Turkey has rapidly emerged as a high-growth market and a hugely attractive destination for those looking to do business abroad. Already the world's 17th largest economy, Turkey has an impressive economic growth record.
With a large and young population, a talented workforce, and an advantageous geographical position, it's a market which can't be overlooked by businesses looking to grow and prosper on an international scale. But Turkey has social and business customs that must be taken into account in any market entry strategy. One crucial point to consider is that – in the words of the UK Trade and Investment (UKTI) – doing business in Turkey is truly "personal," with any business venture relying heavily upon relationships and networking.
Meeting likeminded business people in Turkey and hearing their success stories is a huge motivator for success, according to Melek Pulatkonak, founder and creator of the Turkish Women's International Network. According to Pulatkonak, a combination of online and offline engagement is the "magic formula" to networking success in Turkey. Here are some tips on getting started:
Consider the benefits of partnerships
It's important to understand the regulations attached to the business sector you want to go into to avoid jumping the gun. Often the best way to enter an emerging market is through a partnership or joint venture to allow you time to get to grips with the market from someone who's already familiar with it.
Identify local partners
Embassies recognise the challenges of breaking into any market and are in constant dialogue with their counterparts within in-country government. They can help entrepreneurs to find local business partners through arranging appointments, ensuring credibility, or producing commercial guides listing the best sales prospects. Also, take a look at the government's UKTI site for a wealth of information on doing business in Turkey, which includes guides and market sector reports.
Be attentive and build trust
Turkish businesspeople expect regular and prompt contact from their business counterparts. Invest time in developing and maintaining the relationship so that your Turkish counterparts can trust you on both a personal and professional level. Initial meetings should concentrate more on relationship building. Also, many Turkish prefer direct, rather than email, communication.
Do your due diligence
It's essential to thoroughly check out a potential partner before doing business, but building up an accurate picture of whether a Turkish company is not as straightforward as it is in the UK. But it's well worth the investment.
Develop your women business networks
One of Turkey's best resources for businesswomen is the Turkish Women's International Network which was set up for women with cultural, professional, and family ties to Turkey. With mentoring programmes matching professionals together, as well as aiming to partner women in technology with mentors from Silicon Valley, it's a powerful way to grow your network.
Grow your social networks
Social media provides a unique means of connecting with likeminded women and getting more immediate answers to your business queries. Using online tools can instantly connect you with people around the world without the need for expensive trips or calls. LinkedIn groups are particularly suitable for enabling professionals to network, share events, and seek advice on any business related topic.
Italian business founder Elena Pallotta knew just one person when she came to Turkey to start a homemade Italian ice cream enterprise. But, speaking at the annual DWEN 2013 conference in Istanbul, she stressed how these first few acquaintances happily opened up their networks to her when she hit early difficulties, with many providing support "purely out of the pleasure of helping."
Ultimately, she stressed, key to building your networks in Turkey is to stop being "ashamed to ask for help."
Sarah Shields is executive director and general manager for consumer, small and medium enterprises at Dell UK
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