Stacy McCaskill is a business professor at Rock Valley College, a community college in Rockford, Illinois. She’s also a passionate fisherman and worked with Thinker Ventures to create Fishwithme.net, an online match-making service for anglers looking to find fellow anglers to share costs and camaraderie.
As a business professor, McCaskill knows starting a business from scratch is not for the faint of heart. She spends most of the week she isn’t teaching or grading trying to build the Fishwithme.net audience. In the past couple of months, McCaskill struck a deal with the Salmo Group of Latvia to grow in the U.S. as Salmo introduces two of its brands, fishing lures and a line of clothing, in the North American market.
As part of that agreement, McCaskill travelled to Latvia to seal the deal and talk over other opportunities. McCaskill has some tips for other business owners looking to break into international markets:
1) It’s physically grueling. Jet lag, early mornings, late nights, usually a bit of drinking, cultural differences, language barriers, long meetings, etc. International travel and business is not for the physically or mentally unfit. Prepare for your trip by getting a lot of sleep, work out, and start adjusting to the new time zone three or four days in advance if you are able. Also make sure you schedule some recovery time upon your return. A day or two to relax, sleep, and think over next steps.
2) It’s a first date. Your first visit to your potential new international partner is usually just an opportunity to get to know each other. Don’t have exceptionally high expectations to close immediately. However, make sure you present your “ask” clearly. Your partner should know by the end of the visit WIIFM (what’s in it for them). Make sure your clearly articulate how partnering with you is a good deal for them. Also, be sure to let them know why you find them sexy too. A great first date ends in each side being excited about the potential of mutual benefit.
3) Don’t be that guy who doesn’t call, but also don’t be that super needy guy. Make sure you follow up with a thank-you for their hospitality and an invite to return the favor at their next visit to your side of the pond.
4) Follow up with specific next steps. If you promised to deliver something, make sure you do it. If you are waiting on them to get back to you, don’t hesitate to ask them if they need anything else to help make their decision. Share updates as to your company’s progress. Loop them into your communications about your own company’s successes.
5) Make sure you leave knowing their top goals. Then if you see anything that can help them advance those goals, offer it freely. Be generous with your contacts and knowledge of local market conditions. Let them know that no matter what you do together, you are always interested in helping your friends succeed. This not only builds long term trust and proves out your integrity but it also demonstrates your benefit as an important, expert contact.
Jason Todd