Internationalization: #ChooseUAE. After the global economic downturn, internationalization turned out to be the only way to boost companies. The trick is to identify that particular, underserved niche that is a match for your business and go after it.
#ChooseUAE is the new official hashtag. If you are searching for any kind of information concerning the steps to follow in the internationalization process, you are in the right place.
INTERNATIONALIZATION: know your company
Before you can determine if your products and/or services fit the global marketplace, you should have a clear picture of where your company is today and where it will be tomorrow.
INTERNATIONALIZATION: determine how your business model can change
There are numerous ways for companies to enter foreign markets, including exporting, importing, joint ventures, licensing and off-shore production. For firms that produce, manufacture or resell goods, exporting is usually the easiest and least risky method.
INTERNATIONALIZATION: identify the market demand
As with starting a business in the UAE, you need to find a market that is hungry for what you have to offer. However, the issue isn’t just demand. You must consider all the factors, positive and negative, that impact your ability to penetrate a market.
INTERNATIONALIZATION: market analysis
It is one of the most important parts of any startup strategy. Do it right, and you will have a clear idea of the path down which you are headed. A good market analysis will enable you to lure investors, sidestep pitfalls, and most importantly, attract customers.
INTERNATIONALIZATION: what to include in market analysis
The market analysis should include an overview of your sector, a look at your target market, an analysis of your competitors and your own projections for your business.
This is where you’ll discuss the current state of your sector. Size, trends, life cycle, and forecasts should all be included here. This will let banks or investors check your status in order to decide if the business idea works or not.
In this section, you’ve got to be specific. Firstly, it’s important to establish your target market.
The target market section of your business plan should include the following:
- Habits: you should know what people’ interests are and their buying habits, as well as be able to explain why you’re in the best position to meet their needs.
- Market size: How big is the potential market for your business? Do your research and find out who and where your competitors are, and how much your customers spend annually on your product or service.
Market and competitors analysis
This is the section in which you get to scan your competitors. This analysis should contain the following components:
- Market features
- Competitor strengths and weaknesses
- Threat of new entrance
- Bargaining power of suppliers
- Barriers to entry
- Market share