SEVEN STEPS TO BUSINESS SUCCESS IN THE USA

Transcription

1 SEVEN STEPS TO BUSINESS SUCCESS IN THE USA

2 STEP 4 US Reality C INTRODUCTION Looking to grow your business in the USA is a natural progression for European companies that have seen success in their home market and possibly other European countries but America can be daunting Success can be achieved by following a few simple steps with the assistance of various Government and economic development professionals such as The Greater Richmond Partnership Inc - / The following seven steps are a practical guide - in some cases not all are necessary and for some companies, they have already started the journey but need reassurance that a crucial step has not been missed ST Seek STEP 3 Build a Business Case STEP 2 Understand the US Market STEP 1 Be Successful First

3 STEP 7 Getting Started in the USA STEP 6 Choose your Route to the US Market EP 5 Professional US Advice heck - An Intensive Research Visit for the US

4 STEP 1 Be Successful First Are you already a successful company?» Do you already have a proven product or service?» Is that product or service already a market success at home or in another international market?» Are you ready to explore new unproven markets (i.e. the US) with that proven product? What makes you think your product/service is right for the US market?» Are you exporting to the US already?» Are you getting website hits or orders from the USA?» Does one of your existing customers serve the US market, using an alternative supplier?» Is one of your existing customers exploring or starting up in the USA?» Will your product/service appeal to US customers?» Is your product/service cheaper or technically better than those currently available in the USA? Are you prepared to invest time and money in the USA?

5 STEP 2 Understand the US Market Get an understanding of the USA eg:» Over 300 million people, five time zones and virtually 50 separate countries under a federal umbrella» Common language and currency» US is still the largest economy in the world Tap into government support available for businesses:» UKTI has market and sector specialists available to help - they can provide impartial advice and guide you through the subsidised programmes offered to businesses by UK Government» Free services offered by US economic development teams Consider other research sources:» US Departments of Commerce ( Labor Statistics ( and Census Bureau ( Trade and professional publications» Websites (including potential competitors)» Hoovers ( Colleges and Universities» Trade Associations and Chambers of Commerce Do US regulations or certifications apply to your product/service?

6 STEP 3 Build a Business Case for the US Who are your potential American customers and ultimate end users of your product/service? Do you know where the majority of these potential customers are geographically located in the US? Determine business set-up and operating costs (they vary by location) Compare US locations on a regional basis:» Consider time difference - 5 hour difference between US East Coast and UK (six hours Europe)» Business climate - ease of doing business (State laws and taxation)» Check out US Right-to-Work States» Think about industry clusters» Consider workforce needs now and in the future» Look for programs that support you after the 1st year What is the profit potential (Year 1, Year 5, Year 10)? Verify your research findings and plan your trip to the USA

7 STEP 4 US Reality Check - An Intensive Research Visit On the ground research to verify your desk research Take advantage of free, confidential visit services from US economic development professionals Visit US trade shows and conferences:» Test your product/service» Look at your competitors» Meet trade association contacts Spend time in a relevant US location:» Market test your product/service with senior industry specialists - public, private and academic» Talk to other companies from your country which have set up in the region» Meet with professional business advisors» Look at property options Is now the right time for your business to expand? Are you ready to proceed?

8 STEP 5 Seek Professional US Advice Legal» Treat a US Lawyer as part of your professional team - be transparent with your plans from the outset» Incorporate in a business-friendly US State such as Virginia or Delaware» Protect your IP» Seek visa advice, if appropriate» Discuss US contracts, terms and conditions» Consider US employment law, if relevant Accounting and Tax - both personal and business Insurance - both personal and business Take advice sooner rather than later, to avoid wasted time - and money!

9 STEP 6 Choose your Route to the US Market There are a number of market entry options, each with its advantages and disadvantages based around degree of control and cost:» Direct investment - effectively setting up shop in America» Sales office - having one or two company employees in the US» Virtual office - a low-cost option, giving you a US presence without employees» Joint venture/partnership - working with a like-minded US firm to mutual benefit» Agent/distributor a representative to promote your product/service in the US

10 STEP 7 Getting Started in the USA Secure website domain name for US website Open a business bank account Secure premises - either physical or virtual Consider your first US employee(s) if appropriate Ensure your product/service and promotional material is US friendly (customize!) Focus on 1 st Class customer service - Get constant customer feedback Consider joining your local US Chamber of Commerce and network regularly Do not be afraid to modify your market strategy with experience and market changes Do not be greedy - State-by-State will do nicely Get ongoing free advice from local US economic development experts eg grpva.com Make the most of your European accent Enjoy doing business in the USA!

11 VISIT SERVICE The Greater Richmond Partnership Inc s Visit Service to Greater Richmond, Virginia Visit Greater Richmond A picture s worth a thousand words but seeing with your own eyes is even better! The Partnership offers a free, confidential visit service with a tailored itinerary designed to enable you to achieve your specific US business objectives. We know your time is precious so we will not waste a minute of it. The Process You complete a simple e-questionnaire (see contact/international-contact-form), ideally four weeks before you travel to Virginia. From this the GRP team will draft an itinerary identifying who you would like to meet. You may want free legal or financial advice, view real estate, meet recruitment companies or seek market advice from potential customers/ partners. You then approve the itinerary and GRP will secure all the necessary appointments. Make your flight bookings and you are good to go! The Partnership can also advise on hotels in Greater Richmond. The Service A GRP team member will pick you up from your hotel on day one and take you to each appointment. Your schedule will be packed with useful meetings and insights into Greater Richmond. Working lunches and dinners will be included and you will rapidly get a unique picture of business in Virginia; indeed one UK visitor said after a busy two-day schedule, that he had earned an MBA in American business! We want you to experience Greater Richmond first hand, so please come and visit and see what we can offer your business.

12 For more information on Greater Richmond, Virginia, USA visit /