global marketplace.

Decide How You Will Marke Yourself Abroad

Now that you have a clear understanding of your target market and their cultural preferences, it’s time to decide how you will promote and market your business abroad. This can include tactics such as translating your website and marketing materials into the local language, partnering with local influencers or businesses, and utilizing social media platforms popular in that region.

Even consider any legal or regulatory requirements for advertising and marketing in the target market. In certain countries, there may be restrictions on certain types of advertising or requirements for labeling and packaging. Other countries may have specific rules for online advertising and data collection.

Venturing into the international arena can be a game-changer for your business, opening up new avenues of growth and diversification. The journey, however, is paved with its unique set of challenges and complexities.

A strategically crafted international business plan acts as the compass guiding you toward success. It entails rigorous market analysis, clear goal-setting, robust strategic development, resource identification, cultural understanding, and effective marketing. Such a plan ensures that your business meets the needs and expectations of your new customers, stands tall amidst global competition, and reaps the rewards of global expansion. Get ready to embrace an exciting journey filled with opportunities, learning, and growth. Now that you have a step-by-step guide in hand, the world is truly your oyster!

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International Business Plan Template

What is an International Business Plan?

An international business plan outlines the goals and objectives of a business that is looking to expand into international markets. It is a comprehensive document that outlines the strategy and tactics of a business that is looking to enter into the global marketplace. The international business plan is a critical component of the overall business plan and should be developed in concert with other elements of a business’s overall strategy.

What's included in this International Business Plan template?

• 3 focus areas
• 6 objectives

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.

Who is the International Business Plan template for?

The International Business Plan template is designed for organizations of all sizes and industries who are looking to expand their operations and business into other countries. The template provides a comprehensive framework for businesses to establish effective international business relationships, utilize digital platforms, and recruit qualified international talent. It is a powerful tool that can help businesses develop and grow their international presence.

1. Define clear examples of your focus areas

When creating an international business plan, it is important to define the focus areas that will be addressed. Focus areas are the broad topics that the plan will address, and should be tailored to the specific needs of the business. Examples of focus areas could include establishing effective international business relationships, utilizing digital platforms, and recruiting qualified international talent.

2. Think about the objectives that could fall under that focus area

Objectives are the specific goals that the business wants to achieve within each focus area. Objectives should be tailored to the business’s specific needs and should be achievable and measurable. Examples of objectives could include building an international network, developing international partnerships, creating an online presence, and strengthening online connections.

3. Set measurable targets (KPIs) to tackle the objective

KPIs, or Key Performance Indicators, are measurable targets that help to quantify the success of a project or objective. KPIs should be tailored to the specific objectives of the business and should include an initial measure, a target measure, and a unit of measure. Examples of KPIs could include increasing the number of international advisory board members, increasing the number of website visits, and increasing the number of international hires.

4. Implement related projects to achieve the KPIs

Projects are the specific actions that the business will take to achieve each objective. Projects should be tailored to the specific objectives of the business and should be achievable and measurable. Examples of projects could include creating an international advisory board, establishing strategic alliances, developing an international website, and expanding social media presence.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Cascade is a powerful strategy execution platform that helps businesses quickly and effectively develop and execute their international business plans. Cascade provides businesses with the tools and insights they need to stay organized and ensure their plans are executed accurately and efficiently. With Cascade, businesses can stay on track and achieve their goals faster than ever before.

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How to draw up an international business plan

Nick Farmer – International Tax Specialist

Many businesses have heard about the benefits of trading internationally, but haven’t yet taken the plunge. Others may have started on this journey, but are still trying to figure out how to improve their international experience.

To make a success of international trade, it is important to approach it as a separate part of your business and draw up a specific international business plan.

So how do you put together a clear plan that will help you realise your international ambition?

The easiest way to start is to map out your plan into the following key segments: reasons, research, resources, relationships and review.

Steps to create a global business plan

Step 1 – reasons for going global.

To start with it is important to define your reasons for wanting to trade internationally. It could be the perfect next step, but just because someone says it would be a good idea doesn’t necessarily mean it is right for your business. So really challenge yourself to understand why you are taking your business down this path. Here are a few reasons that often arise:

• Spread the customer base;
• Reduce dependency on home economy;
• Next stage of business development;
• Helps the business innovate and remain competitive;
• Increases status of the business;
• Fulfils personal ambition

Taking time to deliberate on your reasons and being able to articulate them will give you a greater sense of purpose and help you galvanise the team around you.

How to go global in the tech sector

Step 2 – research the market.

Once you have determined that trading internationally is right for your business, then it’s time to start doing your research.

Firstly, there is now a considerable amount of data available from behind your desk. From spending time undertaking this research you are trying to find answers to questions such as:

• What markets are right for your products or services?
• What’s the competition like and are there gaps in the market?
• How easy is it to do business in the target market?
• What changes need to be made to the product; branding, colours, name etc?
• How do you comply with local regulations?
• What documentation and translations will be required?

At the same time as researching the market, you will need to think through what operating model is going to be suitable for your business in each of your target markets. Will you be looking to sell directly from the UK, or instead use in-country agents or distributors. Maybe your product can be licensed to a local business, or franchising arrangements will work for you. If you are prepared to make more of a commitment then it could be worthwhile looking for a local joint venture partner, or even set up your own operations in the local market.

Once you have exhausted the desk based research, it’s then important to carry out some in-country research to really get a feel for your audience and the opportunities that exist. It may be possible to join a trade delegation, and these can often be a good way to get introductions, but only if the visit is particularly relevant to your sector. Alternatively you might sign up for a trade show, or contact potential customers from online marketplaces, before you leave and put together an itinerary for your visit. Part of the reason for your visit will of course be to better understand the local customs and culture and to make sure you go into the market with your eyes open.

Step 3 – Resources

Whilst it is crucial to do your market research, it’s also vital that you clearly analyse the resources that are available to you to make sure you have the capacity to accommodate the desired international activity within your business. Carrying out a health check on the existing business will help you determine if you have the capability and resources to make international a successful part of your business. This will include:

Do you and your team have the time and capacity to devote to international trade or do you need to recruit appropriate expertise?

Management team

Who is going to be involved in managing the process and making sure control procedures are in place?

What employee involvement will be necessary, and will any movement of staff or local hires be required?

What funding is going to be required to support the initiative and what is the payback on this?

Language skills

What language skills will you need and are these available to you?

Is your website set up for international trade or does it need to be ‘internationalised’?

Step 4 – Relationships

There’s no doubt that trading internationally could be rewarding for your business, but to be successful it is certain that you are going to need to get some outside support. There’s a whole community of businesses set up to support international traders and understanding who is who, and getting the right people behind your business, is all part of the key to success. Collaboration partners would include:

Accountants

Providing commercial support and making sense of the numbers involved, as well as sourcing local advice from overseas network partners.

Tax advisers

Tax will play its part in any cross border transaction, so it will be important to understand the implications before it’s too late, such as VAT, Customs Duties and Withholding taxes.

Trading outside your home market will require specific insurance, and you may wish to have credit insurance to protect against non-payment.

Immigration

Where your activities involve the movement of people, there may be local visa requirements that need to be fulfilled.

There will be legal paperwork involved, such as contracts, commercial agreements and invoices, as well as the labelling and need to protect your intellectual property.

Logistics providers

To help you transport and distribute your product and ensure you have the right export documentation.

If additional finance is required you will need to explore the alternatives and find out what export finance is available to you.

Foreign Exchange

Trading internationally will usually involve foreign exchange exposure and the need for specialist FX support.

Drawing up an international business plan is only the start, and this will need to be kept constantly under review so that you are able to assess the benefits for your business. Key to this process will be the data that you collect, as this will enable you to determine the profit that you are actually making from your international activities. Making sure that your accounting system is correctly configured to provide you with this information, and that there is a regular review process (monthly, quarterly) including comparison between budget and actual, is part of the process of going international.

Business Plan Template for International Business

• Great for beginners
• Ready-to-use, fully customizable Subcategory
• Get started in seconds

Thinking about expanding your business into international markets? It's an exciting opportunity, but it comes with its fair share of challenges. That's where ClickUp's Business Plan Template for International Business can help!

With this template, you'll be able to:

• Clearly define your business objectives and strategies for international expansion
• Conduct thorough market research and analysis to identify target markets and assess demand
• Analyze the competition and devise effective strategies to stay ahead
• Create detailed financial projections and risk management strategies for a solid foundation

Don't leave your international expansion to chance. Use ClickUp's Business Plan Template to ensure a comprehensive and well-structured plan that sets you up for success. Start expanding your horizons today!

Business Plan Template for International Business Benefits

Expanding your business internationally can be a daunting task, but with the help of the Business Plan Template for International Business, you can ensure a successful venture by:

• Outlining clear and achievable business objectives for international expansion
• Developing effective international marketing strategies to penetrate new markets
• Conducting thorough market demand analysis to identify profitable opportunities
• Analyzing competition to gain a competitive edge in international markets
• Creating accurate financial projections to make informed investment decisions
• Implementing risk management strategies to mitigate potential challenges and uncertainties

Main Elements of International Business Business Plan Template

When expanding your business internationally, it's crucial to have a well-structured plan in place. ClickUp’s Business Plan Template for International Business includes:

• Custom Statuses: Track the progress of each section of your business plan with statuses such as Complete, In Progress, Needs Revision, and To Do.
• Custom Fields: Add important details to your plan using custom fields like Reference, Approved, and Section to ensure all necessary information is included.
• Custom Views: Access multiple views to effectively manage your business plan, including the Topics view for a comprehensive overview, Status view to track progress, Timeline view for a visual representation, Business Plan view to see the complete plan, and the Getting Started Guide view to assist you in utilizing the template effectively.
• Collaborative Features: Utilize ClickUp's collaboration tools, like assigning tasks, commenting, and attaching files, to work seamlessly with your team on developing and refining your international business plan.

How To Use Business Plan Template for International Business

If you're planning to expand your business internationally, using a Business Plan Template specifically designed for international business can help you stay organized and set clear objectives. Follow these six steps to make the most of the template:

1. Research the market

Before diving into your business plan, conduct thorough research on the target international market. Understand the local culture, consumer behavior, and competition. Identify potential challenges and opportunities, and determine how your business can meet the needs of the international market.

Use the Docs feature in ClickUp to compile your market research findings and gather insights.

2. Define your objectives

Clearly define your objectives for entering the international market. Are you looking to increase market share, expand your customer base, or establish strategic partnerships? Set specific, measurable, attainable, relevant, and time-bound (SMART) goals to guide your business plan.

Create tasks in ClickUp to outline your objectives and break them down into actionable steps.

3. Develop a marketing strategy

Craft a comprehensive marketing strategy tailored to the international market. Determine the most effective channels, messages, and tactics to reach your target audience. Consider cultural differences and language barriers, and adapt your marketing approach accordingly.

Use the Board view in ClickUp to map out your marketing strategy, assign tasks to team members, and track progress.

4. Create a financial plan

Develop a detailed financial plan for your international business venture. Estimate costs such as production, distribution, marketing, and legal fees. Analyze potential revenue streams and project financial outcomes. Include a contingency plan to mitigate risks and account for unforeseen circumstances.

Utilize the Table view in ClickUp to create and manage your financial plan, including budgeting, forecasting, and tracking expenses.

5. Address legal and regulatory considerations

Research and understand the legal and regulatory requirements of operating a business in the target international market. Ensure compliance with local laws regarding taxes, licenses, permits, and intellectual property. Seek legal counsel if necessary to navigate any complexities.

Create custom fields in ClickUp to track legal and regulatory tasks and deadlines, ensuring nothing falls through the cracks.

6. Monitor progress and adapt

Regularly review and monitor the progress of your international business plan. Track key performance indicators (KPIs), evaluate the effectiveness of your strategies, and make adjustments as needed. Stay agile and responsive to changes in the international market.

Use the Dashboards feature in ClickUp to visualize and analyze your KPIs, allowing you to make data-driven decisions and drive continuous improvement.

By following these steps and using the Business Plan Template for International Business in ClickUp, you'll be well-prepared to expand your business globally and navigate the unique challenges and opportunities of the international market.

Get Started with ClickUp’s Business Plan Template for International Business

Entrepreneurs and companies looking to expand internationally can use the Business Plan Template for International Business in ClickUp to create a comprehensive plan for success.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a solid international business plan:

• Use the Topics View to outline and organize different sections of your business plan, such as objectives, marketing strategies, financial projections, and risk management.
• The Status View will help you keep track of the progress of each section, with statuses like Complete, In Progress, Needs Revision, and To Do.
• The Timeline View will allow you to set deadlines and milestones for each section, ensuring timely completion of your business plan.
• Utilize the Business Plan View to have a comprehensive overview of your entire plan, including all sections and their statuses.
• The Getting Started Guide View will provide you with a step-by-step guide on how to use the template effectively.
• Customize the Reference, Approved, and Section custom fields to add additional details and track important information.
• Collaborate with your team members to brainstorm ideas, analyze market demand, conduct competitive analysis, and develop financial projections.
• Regularly review and update your business plan to ensure it remains relevant and aligned with your international expansion goals.
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International Business Plan Structure

Is your business missing the opportunities in the international markets? Are you struggling with where to start your international expansion and how to go about it?

International Business Plan outlines corporate goals and steps towards foreign markets entry. It is also called the  Export Business Plan . At Win Global, we apply a 3-step approach to your international expansion.

Step 1: Building a Solid Foundation for International Business Plan

During this phase we determine the readiness of your business to the international expansion and help you to build four pillars of the successful international expansion:

• Selection of the product, service or solution to expand internationally
• Defining global value proposition for the selected product, service or solution
• Profiling ideal buyers or distributors of the product, service or solution
• Target market selection

Step 2: Analytical Phase of International Business Plan

This is a very important stage of the preparatory period for entering the international markets. It summarizes all the information collected from foreign market research and risk assessment. Based on obtained information a company checks the feasibility of continuing international business planning and makes a first go-or-not-to-go decision.

Step 3: Planning Phase of International Business Plan

This is the final stage when we put together a foreign market entry plan for our clients and consider all steps that must be taken in order to succeed in international business. The typical content of International Business Plan is:

• Executive Summary of International Business Plan
• Corporate Global Vision and Goals
• Four Pillars of the International Business Expansion
• Foreign Market Research Summary
• Risk Assessment
• International Business Strategy At this stage, we identify the best strategy that will help our client to enter each particular foreign market of interest. The examples of international business strategies are exporting, licensing (franchising), joint venture, foreign direct investments, etc.
• International Business Action Plan Based on an International Marketing Plan and the project approach International Business Action Plan contains activities, milestones, estimations, resources, performance measurement and evaluation criteria.
• Cost and Benefit Estimate .

Contact us now to schedule a free and no-obligation discussion about your issues in international expansion and determine if we can help you. Fill out the contact form now .

Dictionary of International Trade

International business plan.

Planning is essential for any business. Before venturing into international markets companies have to draft an International Business Plan as this document will help them set their goals, effectively allocate their resources and determine which countries offer the most potential for their products as well as how to reach the clients and how to make competitive offers. The purpose of the international business plan is to prepare companies, specially middle and small, to enter the international market place or to better organize their existing international business activity. The International business plan can be divided into six sections following a time sequence.  Each section helps to plan international business strategies and take effective export decisions:

• Section 1. Export diagnostics.
• Section 2. Market selection.
• Section 3: Market entry methods.
• Section 4: International offer .
• Section 5: International promotion strategy.
• Section 6: Economic plan.

The Plan will serve as step-by-step guide to lead the company through the process of exporting products and services to international markets. International Business Plan Template and Example.

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How To Scale Your Business Internationally

Since more than 95% of global consumers live outside of the U.S. , reaching new customers transnationally can help you expand your business market, profits, and revenue. Following are five tips on how to scale a startup business or established business globally.

1. Create a Service or Product that Meets a Need in Global Markets

Many of the world’s largest international companies are based in the U.S. Digital connectivity as a means to expand into new global territories has become more common. There are many considerations when you plan to scale a startup business or an established business globally. 

Evolving technology is one way to help scale or establish an overseas business easier when you’re selling a product or service.  Every country’s population has its own economic structure, lifestyle, and culture. If there’s no need for your product or service in a new area, you’re likely to lose time and money attempting to conduct business there.

Develop an international business plan

Any business plan needs a sound strategy that identifies a need for a product or service and explains how it will meet that demand. Developing a strategy can help you protect your resources and ensure expansion makes sense. It’s important to consider how a new area’s competition, cultural attitudes, and regulations could affect your product or service’s likelihood of success.

2. Research International Regulations

Every country in which you want to expand will have varying laws on everything from employment to marketing claims, and data privacy to taxes. 

You’ll want to operate legally and protect your business resources to avoid costly mistakes that can affect your budget and reputation. It’s wise to work with legal experts from the country in which you want to expand to ensure you’re following all rules and regulations.

Research assistance programs

In your research, you may discover government programs that could assist your business expansion. For example, there might be incentives for opening an office in a different country. Knowing this, could help inform your expansion strategy.

3. Hire Local Employees in the Region

Hire local employees in the area in which you are planning to expand has some advantages. Having local employees can:

• Help ensure that you avoid cultural and language issues in omnichannel marketing and other company representations, such as your website.
• Demonstrate that your company is invested in the area’s people and community. That can improve sentiment for your business and help spread the word about your company, which, in turn, can help you win more customers.
• Help your company relate better to local customers. Customer-facing employees, such as customer support and sales teams, can help achieve this by speaking to customers in their native language. It also helps increase the diversity of your workforce. Plus, workers in other countries can also learn about other cultures through international teamwork.
• Make your company more attractive to talented job candidates who are interested in working internationally or attending international events, such as business summits.

4. Explore Ways to Attract Local Customers

Market research can help you understand your target audience in each new area. You need to ensure your business proposition stays consistent in international markets, and you need to meet prospective customers where they are. For example, determine and target customers in the area that spend time on a particular social network. 

International marketing and sales teams can also benefit from local input to ensure customer experience strategies will work in that market. For example, learn whether an acceptable word or phrase in one language may be offensive in another. This effort includes:

• Accepting local forms of currency
• Offering culturally respectable messaging and communication in locals’ native language
• Marketing on customers’ preferred channels
• Providing customer support from local workers

5. Enable a Strong Company Culture

Weave your vision throughout corporate communications and global branches. All employees should be unified by the same mission, even when business strategies differ locally.

When your employees work across various time zones, ensure that collaboration and your company’s culture remains strong. 

Use technology and tools in daily operations that facilitate asynchronous collaboration. These could include social platforms like Discord, video conferencing and chat platforms like Microsoft Teams, and cloud-based project management solutions like Workfront.

Support team bonding

Support international team bonding by bringing teams together when possible. This might be through an annual in-person summit or virtual gatherings that can accommodate multiple offices. Publicize successes of international departments. This signals to all employees and teams the global impact your company is making. As your business strategy evolves, solicit input from your global teams to help everyone get involved and feel valued.

Learn More About Ensuring Global Business Success

International expansion can be an exciting time for a company. It can help you gain more customers, bolster international local economies, and provide other benefits to the world.

If you are involved in an international business, or you’re interested in global scaling, the Managing in the Global Digital Economy course from Wharton Online can help you succeed. 

This course:

• Covers the growth of the digital economy through various digital platforms, 
• Details how the network effect can unfold at global levels
• Explains the risks of international expansion
• How to develop a successful digital strategy

Learn more and enroll her e .

The Wharton School is accredited by the International Association for Continuing Education and Training (IACET) and is authorized to issue the IACET CEU.

How to Develop an International Business Strategy

International expansion is the next step for many businesses looking to grow and are in the position to do so. Global markets offer new opportunities for increased customer retention, new distribution channels and improved worldwide brand recognition. 

However, it’s difficult to know where to begin with this exciting and important decision. To help you develop an international business strategy, explore our recommended steps below.

Research Your Market

Decide on what you’re bringing to the market, set your goals, make a note of any competition, develop the finer points of your strategy, evaluate your infrastructure, create a system for distribution.

• Consider a Partner or Consultant

Your organization should already have some idea of the location it would like to expand into. This has possibly come from discovering market potential related to the location or you've found a market need you can capitalize on. 

If not, consider several markets. There are many options for market research available to you. For example, the International Trade Administration has developed a resource known as the Country Commercial Guides . This is a valuable resource for analyzing market opportunities and conditions around the world. 

Seek out multiple sources of information, but also realize remote research is never enough. If you can, attend trade shows in those target markets for research purposes. This also allows you to make local contacts and get to grips with the local culture a little better. This kind of bespoke understanding will allow your organization to further develop its product offering within that market.

Finally, don’t neglect to research the local regulatory environment. It's crucial and will ensure a greater chance of continued success later in your expansion process.

Decide on what your business is selling and determine what makes your company worth buying from. Does your product or service stand out? Is your business model easily distinguishable from similar ventures?

Determine which of your products or services fit well within the new market. If you only have one product, this is a very simple step. But if you have many, you need to decide which ones fit the market's needs. Also, do those products fit the culture as well? Having this knowledge beforehand will help your chances of success.

Now your organization has decided on a product or service and you’ve researched your market, you can use these to begin setting your goals. What do you want to achieve? How many products do you want to sell over a specific period? Your goals must be incredibly specific as they'll be the framework to chart your growth by. For example, you could aim for:

• A specific market share.
• Sales numbers.
• Greater profitability.
• Improved cost-efficiency.
• Customer retention and growth.

Develop sales goals for year one, year two and so on. Also, consider the time it takes to get to market and the time to meet your first few goals. You also need to calculate when you’ll hopefully see a return on your investment.

Local competitions can make or break your expansion process. Without thorough research, you’ll fly blind through unfamiliar territory. Competition lets you see what works within a market and then improve upon it. 

Researching competition is also one of the best ways of understanding a market because the business models and offerings of healthy competition help to define a market or industry.

Consider any marketing campaigns that will be run side-by-side. Similarly, also plan for the following:

• Whether you'll hire overseas or expatriating current employees.
• Establishing either a physical presence or another type of expansion option, such as an in-country partnership (ICP) or a merger or acquisition.
• Any financial regulations that apply to the market in question.
• How you'll manage your employees overseas.

Think about your branding as well. Will your organization want to keep it consistent or change it to fit within specific markets that may have distinct cultural differences?

A key part of developing an international business strategy is to audit your business capabilities at this moment in time. First of all, determine how financially viable an expansion is for you right now. 

If you’re pursuing an international expansion strategy in-house, create a team ready and willing to carry the strategy through to fruition. This group needs the skills and collaborative experience to support the process fully. On top of this, determine your failsafe plans. If something goes wrong, do you have an exit strategy or a way of mitigating financial risk?

Finally, when evaluating infrastructure, analyze how effective your business technology is and whether it will hinder your expansion process. Many issues could cause this, such as limited real-time data, lack of visibility or siloed software systems unable to talk to one another.

The absence of an innovative digital structure can slow an expansion process down or stop it altogether. 

How will your business distribute its products or services within the new market? This could come under the remit of franchising or licensing arrangements, but those aren’t the only methods. You could also sell through in-country distributors or simply through an e-commerce website. 

You could even sell your intellectual property (IP) rights to another business. Each of these comes with its own regulatory guidelines, so you’ll need to further research what will apply as each method comes with advantages and disadvantages.

Consider A Partner or Consultant

When pursuing international expansion, it’s always wise to consider working with a global expansion consultancy or a Global Professional Employer Organization (PEO). These experts help to ease the stress of global expansion, ensuring compliance and enhancing your regulatory knowledge of a market or locale. 

Not only that, but they can also help you to make the most of global talent acquisition and manage your HR processes, freeing up your team for more business-critical tasks. For example, here at Global Expansion, we can get your business set up in no less than 140 countries around the world within days.

They’ll take care of all your HR-related tasks involved in your business strategy, ranging from finding and screening the most talented employees to managing payroll in one centralized platform.

We realize global expansion is an important thing to get right and this blog only covers one aspect of the process. If you’re looking for a more in-depth look at expansion, read on to discover what our latest helpful guide can offer.

Discover More Expansion Considerations

Our latest guide is a fantastic starting resource for businesses of all types. Inside, you’ll find the various methods of growth, the differences between national and international expansion as well as how to mitigate risk within bringing your business into a new environment.

Plus, there's much more that will guarantee you a good foundation of knowledge for beginning your expansion process. Not only compliantly but also successfully.

Click the link below for your copy.

Related Articles

Top 4 Challenges of International Expansion

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Global Compliance Made Easy: Partner With an EOR

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5 International Business Examples to Learn From

• 29 Jun 2021

The term international business refers to any business that operates across international borders. At its most basic, it includes the sale of goods and services between countries.

Yet, other forms of international business do exist. For example, a business that produces components or products overseas but sells them domestically can be considered an international business, as can an organization that outsources services, such as customer service, to locations where labor expenses are cheaper.

For most organizations, decisions around building, producing, and selling products or services are informed by many factors. Cost is an important one because businesses that primarily operate in developed markets, like the United States and Europe, can often source cheaper labor abroad.

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Other factors play a role in decision-making, too. For example, an organization that makes a conscious effort to become more sustainable may produce its product as close as possible to the end user to reduce greenhouse gas emissions related to transportation, even if it might result in higher labor costs. Likewise, a business may take pride in sourcing local labor to create jobs and support the economy.

Although international business can benefit the global economy, it also carries inherent risks. The fact that each country has its own government, regulations, inflation rates, and currency can complicate business models and must be weighed against the perceived benefits of operating internationally. Some of the most common challenges of international businesses include language and cultural barriers, currency exchange rates, and foreign politics and policies.

What Is a Successful International Business?

International businesses must have resilient, adaptable, communicative, and resourceful employees who know when to seize expansion opportunities. They need to have a deep understanding of international economics to anticipate how global markets will affect their bottom line and international marketing to effectively communicate their organization’s value to diverse audiences.

Are you interested in working with an international organization? Do you have plans and aspirations to take your business international? Here’s a look at five well-known international businesses that have successfully—and not so successfully—navigated the global market.

Examples of International Businesses

Apple Inc., founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in the 1970s, is now considered one of the most influential international companies. Headquartered in the United States, Apple designs, develops, and sells electronics, software, streaming, and online services worldwide.

Apple opened its first international location in Tokyo, Japan, in 2003 after saturating the American market. Under Jobs, Apple touted ease-of-use, innovative design, and customer loyalty with the marketing slogan, “ Think Different ,” and it continues to use visionary strategic marketing and a tight ecosystem to overcome competition and attract creative audiences around the globe.

Apple not only sells products internationally but has supply chains from 43 countries that ship supplies to China for final production and assembly. By keeping a tight-knit and strong relationship with suppliers, strategic inventory, and a focus on sustainability, Apple stands as one of the world’s most successful companies.

2. Financial Times

The Financial Times is a formerly British daily newspaper that’s now owned by the Japanese holding company Nikkei. The Financial Times’ mission is to deliver unbiased, informed investment and economic information to empower individuals and companies to make secure investment decisions.

The Financial Times had a rocky start trying to break into the international market. Andrew Gilchrist, former managing director of the Financial Times , describes his experience at the publication in the online course Global Business .

During his tenure, the Financial Times prioritized entering the international market in India. Despite a large English-speaking population and strong government support, domestic journalism was considered culturally and legally suspect. In fact, the Financial Times was eventually tied up in legal knots because the local newspaper barons were able to challenge every move through the courts.

Eventually, the Financial Times’ attempt to go international in India led to an economic slowdown and sluggish company growth.

3. McDonald’s

Two brothers, Maurice and Richard McDonald, converted their drive-through barbecue restaurant in San Bernardino, California, into a burger and milkshake restaurant—now known as McDonald’s—in 1948.

The McDonald brothers focused on creating a better business system geared toward self-service and efficient and repeatable processes that relied on heating lamps instead of waiters. This model, known as “ Speedee ,” led to lower costs, cheaper products, and faster growth. It became the epitome of “fast food.”

Soon after, Ray Croc took McDonald’s a step further by bringing in franchisees and suppliers, leading to the creation of restaurants across the United States. McDonald’s model continued to expand, and, in 1967, the company opened locations in Canada and Puerto Rico .

McDonald’s has been internationally successful, thanks in large part to the consistency its business model allows. The fact that a Big Mac tastes the same regardless of which country you order it in is a testament to the company’s long history. Today, there are 38,000 restaurants in more than 120 countries.

4. Coca-Cola

Coca-Cola was created by pharmacist John Pemberton in 1886 at a soda fountain in Atlanta, Georgia. It was used as a tonic for common ailments due, in part, to the addition of cocaine and caffeine derived from the kola nut, which was a major ingredient at the time. (This was later removed from the recipe in 1903.)

Although popular at its inception, Coca-Cola became the company it is today because of the marketing and business leadership of Asa Griggs Candler and future investors, who dramatically increased sales and expanded syrup factory production into Canada.

Eventually, an independent bottle company licensed the rights to Coca-Cola’s syrup production and distribution, streamlining production and generating massive profits. Coca-Cola later remarketed for Germany, China, and India, and it’s now sold everywhere except Cuba and North Korea .

Coca-Cola currently has over 900 bottling and manufacturing facilities worldwide , many of which are in North America, Asia, and Africa.

H-E-B is a popular American grocery company with more than 340 stores in Texas and northeast Mexico. It was founded by Florence Butt in 1905 and expanded into Mexico in 1997.

The primary driver of international expansion wasn’t a desire to capture greater market share, but rather, a desire to gain access to foreign produce markets in warmer climates, from which the company could source produce during its domestic suppliers’ off-season in the northeastern United States.

Craig Boyan, president of H-E-B, explains in Global Business that, upon becoming an international business, H-E-B bought blueberries from Chile and Peru to sell year-round. Despite it being expensive to ship blueberry crates to Texas, this enabled the company to continue meeting its customers’ needs. Since then, production has increased with demand, especially in Mexico, which has an ideal climate to produce blueberries year-round. H-E-B now sources blueberries mostly from Mexico, making them more available and affordable for customers.

What Do You Study in International Business?

Many businesses succeed by expanding their markets, production operations, and supply chains internationally. But doing so requires savvy business leadership bolstered by economic knowledge, an understanding of markets, and the ability to learn political and cultural trends.

Business professionals who have a successful career in international business need various skills and expertise . Acquiring these combined skills employers are looking for, along with international business experience, can lead to long-term career success. Some of these important skills include:

• Strong communication skills
• Emotional intelligence
• Cultural awareness
• Knowledge of finance and accounting
• Entrepreneurship skills
• Understanding of global economics

Why Study International Business?

Regardless of the role, professionals must stay current on all business practices. A global business education provides a wide range of opportunities to create and capture value for organizations. To bring this value to the workplace, individuals need to understand the economic, political, and social factors that drive change and how decisions affect global markets .

Strategists and entrepreneurs should learn about the broader macroeconomic and political landscape of their organizations to grow their business internationally and manage global teams. Professionals in heavily regulated industries can also use this knowledge to develop approaches and frameworks to navigate their complex industries.

If you’re considering joining a global business or thinking about ways to expand your organization internationally, completing an online Global Business course is an excellent way to quickly gain those skills.

Are you interested in breaking into a global market? Sharpen your knowledge of the international business world with our four-week online course Global Business , and explore our other business in society courses. Not sure which is right for you? Download our free course flowchart .

This article was updated on July 19, 2022. It was originally published on June 29, 2021.

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• Donald Trump

Why Is Trump’s Truth Social Worth Billions? Experts Have Theories

O n the cusp of a financial crisis, Donald Trump got help from an unlikely source: His struggling social media platform. Investors approved a plan on Friday to take Truth Social public, increasing his net worth by billions as he’s drowning in legal expenses and owes New York state half a billion dollars in a civil fraud case. The company started trading on the ​​Nasdaq exchange on Tuesday.

But the financial statements of Trump’s firm show scant evidence of a booming business worthy of the $4.7 to $5.6 billion market capitalization reported on Monday. Trump Media & Technology Group, which owns Truth Social, lost money last year, according to regulatory filings. 

The company’s trajectory has led many to wonder how it could have scored such a high valuation. To close observers of American finance, it’s less a sign that Wall Street investors are buoyed by Trump’s social media platform than they are bullish on his chances of returning to the White House.

“It's a barometer for how he's doing in the election,” says Kristi Marvin, the finance guru who founded SPACInsider. “There are definitely people who like Trump and want to support him. They're probably buying the stock. And there's probably other people thinking: If he wins the presidency, who knows?”

Truth Social’s rally began earlier this year. As Trump notched primary victories over the winter, the Special Purpose Acquisition Company (SPAC) created to merge with his fledgling social media platform issued millions of new shares. 

In early January, Digital World Acquisition Corporation (DWAC) had 163 shares and closed at $17.32. After Trump clinched the Iowa caucuses, the firm had 8 million shares and closed at $22.35. The next week saw more growth. After Trump won New Hampshire, DWAC had 29.5 million shares and closed at $49.69. 

Some are speculating that the company's valuation will crash after Trump's firm replaces Digital World in the stock market under its new ticker, DJT. Others fear what it would mean for investors if Trump were to sell his shares, especially before the election.  

Last week’s initial public offering, Marvin says, was a signal that investors think Truth Social will garner more users and soar in value if Trump beats President Joe Biden in November. Trump currently leads Biden in some national polls and swing states likely to determine the election outcome.

But the election is still eight months away and Biden has been gaining ground. It also isn't clear that Truth Social would become an omnipresent platform even with Trump in office. He would still have other avenues to amplify his message and there’s little reason to believe that non-MAGA Americans would ever subscribe to the app.

Some investors may have other incentives. The largest institutional investor of the shell company that merged with Truth Social is Susquehanna International Group, the trading firm owned by GOP megadonor and billionaire Jeffrey Yass. According to a December regulatory filing, Susquehanna owned two percent of DWAC, roughly 22 million shares based on its share price.

“It looks like there's an opportunity to influence a candidate,” says Virginia Canter, the chief ethics counsel for the watchdog group Citizens for Responsibility and Ethics in Washington (CREW). That infusion of cash “may have provided him some level of access or influence that he might not otherwise have gotten.”

There are already signs that Yass has endeared himself to Trump. After the two recently met, Trump reversed his position on legislation that could lead to a TikTok ban. Yass’s investment company has a 15% stake in ByteDance, the China-based firm that owns the popular video-sharing app. Trump also recently struck a rapprochement with the conservative anti-tax group Club for Growth, of which Yass is its biggest benefactor. “We’re back in love,” Trump told a gathering of its donors, according to Politico, after the organization spent millions over the primary cycle in a failed attempt to crush his campaign. 

“I think it's a way to speculate on his political viability,” says Canter, a former ethics adviser for the International Monetary Fund. “The more successful he is as a politician, the more they’re anticipating success that Truth Social will have as a business entity.”

It’s not the first time that markets have embraced social media companies at levels that appear to exceed their value, according to Karen Petrou, managing partner of Federal Financial Analytics. Other examples she cites include Uber and WeWork.

“These kinds of valuations that seem insane are surprisingly common,” says Petrou, “They're less common than they used to be when interest rates were low. All sorts of firms have been financed significantly, or capitalized through IPO, well above their estimated value. Some of them had no revenues for years. But the markets were chasing yield.”

In other words: they were taking high risks they thought could lead to high rewards. That could also be the case with the lagging Truth Social, where shareholders are betting that a Trump victory could boost their bottom line. Says Petrou: “Some of this may be people hoping he succeeds.” 

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Privately owned vehicle (POV) mileage reimbursement rates

GSA has adjusted all POV mileage reimbursement rates effective January 1, 2024.

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More From Forbes

3 tips to successfully scale your business internationally.

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Rocky Romanella - CEO, 3Sixty Management Services .

Scaling your business internationally is a valuable opportunity for growth. Because of e-commerce, the web is international and the world has become smaller for businesses. People rarely expect to visit a website and see a product or service that is only available domestically. Businesses should be able to successfully scale and meet the demands of international customers.

Scaling a business internationally can be a challenge. One of the biggest mistakes leaders make is forgetting to acknowledge they are a guest in another country. Leaders should start preparations months before their trip. Here are three tips to help:

1. Be clear how long you're staying.

This is extremely important because governments and entities are trying to gauge your commitment as an organization. Are you just there temporarily because you have a hot new product or business model right now? Are you there because you want to establish operations in this country? It's best to be upfront and clear about how long you plan to stay and what level of commitment your company is looking for.

2. Be prepared to explain who you are and what you do.

You cannot just show up and expect to succeed. Even if you’re a household name in your own country, that doesn’t mean people elsewhere know who you are. And you cannot assume they do. You have to explain who you are and what you do to your new customer base. A thorough, articulate strategy describing who you are and what your product does is important to give you credibility. Include an understanding of how this product, business or solution fits into a long-term strategy. Help people understand their potential roles and the new experiences they can participate in.

Trump Again Targets Judge s Daughter In New York Criminal Case

Is godzilla x kong the new empire too scary for kids, shai gilgeous-alexander’s quad injury could impact close to thunder’s season, 3. understand, accept and respect their culture..

This can be the biggest obstacle. Your organization may have great processes and procedures in your own country but these do not always translate into the current rules and regulations of the country in which you are expanding. Labor rules do not always get the due diligence that is necessary for an international expansion. There are work councils in different countries that guide how you exercise your personal time. There could be more religious holidays celebrated than you are used to. In many countries, decision-making is more collaborative.

Ways of doing business vary, as well. In the United States, for example, being aggressive or assertive can be recognized as a sign of strength, but in other countries, that may not be the norm and can be considered rude. Always try to understand and inquire about how things are done to avoid any misunderstandings.

Attempting to assimilate your business into a new culture requires you to demonstrate through your actions that you deserve their respect and business. Remember—no one is too big to fail in a new country. To be successful as an organization, you must be viewed as someone who wants to be part of the country and viewed as an organization that is sincere, fair, honest and impartial.

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Why is Japan changing its ban on exporting lethal weapons, and why is it so controversial?

FILE - Britain’s Defense Minister Grant Shapps, right, Italy’s Defense Minister Guido Crosetto, left, and Japanese Defense Minister Minoru Kihara, center, attend a joint press conference after a signing ceremony for Global Combat Air Programme (GCAP) at the defense ministry on Dec. 14, 2023, in Tokyo, Japan. Japan’s Cabinet on Tuesday, March 26, 2024, approved a plan to sell future next-generation fighter jets that it’s developing with Britain and Italy to other countries, in the latest move away from the country’s postwar pacifist principles. (David Mareuil/Pool Photo via AP, File)

Britain’s Defense Minister Grant Shapps, right, Italy’s Defense Minister Guido Crosetto, left, and Japanese Defense Minister Minoru Kihara, center, shake hands after a signing ceremony for the Global Combat Air Programme (GCAP) at the defense ministry, Dec. 14, 2023, in Tokyo, Japan. (David Mareuil/Pool Photo via AP, File)

Japanese Defense Minister Minoru Kihara speaks during a news conference at the parliament building in Tokyo on Tuesday, March 26, 2024, following the Cabinet’s decision to ease Japan’s strict defense equipment transfer rules. Japan’s Cabinet on Tuesday approved a plan to sell future next-generation fighter jets that it’s developing with Britain and Italy to other countries, in the latest move away from the country’s postwar pacifist principles. (Keisuke Hosojima/Kyodo News via AP)

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TOKYO (AP) — Japan’s Cabinet OK’d a plan to sell future next-generation fighter jets to other countries on Tuesday, its latest step away from the pacifist principles the country adopted at the end of World War II.

The controversial decision to allow international arms sales is expected to help secure Japan’s role in a year-old project to develop a new fighter jet together with Italy and the U.K., but it’s also part of a move to build up Japan’s arms industry and bolster its role in global affairs.

For now, Tokyo says that it doesn’t plan to export co-developed lethal weapons other than the new fighters, which aren’t expected to enter service until 2035.

Here is a look at what the latest change is about and why Japan is rapidly easing weapons export rules.

WHAT’S CHANGING?

On Tuesday, the Cabinet approved a revision to its guidelines for selling defense equipment overseas, and authorized sales of the future jet. The government says that it has no plans to export other co-developed lethal weapons under the guidelines, and it would require Cabinet approval to do so.

Japan has long prohibited most arms exports under the country’s pacifist constitution, although it’s begun to take steps toward a change amid rising regional and global tensions. In 2014, it began to export some non-lethal military supplies, and last December, it approved a change that would allow sales of 80 lethal weapons and components that it manufactures under licenses from other countries back to the licensors. The change, which was made in December, cleared the way for Japan to sell U.S.-designed Patriot missiles to the United States, helping replace munitions that Washington is sending to Ukraine.

The decision on jets will allow Japan to export lethal weapons it co-produces to other countries for the first time.

WHAT IS THE NEW FIGHTER JET?

Japan is working with Italy and the U.K. to develop an advanced fighter jet to replace its aging fleet of American-designed F-2 fighters, and the Eurofighter Typhoons used by the U.K. and Italian militaries.

Japan, which was previously working on a homegrown design to be called the F-X, agreed in December 2022 to merge its effort with a British-Italian program called the Tempest. The joint project, known as the Global Combat Air Program, is based in the U.K., and hasn’t yet announced a new name for its design.

Japan hopes the new plane will offer better sensing and stealth capabilities amid growing tensions in the region, giving it a technological edge against regional rivals China and Russia.

WHY IS JAPAN CHANGING ITS STANCE ON ARMS EXPORTS?

In its decision, the Cabinet said that the ban on exporting finished products would hinder efforts to develop the new jet, and limit Japan to a supporting role in the project. Italy and the U.K. are eager to make sells of the jet in order to defray development and manufacturing costs.

U.K. Defense Minister Grant Shapps has repeatedly said Japan needs “updating” to not cause the project to stall.

Kishida sought Cabinet approval before signing the GCAP agreement in February, but it was delayed by resistance from his junior coalition partner, the Buddhist-backed Komeito party.

Exports would also help boost Japan’s defense industry, which historically has catered only to the country’s Self Defense Force, as Kishida seeks to build up the military. Japan began opening the door to some exports in 2014, but the industry has still struggled to win customers.

The change also comes as Kishida is planning an April state visit to Washington, where he is expected to stress Japan’s readiness to take a greater role in military and defense industry partnerships.

Japan sees China’s rapid military buildup and its increasing assertiveness as threats, especially growing tensions in the disputed East and South China Seas. Japan also sees increasing joint military exercises between China and Russia around Japan as a threat.

WHY ARE ARMS EXPORTS DIVISIVE?

Because of its wartime past as an aggressor and the devastation that followed its defeat in World War II, Japan adopted a constitution that limits its military to self-defense and long maintained a strict policy to limit transfers of military equipment and technology and ban all exports of lethal weapons.

Opposition lawmakers and pacifist activists have criticized Kishida’s government for committing to the fighter jet project without explaining to the public or seeking approval for the major policy change.

Recent polls show public opinion is divided on the plan.

To address such concerns, the government is limiting exports of co-developed lethal weapons to the jet for now, and has promised that no sales will be made for use in active wars. If a purchaser begins using the jets for war, Defense Minister Minoru Kihara said, Japan will stop providing spare parts and other components.

WHAT’S NEXT?

Potential markets for the jet include the 15 countries with which Japan has defense partnership agreements, such as the United States, Germany, India and Vietnam. A defense official said Taiwan — a self-governed island that China claims as its own territory — is not being considered. He spoke on condition of anonymity due to briefing rules.

More weapons and components could be added to the approved list under the new export guidelines.

When Kishida goes to Washington in April, he’s likely to talk to U.S. leaders about potential new defense and weapons industry cooperation. The new policy could also help Japan push for a bigger role in alliances and regional defense partnerships like Australia, the U.S. and the U.K.'s AUKUS.

Follow AP’s Asia-Pacific coverage at https://apnews.com/hub/asia-pacific

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• Cheapest VoIP Phone Service Companies

VoIP – the acronym for Voice over Internet Protocol – offers an alternative to landline phones. It delivers the same features as traditional providers (and sometimes more) at an attractive price, and sometimes free or nearly free.  

If you’re not ready to give up the convenience of a landline phone but want an alternative to your local telecom operator, consider a provider from our list of cheapest VoIP companies.

Table of Contents

Free basic plan, pay only taxes and fees

Low-cost international calling rates

Array of features including 911 in basic plan

Required equipment costs to subscribe

Number porting requires fee or Premium subscription

Ooma is a 20-year-old Silicon Valley company that offers both residential and business VoIP services at affordable rates. Its basic home service is free, except for taxes, regulatory fees, and required equipment costs.

Even with the basic plan, you get unlimited free U.S. calling, low-cost international rates, voice mail, and 911 service in your location. It can also be integrated with Amazon Echo devices for voice-activated calls and services. Upgrading to the Premier plan at $9.99 gives you a second number, blocking unwanted numbers, call forwarding, conferencing, and free calls to Canada and Mexico. Ooma also has business plans starting at $19.95 per user per month.

While you can use Ooma as you do with a regular phone line, it offers additional features such as an online portal that allows you to view and manage your calls and voicemails. You can also port your existing number; it’s free with an annual subscription to Premium, or by paying a one-time fee of $39.99.

Ooma offers one of the least expensive services, but you need to pay upfront for equipment. Its adapters start at around $70 although some third-party devices may also be used. Ooma works with any corded or cordless phone and also sells its own devices designed for VoIP.

Free equipment

Pay-as-you-go plans as low as $4.99 per month

Features include simultaneous ring on three devices

Number porting can take 3-4 weeks

Suboptimal customer service reviews

Founded in Brooklyn in 2005, AXvoice offers affordable VoIP calling plans for homes and businesses. Bargain hunters will like the free equipment (although shipping is $19.99) and pricing as low as $4.99 per month with free incoming calls.

You get a good list of features with all plans, including E911 service, distinctive ringtones, call forwarding, alternate caller ID, and several blocking and filtering options. For users who don’t want to miss important calls, you can get simultaneous ringing on up to three devices, including your cell.

AXvoice has several choices for residential customers including the low-priced $4.99 plan that charges 1.5 cents per minute for outgoing calls. For an extra dollar, you get 200 minutes to anywhere in the U.S. and Canada, and a free of $8.25 per month includes unlimited calling in the region. Packages for international callers are also available.

Business plans are available for $39.99 monthly (or $29.99 for an annual contract) and a home office plan with 200 minutes costs $14.99 a month.

AXvoice offers a 15-day trial with a money-back guarantee but will charge for the first month if you use more than 200 minutes.

Wide array of features for large and small businesses

Worldwide operations

AI virtual assistant can manage calls

Mixed reviews on customer support

More expensive than some rivals

Vonage , now a part of the Swedish technology giant Ericsson, was among the VoIP pioneers, launched in 2001 as a low-cost service for residential customers. It has grown into a major provider of communications services for home and business.

For consumers, Vonage delivers an attractively-priced service at $9.99 per month, including equipment and activation that comes with a 30-day money-back guarantee. This also includes unlimited calling within the United States, Canada, and Mexico, the ability to keep an existing number, and an “extensions app” that allows users to take calls on up to three smartphones.

A unique Vonage feature called Boomerang allows selected users to call and hang up, subsequently getting a callback for free. You can get a virtual number for international calls (for an extra fee) to easily connect with friends and relatives abroad.

SimulRing, another Vonage feature, will ring on up to five mobile and landline phones to ensure you don’t miss an important call. Other features include visual voicemail, enhanced call forwarding, call filtering, and toll-free calls to you (for a monthly fee).

An upgraded World Prime Plan includes free calls to over 60 countries including mobile numbers.

For businesses, Vonage has plans from $13.99 per user per month with advanced features such as “call flip” to move to a new device, conferencing, a virtual receptionist, and more.

Free calls to 50 countries with monthly plan

Free number porting

No annual contract required

Calls unavailable in power outage

Mixed customer reviews

VoIPLy , founded in Pittsburgh in 2012, offers affordable plans for residential and business customers with a focus on international calling. Plans allow for free number porting, fax service over your phone (at additional cost), call forwarding, filtering, and simultaneous ringing on multiple devices.

With the $8.95 home plan ($89.50 if billed annually), users get unlimited calls to landlines in more than 50 countries, and low rates to others. You can also get an international virtual number allowing people in other countries to call you for free.

Consumers can buy an analog adapter from VoIPLy (in some cases there may be free promotions) to use existing phones, and the company also sells digital devices.

Business users have several options, including a plan designed for solo entrepreneurs at $5.95 a month or $59.50 annually, including a mobile app and voicemail sent to email. The Advanced plan for up to five users is $11.95 monthly or $119.50 for a year and adds features including desktop apps, call recording, and conferencing.

A Premier plan for unlimited users is priced at $16.95 per month or $169.50 annually and adds analytics and support for desktop VoIP phones.

Voice and video calls

Toll-free numbers

24/7 customer service

International calls cost extra

Not as scalable as some rivals

Nextiva is a cloud-based VoIP service designed for business users that includes a range of apps and tools for sales, analytics, and more. On top of its calling plans, Nextiva can for example allow a company to monitor company reviews on Yelp, Google, and other platforms.

With three options for business customers, all include unified communications with video and chat, unlimited calling, faxing, and texting within the U.S. and Canada along with toll-free numbers, virtual voicemail, and 24/7 customer support. Its auto attendant is designed to route incoming calls to the correct person or department. For remote or traveling workers, Nextiva offers mobile apps for iOS and Android, but there is also a range of in-office products.

Nextiva’s Essential plan is priced at $18.95 per user per month, with extra features in the Professional plan ($22.95) and Enterprise offering ($32.95). Nextiva gets positive reviews as a business solution, although some say it is not as scalable for growing companies. It also does not include international calls.

Ring Central  »

Shared lines feature for businesses

Unified communications with video, messaging

14-day free trial

More expensive than some competitors

Usability ratings mixed

RingCentral is a cloud-based provider of unified communications for businesses using VoIP founded in 1999 with venture funding and is now publicly traded under the symbol RNG.

The California-based firm competes with others – including giants like Google and Cisco – in setting up communications platforms for businesses using the internet and avoiding installation from local telecom providers. It gets high ratings for its feature-rich offerings and delivers a feel similar to that of a traditional PBX (private branch exchange).

RingCentral includes a range of features for businesses including an auto attendant with interactive voice response and number sharing that allows different members of a team to answer a call to one number, helping ensure that calls don’t slip through the cracks.

Three options are available for business, starting with the Core plan at $30 per month per user, or $20 on annual billing. This includes integration with Google and Microsoft apps and analytics for IT administrators, 100 toll-free minutes, and unlimited calls within the U.S. and Canada.

Upgrading to the Advanced plan at $35 per user monthly ($25 if billed annually) adds integration with CRM apps from Salesforce, Zendesk, and others, fax and business analytics., along with 1,000 toll-free minutes.

The Ultra plan at $45 per user ($35 annually) includes 10,000 toll-free minutes, custom business insights, and unlimited storage for files and recordings.

What Is VoIP and How Does it Work?

Voice over Internet Protocol, or VoIP, was developed during the 1990s as a low-cost workaround to high-cost telephone service, using the internet to make voice calls.

It converts your voice to a digital signal that is transmitted over the internet instead of a telephone network. Bypassing the public telephone network eliminates the need for installing new wiring, with VoIP delivered through existing broadband internet connections. In many cases, you can use existing phone equipment with an adapter or purchase phones designed for VoIP. Some services offer free or low-cost equipment.

These services are available for residential and business customers, and they can replace landlines while adding extra features such as messaging, voicemail transcription, alerts, and notifications. Call quality on VoIP is generally high quality but may depend on your internet connection.

For residential customers, VoIP allows you to keep a landline for convenience and in some cases integrate with a smartphone using a mobile app. Businesses can do this too, making sure important calls aren’t missed.

How Much Do Cheap VoIP Services Cost?

Most VoIP services offer different tiers with call packages for domestic and international calls, and other features and options such as call filtering, additional lines, and toll-free numbers. The amount you’ll pay generally depends on the features, tier, and other options.

One-time costs for number porting, setup, and equipment can vary. Some companies require the purchase of an adapter to use with your existing phones, while others include free hardware and activation.

Residential customers seeking to keep a landline may find VoIP services as low as $8 to $10 per month – sometimes even free if they forgo unlimited calling and pay-per-call, although fees and taxes may be billed.

Business customers can choose from an array of options ranging from plans for a home office as low as $5.95 per month. Larger businesses may pay monthly fees per user ranging from $10 and up depending on features.

Features To Consider When Selecting the Cheapest VoIP Company

When researching the right VoIP company for your home or business, it’s important to consider these features:

• Price: Cost is key, but consider installation, equipment, and porting in addition to monthly charges.
• Calling plans: Examine the types of calls you plan to make. Some plans bundle free domestic or international calls while some apply per-call charges. 
• Mobile app: If you spend a lot of time away from your home or office, look at whether or not a mobile app is offered. If it does, you can answer calls from both the VoIP phone and a mobile device.
• Contract terms: Many VoIP services don’t require a contract, although some give discounts for annual billing.
• Reviews and ratings: Look for customer and professional views on the service.
• Specific features: If you need extra features, look at what each provider offers. Some VoIP services have features that may be useful such as toll-free numbers, line sharing, or ringing on multiple devices.
• Customer service: Assess how much help you will need in setting up and maintaining your system, and look at how the customer service is offered (live chat, email, 24/7, etc).

How To Choose a Cheap VoIP Phone Service Company

Follow these steps to choose a VoIP phone provider:

• Assess your needs: Examine what features are important to you. Some may offer features like number sharing or a mobile app while others may offer international calls or voicemail transcription. If you’re looking for business services, will your teams need things like call forwarding or transferring? Will you need to purchase additional equipment or can you use what you have? Look at various providers to see which ones offer the most options you need and at your price point.
• Comparison shop: After assessing your needs and budget, compare the different providers to see which ones offer things like annual discounts, free features, bundling, or any other money-saving options. Check if a provider offers a free trial period or a money-back guarantee if you’re unhappy with the service. 
• Install your VoIP: Once you’ve selected your VoIP provider, you’ll need to have it installed. This could mean simply installing an adapter (typically for residential service) or a more complex installation involving testing and configuration (generally for businesses).

Alternatives to Cheap VoIP Phone Service Companies

Residential consumers may want a VoIP subscription to keep the convenience and stability of a landline while getting some extra features not offered with traditional phone service. But if your main purpose for using a VoIP company is simply making phone calls, apps and other features on your PC or mobile device can fill this need without new hardware or subscriptions.

These include Google Voice and Google Meet, which come with a Google account, and Skype if you have a Microsoft account. These services are free if the other person is using the same app, and they can also connect to telephone networks at competitive rates. FaceTime may be another alternative to cheap VoIP phone services, as long as both people have iPhones.

For businesses, cloud telephony systems are similar to VoIP – some people use the terms interchangeably. Both use the internet and some companies offer both, but these systems are hosted off-premises and generally require little or no hardware or installations.

How We Chose the Cheapest VoIP Companies

We examined more than a dozen VoIP services, looking at details on monthly pricing, setup fees, equipment, number porting, and more. Our reviews considered overall costs, convenience, and compelling features offered by the various providers. We also assessed both professional and user reviews of the VoIP firms.

 WHY SHOULD YOU TRUST US?

Our contributors have years of experience researching and reviewing products. Rob Lever , the author of this article, spent more than 10 years writing about the technology industry including product launches from Apple, Google, and Samsung, as well as digital lifestyles and regulation of the tech and telecom industries. He has covered the Consumer Electronics Show featuring some of the world’s most innovative technology products and services. Rob has written articles about cybersecurity and consumer products for U.S. News & World Report.

Cheapest VoIP Companies FAQ

Home users can generally set up a VoIP easily by plugging in an adapter or phone designed for VoIP to their internet router. Some configuration may be required and you will need to work with your telecom provider if migrating.

Business users also require equipment designed for VoIP, and face a more complex task of assigning numbers, configuring, and installing that often requires a professional.

Call quality is likely to be as good or better with digital VoIP calls than traditional phone service, with some caveats. A weak internet connection may affect quality, and bandwidth may be impacted by a large number of users calling at the same time.

You make and receive VoIP calls the same way and use the same devices as you would with regular phone calls. But VoIP may give you the option of using a mobile or web app, answering from a different device, or sharing a number with team members.

In most cases, your VoIP system resides in the cloud so scaling up or down is far easier than with a traditional phone system that requires installation or wiring. You can add or subtract numbers, and the only requirement for expansion will be the devices needed.

VoIP systems, like anything connected to the internet, can be hacked. However, there are safeguards including strong passwords and strict password policies for businesses you can put in place to protect your personal information.

Ask a potential VoIP provider about what encryption is used, and consider requiring a VPN for remote staff. Other recommended security practices include two-factor authentication and monitoring of call logs for unusual activity.

About Our Team

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U.S. News 360 Reviews takes an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.