As you might find yourself succeed in doing business in your country, you will likely start thinking about going further in this direction. Yet, what can go after the initial success then? The answer is quite simple and that would be the international success. As you manage to pull a great revenue in your country, you can do just the same in another one. That’s exactly what many other entrepreneurs like you have been thinking about within the past few years. Internationalization does open a lot of other opportunities aside from the potentially boosted revenue. But what is the most effective way to expand internationally and how can you do that? Let’s find out!
Essentials of Getting Global
With our extremely fast-changing and interconnected world, doing business internationally is a relatively safe venture with a potentially huge payoff. One of the best ways to start doing international business is to establish your presence in another country. And the best way to do that is to take smaller steps, such as launching your brand. Branding, in turn, largely consists of marketing and other communications with your customers. Thinking about the international expansion this way largely simplifies the whole deal as there is a couple of proven tricks that tend to work in nearly every situation. Here are some of them.
- Studying your brand. You might say something like “what? Why would I need to study what I have created myself?” Yes, that does sound absurd, yet, the point here is that no matter how well you know your brand, your customers look at it from a totally different perspective, which turns the perception of your brand upside down. You must, hence, to study your brand thoroughly not as its creator and owner but as a customer who’s going to follow it and buy the related products. This will make your job of appealing to the foreign audiences much easier as all you’ll have to do is to transform (or not) your brand to make it attractive in your target country.
- Studying the new audience. This is the second basic ingredient of a successful branding and marketing campaign. Obviously, you must know your audience before you go. By doing so, you will find out what people you plan to sell your products to like and what they need. Learn the consumer trends of your target country, the buying power of people there, and how people are influenced by various means of media communication. Combined with the knowledge of your brand, you’ll be able to move further to the next step, which is (possible) brand transformation.
- Changing your brand coherently. After you learned how your brand is perceived by your already established audience, as well as your potential audience in the new country, you might want to adapt your brand to new customers. You might not change it at all, or you might want to make a complete rebranding. The main point is that don’t try to sell fish of what you’re selling is meat. If originally your brand is about fast food, it won’t sell as healthy food in another country as people will likely get confused and choose to simply pass your brand by.
- Learn about localization and apply it. While a mere translation might be enough for the formal parts of your brand, such as the documents and licenses, it will certainly not be enough for the marketing campaign and branding. Essentially, you can transform your brand any way you like, but you must certainly address the best translation services with experts in localization. This way, you’ll be able to adapt your brand to the cultural norms and perception of your audience exactly as it’s needed to be appealing.
- Partner with local professionals to present your brand. Those might be the marketing specialist or the local celebrities that agree to advertise your brand. In any case, there must be local internal support for your brand. As you work with people in their native country, they’ll be able to help you make your marketing campaign and branding as efficient as it can be.
Be Patient, Move Slowly
The most important thing you must understand that despite the world turning fast and changing rapidly, quick results of your international branding are very unlikely. The studying phase might take quite a lot of time and that only takes two out of five steps. Yet, however challenging it might be, it’s also rewarding as time is money and as you invest enough time, you’ll get a return as a similar amount of revenue. So, make sure to take baby steps and brand thoroughly, no matter how slow it might seem in the short run.
Should You Be Worried About A Coming Bitcoin Crash?
Do you already have a wallet full of Bitcoin and are worried about them losing value in a crash like what happened three years ago? Or, are you afraid to open a Bitcoin account today as you don’t want to buy before a crash, either?
Both of those fears are valid, but you may have nothing to worry about. There are a few factors that go into crashes that can usually be seen ahead of time. Of course, nobody can make an accurate prediction based on what has happened in the past because sometimes a wildcard comes into play that nobody could have seen coming.
Should you be worried then? In this article, we are going to take a look at what is different with Bitcoin this time around so you can decide for yourself if this is a good time to buy in.
Why Bitcoin is worth so much right now
Bitcoin has always promised to one day become a global currency that would be adopted by the masses. After the crash of 2018 when Bitcoin lost almost ⅔ of its value in a matter of weeks, it looked like its promise would go unfulfilled.
At that time the people buying in were basing their decision more on the fear of missing out than on actually believing in the cryptocurrency as a mainstream currency that could be used instead of fiat.
At that time you could pay for things using Bitcoin, but because the value kept growing, nobody wanted to part with their Bitcoins.
Now, it has become far more mainstream with a couple of big factors leading the way. For one, many big institutions were buying the currency and even some stores and businesses would accept it as a form of payment. There were more signs of it becoming a viable currency in the year or so after the crash.
Then, more recently, Paypal announced that they would start offering the service for people to buy some cryptocurrency with their Paypal account. This validated the currency in the eyes of many as they trusted Paypal for years already. It suddenly became very easy for people to acquire Bitcoin where before the process may have been intimidating.
Then, Elon Musk announced that Tesla had bought over a billion dollars worth of Bitcoin and that it could be used to buy their cars. This also served as validation and the value jumped very high after the news.
Will it continue to rise?
Anything that goes up must come down, so, yes it will continue to rise but will one day either dip or crash. It is inevitable.
What’s different this time around is that more people are using it for its intended purpose and that is to pay for things. It is finally being adopted. And, if history is a guide, then it will bounce back after any crash and then rise again. Maybe even higher than ever if there is more adoption by the masses.
*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.
Credit to Small Firms to Boost Economic Recovery
The Lao PDR Ministry of Industry and Commerce today launched a $40 million emergency finance support project, backed by the World Bank, to help small and medium-sized businesses recover from the economic slowdown associated with the COVID-19 pandemic. The project was approved by the World Bank Board of Directors in October 2020 and signed by the government in November.
Mme Khemmani Pholsena, Minister for Industry and Commerce, declared the Micro, Small, and Medium Enterprise (MSME) Access to Finance Emergency Support and Recovery Project operational, enabling local banks and financial institutions to provide loans to small businesses that have been affected by closed borders and reduced trade over the past year. According to the Lao Statistics Bureau, over 94% of all Lao enterprises are microbusinesses.
Three banks — Lao-China, Maruhan, and Sacom — have been selected to participate in the project to lend funds to small companies that apply for loans through Line of Credit. The project is providing technical support to the Bank of the Lao PDR, which is managing a credit guarantee facility, and technical assistance to strengthen the capacity of participating businesses. More financial institutions are expected to join the project once negotiations on terms of lending are complete.
“This initiative will reinforce the stability of small businesses, which are vital to the Lao economy”, said World Bank Lao PDR Operations Manager Viengsamay Srithirath. “By making it easier for small firms to access credit, the government and banks are removing one of the top three obstacles to business in Laos”.
Ms Viengsamay congratulated the Ministry of Industry and Commerce for the speedy preparation of the project during a time of economic difficulty, and said its execution would build on the success of the World Bank’s Small and Medium Enterprise Access to Finance Project, which closed at the end of 2020 after disbursing around 180 loans to small Lao companies.
Beginner’s Basic Guide In Bitcoin Trading
Non-fiat currencies are paving the way, and widening the horizon, might we add, in securing a future founded on the independent non-fiat currency. As you learn about BTC trading accounts, here are a few steps you can follow in bitcoin trading.
Bitcoin Trading Reviewed
Bitcoin trading, as the phrase suggests, is the exchange of bitcoins, from one user to the next. Or to a number of users at any given time. To oversimplify it, it is similar to how conventional trading works. Only, there is no commodity nor “hard money” in the mix. Bitcoins are themselves, the article to and for the exchange.
Understanding Bitcoin Trading
The first thing traders need to have an understanding of is how the price of bitcoins is set. Where does it come from? Is it fixed?
Since we know that cryptocurrencies do not rely on financial institutions, global currencies, or economic movements, we can conclude that they are not vulnerable to governments and economies. The pricing of bitcoin comes from…
There are over 21 million bitcoins all over the world today. Out of this 21 million, around 18.5 million have already been mined. This means that new players in the bitcoin scene will be given a limited amount of 2.5 million left to mine for themselves. Keep in mind that this is a global sum. Once all 21 million have been mined, there will none left in the circulation.
Bitcoin mining is basically a process in which said cryptocurrency (as owned by each user) is put into motion and is made available for trading. More about this, and in detail, on a separate post.
Analysts speculate that the entire supply of this cryptocurrency will be used up come the year 2041. What does this have to do with bitcoin pricing? To put this into perspective, think of the law of supply and demand.
When “supply” decreases and “demand” increases, pricing will be hiked up. And the less supply there is, the higher the skyrocketing of the price will go. Something bitcoin users and traders are already witnessing at present.
***You may be inclined to think that 2041 is two decades away. 20 long years to go. Only, take into consideration that the bitcoin was invented in 2009. And now, less than 10% of its total number remains!
As of current, there are a limited number of channels wherein bitcoins can be utilized for the exchange of commodities and/or services. In the context of integration, we are leaving out “bitcoin exchange” and/or “bitcoin purchasing” out of the picture.
Cryptocurrency is yet to make a stamp in the market as a viable means for supporting daily living. Relying on bitcoins to buy everyday-goods, easily converting them into their actual real-life prices to be stored and or transferred from bank to bank. The list goes on.
All eyes are on non-fiat currencies, especially because worldwide catastrophes have shaken people so that many are scouting for options to secure their financial futures. Bitcoin, being one of the said major options, and the highest of its kind, in-rank.
Remember the year we mentioned earlier? 2041? It is most certainly likely that bitcoin integration will take place any moment, even before that year hits. When the world begins to notice its integration, they will want to buy in.
This, then, ties in with number 2. The more people to buy-in, the higher the price of bitcoins will soar.
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