Innovative business owners and managers are continually on the lookout for new opportunities. At times, businesses reach a point when the only feasible growth option is the expansion of services into other countries. “Going global” represents reaching new frontiers and requires a lot of bravery and business intelligence.
If your business has reached its full potential in its country of establishment and you would like to explore possibilities of targeting markets abroad, take a look at the following essential points of consideration. Please keep in mind that you will have to progress through the various stages of the startup process just like you did when you established your company at home.
- Market Research: Firstly, you need to determine whether your products or services are required in the expansion country of your choice. Secondly, you need to find out who your potential competitors are and what your unique selling point is. Once you are all but certain that there is a demand for your product or service at your destination, you can proceed with the startup process.
- Business Plan: Write a detailed business plan including all the usual elements just like you did before you set up your company. Remember, your market is new territory and provides and entirely different set of circumstances.
- Local Team: It’s wise to establish a team at your chosen location. Though you may travel back and forth, it’s best to have a senior employee working on your behalf at your new location to familiarise her/himself with the new market.
- Preparation: Get your product or service ready for your new market. Find business premises, open up distribution channels, devise a marketing and advertising strategies and put everything in place for a successful launch.
- Laws, Taxation and Finance: Seek legal and financial advice at your chosen location in an effort to ensure your compliance with corporation and taxation laws.
- Launch: Prepare for and execute the launch of your product or service. Create plenty of excitement, invite important business partners and members of the media and optimise the impact of your launch with lots of online marketing.
- Networking: Once you are up and running, try to collaborate with local businesses to become part of the local network. Business partners may require your services and your business will need to products and services provided by other companies.
The dawn of the internet has made foreign markets accessible like never before. Before you even set foot in a potential new market, you can find out plenty of essential information to help you make a decision. Your experience in running a successful company will guide you and bring your globalisation process to a gainful conclusion. Perhaps one of the most vital ingredients in the recipe for global success is forging mutually beneficial business partnerships and becoming a strong member of the global business network.
Businesses need to seek growth rather than simply stand still to copperfasten profitability and success and going global has been a viable option for most ambitious business executives.