In today’s global world, products and services can be found in most varying markets, often under the same brand or label. Just to name one example: „Aldi“ food discounters – Germany’s longterm market leader and supposedly the most successful innovation in German retail trade of the 20th century – nowadays can be found in mid-sized towns in Southern California. But even if your business is not as huge as the one of „Aldi’s“ inventors, the brothers Karl and Theo Albrecht, it is just natural to think about going abroad and entering new markets when products and services are being sold successfully in their home markets.
Of course, a detailed analysis of the targeted market is a vital precondition before taking concrete steps. If it shows that there may be reasonable chances to grab a substantial part of the cake, do not forget about making your product fit for export. Depending on your special market segment and your targeted market, this may contain a range of things.
First of all, it is vital to check whether your product or service is compliant with industrial standards in your target country. For Germany, this may, for example, be DIN standards (DIN stands for „Deutsches Institut für Normung“, German institute for standardization). Furthermore, you should check about import restrictions or licences like the German „Import List“, which are of special importance in case of medicinal products and narcotics, iron and steel products, weapons and explosive substances, agricultural products, chemicals, plant production products (pesticides) as well as food and feed. Import duties and tariffs are another important field to check in advance and consider in your business plans. If you want to enter European markets, you have to apply for an EORI (European Operators Registration and Identification) number and take care to protect your trademark in the European Union. And, last but not least, do not forget to enter into Non-Disclosure Agreements with your potential business partners.
As you see, there are a number of substantial issues and fields to consider and check before taking concrete action towards entering new markets. Be sure to get advice from experts in their field when it comes to taking concrete action. You have questions or want to discuss further? Just contact Dr. Thomas Rinne.