If you plan on expanding your business to other countries, you need to embark on global market research. In fact, this is the first step you should take before establishing your business in a foreign location. Often, investors outsource global market research to an offshore research company residing in a foreign location they wish to establish a branch.

Here are success-oriented tips for carrying out global market research;

Tip #1: Generate Data from Government Agencies

When carrying out global research on a potential foreign business location, government agencies are reliable and invaluable sources to generate information. Often, you don’t have to spend money to access government statistics. Some of the government sources to search online include your target country’s census bureau as well as the commerce department.

So, when you search online, endeavor to use the right and applicable terms. For instance, when you search for the census bureau, start with “census” and include the foreign location as well as the term “gov”. You can also search with terms such as median income, trade statistics, and demographics.

The United States also provides guides, forecasts and economic reports on specific industries as well as countries. So, you can take advantage of those resources when you want to expand your company in the United States to other foreign locations. In this case, you may want to check out the website https://www.export.gov/Market-Intelligence.

Tip #2: Understand How Your Industry Works in Global Markets

When researching a global market for business expansion, it is important to pinpoint the location that your brand or product is sought after. You should focus on foreign destinations with the highest profitability potential when it comes to demand for your product and/or service.

However, you should not go where there are too many competitors for the same product or service you are offering. You may want to consider developing markets since competition in such markets is usually low. While there may be a higher demand for your product in a major economy, competition may be quite stiff because of numerous established companies already in existence there. So, you may not beat the competition.

Tip #3: Check Taxes and Tariffs

Also, you should check other elements such as taxes, tariffs, market openness as well as other trade statistics. When you identify a country with dense potential customers, low competition and strong demand, you should go ahead and explore trade statistics for such country or countries.

You should also find out the foreign markets that your country permits you to trade with. In essence, look out for trade agreements, as well as the cost of export.

Go ahead and implement these tips for your global market research.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams