The international markets are more connected and open than before. With the technological developments, it is becoming simple to serve clients internationally, which is why ambitious entrepreneurs are open to expanding their business overseas.
However, growing your business overseas carries risks, regardless of how confident you are in your current business at home. Still, with focused strategies and proper preparation, you can achieve the expansion successfully. Some of the strategies you can use include:
Establish a Good Foundation
Entrepreneurs launch a business because they have an idea of developing exciting services or products. When a business starts growing, the pace picks up, and suddenly there would be regulations to take care of.
It is unfortunate that the effects of noncompliance might start growing silently until it becomes a serious crisis.
The importance of fixing one or two years of compliance problems might prevent or delay important events, such as new investment, installing human resource infrastructures, and fundraising rounds.
Do a Market Research
A great source of valuable details for market research includes statistics sites, professional trade groups, and trade magazines or journals. Know that some of these sources restrict their access to paid subscribers.
For comprehensive global development data, sites like World Bank can be a valuable resource. You may also carry out competitor research with Google.
This should involve searching companies and paying attention to the strong/weak points, value proposition, services, and products.
Learn Foreign Language
Learning foreign languages is important yet ignored by most entrepreneurs wishing to expand their business overseas. No potential business partner or customers wish to be involved with individuals who cannot speak their language well.
Today, online language learning is growing in popularity among entrepreneurs planning to grow businesses globally. Apart from taking classes online, you may also learn foreign languages through learning tools, apps, and dictionaries.
Having a worker with a pre-existing network of connections will speed up the process of getting more business deals through referrals. If local workers have a vested interest in the business, they are more inclined to help with introductions than they will likely to hire translators.
Online tools, such as LinkedIn, also provide opportunities to reach out to connections and get introductions to individuals who are able to help.
There could be an added advantage if your business partners and colleagues are LinkedIn ‘power users.’ You can even get personal recommendations from the process – something you could display and use as validation and sales too.
Look for a Partner
Getting the right partner is important for a well-established business and long-lasting marriage. While you might think of growing your business globally, most individuals would prefer trusting local representatives instead of foreigners.
It is also vital to get into a partnership with an individual who has enough knowledge of the local market strategies, customer buying patterns, and target audience.
Today, there are over 900,000 companies actively selling in the international market. Regardless of the current noise in the news around nationalism, tariffs, and protectionism, the horse has already left the bar – meaning it is a global economy.
Whether you have established a business or just starting out from scratch, ensure you some of these ways, if not all, to grow globally.