Friday Wake-up - Week Of October 6th, 2008

Good evening!

As promised this our first-ever Friday wake-up column! For this week we wanted to talk about doing business overseas. We want to talk about some of the popular countries and some of the myths associated with them. One of the hottest countries people "have to business with" is China. This is a very dangerous trap. The key selling point being the large population China has within her borders. What is often left out is that the average Chinese citizen makes less than $1,000 a year...that's right... I said YEAR. Good luck selling anything at American prices over there. Another popular destination is Mexico. A historically poor country and population, though better than China, is hardly a "hot market". Ask GM.

So after all this negativity you may be asking, "what are good countries to sell my products or services in?" Anywhere they are needed and where they will pay for them. However, some of the best countries to start in would be English-Speaking countries, where marketing and other endeavors will not be disrupted (see Canada, England, etc.). Also look for the avg income for families when researching companies to do business in (Make sure its high). Finally, contact your local economic development group. Cortland County, for example, has a program for existing companies looking to do business overseas, which can ease some of the financial, legal, and technical issues you may experience. There are a lot of opportunities out there, which can greatly expand your profits, so get them!