This is one of the keys to ultimate success. Do your homework so you know the details of your market not just in your environment, but overseas.

In addition to determining the potential for your product in a given market, market research is critical in understanding the rules and regulations associated with the export of your product (both U.S. and the foreign country’s regulations), any modifications required, and how to protect your intellectual property.

Although it is probably unwise to venture far from your area’s of expertise just for a perceived international market, there are many cases where a good or service in the U.S. is worth much more when exported or, conversely, a foreign good or service offers a significant profit margin when imported to the U.S.