Taking your business from national to global status may seem like an exciting and appealing idea, but it requires a significant amount of work and preparation.
For successful international expansion, you need to have a detailed, realistic, and adaptive business strategy figured out before you can take the plunge.
Your best bet is to prepare for all eventualities, so you don’t encounter any nasty surprises when entering your new market overseas. There are several ways to prepare your business for international expansion. Here, we summarise the top five considerations you should check off the list before making the big move.
#1. Your Team…
First and foremost, do you have the right people and tools to execute your strategy efficiently?
Ensuring you have a strong team and good working relationships with your employees is an important step before making any significant changes. Do you have the right people for the job? If not, pause. Your team should be on the same page as you and understand the direction the business intends to take.
It is far less likely for your business to be successful on an international level if the foundations are not strong and stable.
#2. Your Tools…
Regarding having the right tools for expansion, there is an abundance of software available to businesses online to assist you in completing all necessary tasks.
ManSys offers high-quality and efficient global trade management software for businesses looking to, or already, trading overseas. Their trade management software provides a wide range of services to aid the process of international expansion, ranging from managing enquiries and quotations to arranging shipping and handling documentation. If you are seriously considering international expansion but are concerned about all the little jobs that come with it, their software alleviates these worries.
#3. Know Your Market Inside Out…
It almost goes without saying, but something of huge importance when considering international expansion is understanding the market you will be entering. You should be familiar with the culture, demographic, current trends, and more. There is never too much preparation when it comes to learning about a new market.
You definitely don’t want to move overseas and then discover that the market is already saturated with your product/service or that the culture is uninterested in (or even worse, offended by) what you have to offer.
#4. Start Selling Yourself Before You Make The Move…
Ensure that your strategy for international expansion includes plans for updating your website and social media to inform people about your expansion. Being active on social media is crucial for any business, but perhaps even more so for a business planning to enter a new market. You could interact with potential clients online to spread the word that you now offer them your services!
Regarding your website, you could create different domains for the various countries where you offer your product/service. That way, there will be no confusion among your prospects or customers about what they can access in their country. If customers are confused or not fully informed, they are far less likely to invest in your brand or service.
#5. Form Initial Working Relationships
Business networking is essential in your domestic market, but equally important when expanding internationally. You could reach out to foreign companies and conduct conference calls to build initial working relationships. That way, when you make the first step by offering your products/services, prospects and competitors are not completely unaware of your brand.
Hopefully, these five top tips for international expansion have provided you with some motivation to dive into creating a global business strategy.
