What exactly is an international business opportunity? Definitions vary among different scholars, but essentially summarized, 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; commit to repurchase products that have been assembled or produced by the buyer; or provide a sales schedule or marketing plan.
No matter the type, size, or location, franchises are 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 30-35% of non-franchised small businesses. This means that franchises are the most successful way to establish your own business.
Working from home is another most attractive international business opportunity in 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 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 key hits, and the stress of business. Workplace. In the old days, the ideal home business was some form 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 from oral to written (on paper or electronically) the record of a person’s medical history, diagnosis, prognosis, and outcome. Transcriptionists transfer medical voice recordings made by physicians and healthcare professionals into documentation including: operating room reports, autopsy reports, and physical examination documentation. Currently, more than 20% of the people who practice the profession are self-employed. The medical transcription business requires careful enforcement of health record confidentiality requirements. Any change in laws and regulations may affect the profitability of the business. An additional risk is the occupational hazards of working on a computer keyboard that leads to eye strain, carpal tunnel syndrome, and wrist or back problems.
Fashion clothing is also one of the most successful international business opportunities available on the business stage. The smart clothing evokes images of space-age Jetson-style clothing. Smarter Clothing encompasses apparel customization for specialty markets ranging from performance apparel, sun protection, and age-friendly apparel. The challenge in entering the smartwear market is selecting a niche that isn’t too mainstream, allowing larger competitors to swallow up market share before establishing themselves. Conversely, a market that is too narrow can present problems for breaking even and profitability. Success in the smart clothing industry will require the ability to outpace 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 opened up new avenues of international business opportunities. It is a completely new concept that is 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 various 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. Succeeding in this international business opportunity requires business marketing and operations skills. Also, look to add a level of professionalism by 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 demands for content production, the overall risks for translators remain low.