What exactly is an international business opportunity? The definitions vary among different scholars, but summarized in the essentials, a business opportunity exists when: 1) the buyer buys goods or services that allow him to start a business, 2) the purchase price is greater than a certain amount, generally $500, and 3) the seller makes one of several definite representations about the opportunity, such as guaranteeing that the program will be profitable; offer assistance in locating accounts, vending machines or other display devices; undertake to repurchase products that have been assembled or produced by the buyer; or provide a sales program or marketing plan.
No matter the type, size, or location, franchising is one of the most popular international business opportunities. But figuring out which ones are hot and which ones aren’t can be a challenge. The biggest benefit of starting a franchise business is that the business model has already been proven. As a result, only 5% of franchises fail in a year compared to 30% or 35% of small businesses without a franchise. This means that franchises are the most successful way to establish your own business.
Working from home is another most attractive international business opportunity of recent times. The power of the Internet allows you to conduct international business because your website is available worldwide. The Internet has become the way that people do business and has led many people to have their own very successful home business. Many people dream of owning their own home business to escape the hassle of commuting, the friction with the domineering bumps, and the stress of the business. Workplace. In the old days, the ideal home business was some kind of mail order business. However, in today’s world an Internet-based business offers the best way to gain flexibility and financial independence. One of the best international work from home business opportunities is Medical Transcription.
Medical transcription is the act of translating an individual’s medical record, diagnosis, prognosis, and outcome from an oral to a written form (on paper or electronically). Transcriptionists transfer medical voice recordings made by physicians and healthcare professionals into documentation including: operating room reports, autopsy reports, and physical exam documentation. Currently, more than 20% of people who practice the profession are self-employed. The medical transcription business requires careful execution of health record confidentiality requirements. Any changes in laws and regulations can affect the profitability of the business. An additional risk is the occupational hazards of computer keyboard work leading to eye strain, carpal tunnel syndrome, and wrist or back problems.
Fashion apparel is also one of the most successful international business opportunities available on the corporate stage. Smart clothing evokes images of space-age Jetson-style clothing. Smarter Apparel encompasses apparel customization for specialty markets ranging from performance apparel, sun protection, and age-friendly apparel. The challenge of entering the smart clothing market is selecting a niche that is not too mainstream, allowing larger competitors to gobble up market share before establishing themselves. On the other hand, a market that is too narrow can present problems in achieving break-even points and profitability. Success in the smart clothing industry will require the ability to outperform the big retailers that influence the clothing business. Selling to select markets (ie skateboard shops) and outsourcing the manufacturing process overseas can help maintain profit margins.
The language translation market has broken new ground in international business opportunities. It’s an entirely new concept that has been projected to reach $22.7 billion by the end of 2005 in the US alone, according to a report by Allied Business Intelligence. Translation services can cover several areas, including: legal translation, business translation, technical translation, editing services, language interpretation, and website localization. Becoming a translator can be easy for someone who is fluent in a foreign language. Marketing and operations business skills are required to be successful in this international business opportunity. Also, look to add a level of professionalism when getting certified. There are several potential risks in the market. Computerized translation services and speech recognition technology can meet some simple language translation needs. Translators who understand local cultural differences can provide critical information that a computer cannot. Another risk may be a slowdown in world trade. But with the power of the Internet and its high content production demands, the overall risks for translators remain low.