If you’ve ever wanted to take your business global then it’s a good idea to take it slowly. Going international with your brand, products or even services can be a pain if you’re not prepared for the challenges ahead of you. In fact, it’s perhaps one of the most dangerous processes to take your business on because it’s expensive, it puts your brand out there to different markets and can easily backfire. In this article, we’ll be discussing a couple of the most important points regarding business growth and how you can tackle it in another country.
1. Do you have a business plan ready?
The considerations you see here will be important in your business plan. Make sure you have a proper plan written up with the help of financial and senior advisors. You need to examine every single aspect of your business before you decide to expand abroad. Look at guides such as this one at https://articles.bplans.com/how-to-write-a-business-plan/ to help you overcome the challenge of writing a comprehensive business plan that will assist in your growth. If you don’t have a plan then you won’t have anything to follow and you’ll lose sight of why you decided to expand in the first place, or you’ll forget crucial points such as your financial situation or how to change your product to fit the local audience.
2. Have you researched the international market?
Another incredibly important component is researching the international market. Make sure you’ve done ample research in the countries you plan to expand to because you might end up with an audience that doesn’t connect with your products. This might seem like a fairly simple task, but you’ll be surprised at just how many companies fail to analyze the international market and identify competition before they invest in an overseas expansion.
3. Do you have the financial advice to expand?
Whether it’s dealing with different tax rates or understanding how much it really costs to move your business abroad, it’s important to take a closer look at your financial situation. This article at Th Dollar Build is a great example of the type of considerations you need to keep in mind when moving your business abroad. Taxes are important no matter what country you do business in, so make sure you take it seriously.
4. Have you considered the cost of localization?
Localizing your product can be both expensive and time-consuming if you don’t find the right services to help you. There’s always a need to localize your product especially if you plan to sell to an international audience, but it’s even more important if you plan to set up a store overseas or even move to a different country to start a new business. Make sure you look at articles such as https://medium.com/@imcatnoone/the-need-to-localize-your-product-ad36262700f1 to help you with the localization process. It’s not just a case of translating manuals and promotional materials but also potentially changing your product to fit the needs of your overseas customers.
5. Do you have leads for a property?
There are plenty of ways to look for overseas property, but it’s important that you look at the right places and get the right leads. This usually takes a bit of research and you might want to network with property developers in the country you plan to expand to before you start your financial planning. Take a look at sites such as https://www.rumah.com/tanah/disewa to help you decide which countries are worth investing in and what properties are available. Purchasing a property or a piece of land can.
6. What services or products will you take overseas?
Not all of your products will be a fit for overseas markets. Some of your products may already have competition that has already taken over most of the market share. This could potentially make your version of the product a complete waste of time to transfer over. However, there is always a chance for you to shake up the market if your brand is strong enough. Take a look at this guide at https://www.inc.com/guides/build-an-international-brand.html to help you learn a couple of tips on how to build an international brand.
7. Have you identified your overseas targets?
We’ve briefly mentioned it before, but you need to identify who your target audience abroad is. Instead of just focusing on the market and identifying rivals, you need to consider the cultural implications of your products and services, especially if you’re moving your business to a wildly different country. Do your research into not just the market, but also the people you plan to target. Make sure you’re hitting your overseas targets by setting them in the first place and never losing sight of them.
8. How will you handle customer support?
Good customer support isn’t just a case of outsourcing. Good customer support means that you have knowledgeable and trustworthy representatives working for you in different countries that are able to not only manage your business but also navigate cultural and regional differences that you may be unfamiliar with. It’s a huge challenge to create a support structure for customers that are outside of your language and region. Depending on the type of products you sell, it’s important to give your customers the right level of support in order to both make your products more attractive and also to garner more respect from your audience.
9. What method will you use to increase your exposure?
You also need to consider what type of promotions and advertising you’ll be using to increase your exposure. Some companies will focus on things such as online promotional campaigns on Twitter and other social media outlets, but some businesses prefer to take a more hands-on approach by taking part in trade shows and other public events. Ultimately, the best way to expose your brand overseas will greatly depend on the approach you wish to take. For a more grown-up and serious audience, it would be best to make public appearances. However, if you’re appealing to a niche or younger community, then utilizing social media platforms is the ideal method because it appeals to that demographic.
10. Can you grow into another country while staying put?
Something that many business owners overlook is the fact that you can grow your business into another country while still staying put in your current one. The internet is a fantastic place to expose your business to a wider audience and also draw in new customers from all over the world. Becoming an international business and expanding your products into another country doesn’t always have to mean creating a physical store. There are helpful articles such as this one at https://www.ecwid.com/blog/international-busines-online-how-to-start-selling-globally.html that will show you just how easy it is to start selling globally. While it’s definitely one of the most efficient ways to expand your business with less investment, it might not work for every type of business and it’s important that you consider your audience, the market and other important factors.
These are all important considerations that need to be studied and examined before you take your business overseas. If you neglect any of these points in your expansion plan, then you’ll potentially put your business at risk and suffer huge losses. In short, make sure you devise a plan and ensure that you’ve covered the above 10 points before you invest any capital.