Posted by: Laurel Delaney, The Global Small Business Blog
As featured in the NYTimes.com:
Some Small Businesses Grow, Even in a Recession
Even before last fall’s crash, sales at Lexington International, a 12-employee maker of a laser device for treating hair loss, started heading south. “People cut down on nonessential health care items, and we really felt it,” said David Michaels, managing director of the company, which is based in Boca Raton, Fla., and was founded nine years ago. When he analyzed his company’s performance, Mr. Michaels concluded that the possibilities for domestic sales growth were slim. But he had started exporting his product, called HairMax, to Canada and Australia in 2001. Perhaps expanding to other countries was the answer.Mr. Michaels turned to the Gold Key Service of the Commerce Department, hiring consultants who spent several months conducting industry research and visiting a handful of countries, the better to pinpoint potential distribution partners. Then, Mr. Michaels traveled to those places to meet his partners in person. At the same time, the consultants helped him understand the regulatory issues he would have to tackle in each country. Ultimately, the licensing process took three to nine months, depending on the region. The most difficult country was South Korea, which, Mr. Michaels said, has a particularly rigorous licensing procedure for medical devices.
Now, he is also selling to Russia, Brazil and Saudi Arabia, in addition to South Korea, where, Mr. Michaels said, “There are significant social advantages to having a great head of hair.” He figures that international sales have more than compensated for the decline in the United States.
Read the entire article here.
Because we are so passionate about helping you -- entrepreneurs and small businesses -- expand your business internationally -- we decided to become a member of another organization that is equally as committed: The International Council for Small Business.
Founded in 1955, the International Council for Small Business (ICSB) was the first international membership organization to promote the growth and development of small businesses worldwide. The organization brings together educators, researchers, policy makers and practitioners from around the world to share knowledge and expertise in their respective fields.One of our trusted colleagues, Dr. Jeffrey Cornwall, is also a member so when you have time, check out what ICSB has to offer ... lots of tips, tools and resources to enable you to learn more about going global ... and see if membership might benefit you too.
Knowledge sharing helps improve our global economic environment and fosters an understanding and appreciation for each country's contribution to the world marketplace.
I posted over at the OPEN Forum at American Express, "On Your Mark, Get Set, Go Global." It's about how to begin the export process. This will be a five-part series so I hope you stay with me.
A new book, "Le Deal: How a Young American, in Business, in Love, and in Over His Head, Kick-Started a Multibillion Dollar Industry in Europe," by J. Byrne Murphy is a memoir of a decade of dealmaking in Europe, most memorably in France, as Mr. Murphy scouts out commercial sites, partners with local developers, meets the demands of politicians, cuts through red tape, and brings a fresh idea to a place not exactly ready for it.
This all takes place after a catastrophic crash of his American business. Rings loud and clear to similarities many of you are experiencing with your domestic business -- rough going.
So if you feel frustration in your effort to grow your business global and need a dose of inspiration, this might be the book for you. Here's the review I caught in the WSJ after I had read the book.
Is there a pot of gold at the end of this storm-to-rainbow story? You bet. Murphy's MacArthurGlen has 11 centers in Europe now, employing 8,000 people and boasting a billion dollars in annual sales.
Goes to show you that anything is possible provided you have that can-do entrepreneurial spirit (perseverance).
