Ten Steps to Expanding Your Business Internationally
With technology making our world smaller every day, going global has never been more vital in business. But where do you start? Here are ten highly recommended steps for that crucial expansion.
Image of businesspeople at presentation looking at virtual project
- Research Your Target
Every country you want to conquer has a unique sets of rules and traditions. Research what’s important to those customers, what they’re looking for and how your product or service fits in with that.
- Make a New Business Plan
This is very new territory for your company, so the original documents likely won’t cut it. Get to know the market; your sources as well as import and export prices and all additional costs, so you can be as prepared as possible.
- Develop Short, Mid & Long-Term Goals
Expanding internationally is a massive project. Keep yourself and your team on track with a variety of time-goals. This will also help you to prioritize important tasks.
- Embrace New Tech
The progress of new technology is remarkably fast. Keeping up with key developments will provide more avenues for sales, communication and innovation. It will also help you keep in touch with distant branches with ease.
- Take Advantage of Seasonal Differences
If you’re expanding across hemispheres – great! Use the opposing seasons to your advantage to get rid of stock or present a new line.
- Connect With Local Businesses
Foster relationships with businesses in the local area to improve your reputation and to get a helping hand when you need it.
- Taxes and Laws
Get clued-up on local laws and financial obligations. Legal processes could be more strict or more lapse, but knowing them will save you both time and money.
- Hire Carefully
Overseas branches can’t be monitored as closely as those at home, so make sure you know who’s in charge. It can be difficult to judge personalities in another culture, get professional advice if necessary.
- Be Physically Present
As much as new technology allows us to have meetings from anywhere in the world together, being physically present has its advantages. Turn up and get stuck in, you’ll gain a better understanding of your company for it.
- Protect Your IPR
Your Intellectual Property Rights may not be covered in certain countries, so it’s wise to check out how this works in your target area.
Overall, being prepared is key to any major development in your company. Conducting thorough research, alongside seeking advice and guidance when you require it will put you on a solid path to start your expansion. You may be managing the project, but you can’t do it alone – which is why it’s so important to have a great time both at home and overseas. Regardless of the market you wish to enter, Whether you’re SEO consultants in Germany or a law firm based in Arizona, the pattern remains – those who do their homework beforehand always have better luck at getting their foot in the door.