When you’ve conquered your home country, it’s time to move abroad. To become an international business success, this is the mindset you need to have. Here are 6 steps to expand your business globally.
Perform a due diligence
Do not rush anything, and gather all the information you can before taking any decision. This is the first step you need to take when planning your international move. You’ll need to check if there is a demand for your product in this new country, how big the market is, and who your competitors are. In short, you need to find out everything about your potential new market. You can also include the services of an international business consultant if you want to get quick access to high-quality information.
Develop a strategy and business plan
Once you know what your new market is like, it’s time to develop a business plan if you haven’t already done so. Make sure all expenses and income are covered in your budget and that there is room for growth. Come up with a strategy that will help you succeed in this new environment, or adapt your current strategy to this new market. If your business is online and you want to go global, then it’s likely that you will need a shift in the way you do business.
Establish a local team
The first member of your new team should be a local business person who knows the market well. If you have an agent already working in the region, then this may not be necessary. The next members will depend on how big your company is, but generally, you’ll need to include sales and marketing, logistics, finance, and legal people.
Find out how much it will cost to move
Moving your company abroad may sound easy; you just pack up and go. However, you will have to do a lot of research to find great rates for transporting machinery as heavy equipment transport can be pricey. As well as this, you’ll also have to think about the logistics of moving staff, and products to the new country. You should also consider how much it will cost to rent or buy a property and how much it will cost to set up your business – this includes renting a warehouse if you’re going to be importing any equipment for your business.
Establish a go-to-market strategy
Once your new company is up and running, you need to know how you’re going to sell your products. Will this be online only, in shopping malls or in big department stores? You may need a primary place where the customers can view and test the product, preferably one that is centrally located. You may also want to consider finding a good distributor in the region who can help you get your product out to the market quickly.
Establish close relationships with local businesses
Your new business will never be as successful as you want it to be if you don’t establish good relationships with potential clients and suppliers. Local businesses may also help you figure out your target market more easily, so make sure you take some time to get to know the people in your region and find out what they like and dislike.
