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Taking your company global can be daunting, not to mention costly if it goes wrong. Equally though, the rewards from expanding into other markets can easily outweigh the start-up costs. But where do you start? Which country should you try doing business in first?
If you’re thinking about developing your overseas trade, but unsure of which market would be the most lucrative for your company, we take a look at some business and macroeconomic facts for six global markets:
Doing business in Japan
Language: Japanese
Currency: Japanese Yen
GDP rank: 3rd
Why do business here? Japan has one of the strongest eCommerce markets worldwide and is leading the way in the technology market – Japanese mobile users spend more on app downloads than any other country.
Find out more about doing business in Japan.
Doing business in Australia
Language: English
Currency: Australian Dollar
GDP rank: 12th
Why do business here? Ranked as one of the easiest countries to do business in, over 1,000 British business already operate in Australia. The country’s proximity to other Asian countries allows potential access to the Japanese and South Korean markets.
Find out more about doing business in Australia.
Doing business in Brazil
Language: Portuguese
Currency: Brazilian Real
GDP rank: 9th
Why do business here? As the largest country in South America, Brazil also acts as a gateway to other markets. It also has a rapidly growing consumer base, as more Brazilians are moving into the emerging middle class.
Find out more about doing business in Brazil.
Doing business in Nigeria
Language: English
Currency: Nigerian Naira
GDP rank: 23rd
Why do business here? Africa as a whole is experiencing a major surge in eCommerce. Recent reports have shown a huge increase in internet use throughout the country, with Nigeria coming out top.
Find out more about doing business in Nigeria.
Doing business in Germany
Language: German
Currency: Euro
GDP rank: 4th
Why do business here? Germany is already Europe’s most industrialised country and boasts a strong domestic consumer market thanks to its population and resilient economy.
Find out more about doing business in Germany.
Doing business in Mexico
Language: Spanish
Currency: Mexican peso
GDP rank: 15th
Why do business here? Mexico has also established Free Trade Agreements with 44 nations from around the world – making it a very attractive trade hub for businesses. It also offers a huge potential customer base, with a population of over 128 million.
Find out more about doing business in Mexico.
Whichever market you choose to expand into, one of the most important factors to consider is the language. Not only will your contracts, terms and conditions and other company documents need to be in the target language to meet local business requirements, you won’t win over any customers if you don’t speak to them in their own language. 87% of non-English speakers don’t buy products or services from English language website, so if your business wants to achieve global growth, translation is a must.
