We are in a global economy, and the internet now makes selling across the world the same as selling the next town over. Right?
There is pressure to grow business and how better than entering a market (country) that may have seemingly few or no direct competitors. Complexity increases exponentially. Regulations restrictions, import, graft, political issues, let’s not forget your IP may not be protected at all. Even large economies can see big changes in investment and trade due to political issues (BREXIT, EU, Brazil, Russia, Ukraine, TPP, NAFTA)
Sometimes going international is the clear path to growing your business, however:
Are you successful in your home market, if not why sell globally?
Define model for success:
Will/can people use it (market)? Enough infrastructure in place?
Will it sell it at a price YOU can be profitable?
Can you weather a local economic downturn (and subsequent forex/currency trouble)?
Need local contacts, not expats, you can rely on. Trustworthy, knowledgeable, not working for your competitor on the side (yes that’s happened plenty)
Plan to protect IP or trade secrets i.e. might limit testing to only products you’ve registered elsewhere
Stay fresh, markets are dynamic, products and services can go stale anywhere. Markets may move as fast or faster in developing economies.