Benefits and Drawbacks of International Trade to take into account:

Improve your ability to compete at home

Boost revenue and earnings

increase your market share globally

less reliance on current markets

Take advantage of global trade technology

Expand the market for current items

reduce cyclical market fluctuations

increase the likelihood that your firm will expand

Sell extra capacity for production

Keep your home market's costs competitive.

According to the Public Ownership lesson in this course, international commerce expansion could hasten the benefits of going public.

Disadvantages to consider:

You may need to wait for long-term gains

Hire staff to launch international trading

Modify your product or packaging

Develop new promotional material

Incur added administrative costs

Dedicate personnel for traveling

Wait long for payments

Apply for additional financing

Deal with special licenses and regulations

Dos and Don'ts: The Top Ten

TOP TEN DOS

Think of global trade as a chance for expansion.

For international expansion, look at franchising.

Analyze the global operations of your competitors.

Create a comprehensive global marketing strategy.

Set aside manpower, money, and the right processes.

Make a strong distributor or agent agreement.

Recognize how important intellectual property rights are.

Examine the demands of marketing and advertising.

Adapt to the particular requirements of each regional market.

Utilize the free online resources available.

TOP TEN DONT'S

Reduce the challenges of globalization.

Don't consider global trade to be a resource for empty firms.

Disregard global preferences and taste.

omit to seek export guidance.

blindly follow directions coming from all across the world.

omit to look into international risks.

Ignore the value of legal counsel.

fail to comprehend the needs for export licenses.

Forget to recognize the differences between a distributor and an agency.

Ignore the necessity of cultural adaptation.