Market research can only tell you a very limited amount of information relevant to your specific business, and several other steps should be taken alongside this.
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The advent of modern travel, technology, and communications mean that expanding your business internationally is a realistic prospect for many entrepreneurs. However, while logistically it may be easier than ever to operate in multiple markets, there are still many serious considerations to be made before embarking on such expansion. Market research can only tell you a very limited amount of information relevant to your specific business, and several other steps should be taken alongside this. Here are five tips for entrepreneurs ready to expand into new markets in 2020 and beyond.
1. Market knowledge Developing a clear understanding and respect of the local culture of the market in which you want to expand is critical. This means becoming familiar with local customs, governance, and legislation, working practices, and the way in which business is conducted. The best way to do this is to physically spend time in the market or markets you have identified for growth.
In the Middle East, one convention unfamiliar to those outside of this region is how working practices change during Ramadan. Business continues throughout the holy month, but it can be conducted at different