Eight Key Steps that you must take to Expand Business Globally

Setting up a business can be a very tough job but expanding it can be even tougher. Expanding your business within your country is one thing but setting up a business across borders is a real task. However, there are some key factors that if you keep in mind can help you grow your business globally.
1. Explore and understand your market and industry
There are more than 60,000 multinational companies currently working in the world. There is no doubt about the fact that yours can be one of them if you have your research complete. Having knowledge about what you are doing, what is the market trend regarding your particular business and what are all the prospects related to your particular industry. Once you have completed all these aspects including the area specific study of where you wish to set up your business, you have taken the first step.
2. Perform a SWOT analysis
Knowing your strengths, weaknesses, opportunities, and threats is the wisest thing you can do. You should be well aware of all these factors. Only then you can use your strength to your benefit, steer clear of your weak areas, avail the opportunities out there and deal with all sorts of threats. Creating a SWOT chart might help in streamlining things. It will help you clear your head and prepare an agenda of what to do and what not to do.
3. Devise a marketing strategy and business plan
Almost two-thirds of the world’s buying power is outside the United States of America. It will be a shame if you don’t reach out to the ninety-six percent of world consumers who live outside the USA. An important step while reaching out to them is to have a proper marketing strategy. If you work haphazardly and without a plan, you are doomed. The international market is not easy to survive in and having a strategy is vital. The way you market your product and company has a lot to do with your survival. The correct marketing strategy can increase business by manifolds and vice versa.
4. Seek advice and assistance from established marketing agencies
We have established the fact that the correct marketing is important for your business, but another important thing about marketing is that it must be done by professionals. Hiring a professional marketing firm can help you in ways you can’t even imagine.
Marketing is a complete process. It involves chalking out a marketing strategy, coming up with a campaign that incorporates video, print, internet and social media marketing. SEO is another game to scale your business, that can’t played well if you are not aware of the latest updates and information regarding Digital Marketing, says ‘Brand AdvoKates’.
All of this requires being done by a professional, so it is important that you hire one. The advice they give you can be valuable even if you don’t hire them for the complete process.
5. Learn the foreign business culture
It is perhaps the most important step. If you are going out on the football field to play holding a baseball bat, then you are half doomed. The rest of the destruction will follow when you try to hit the football in baseball style. What I am trying to say here is that if you are trying to do business in a foreign country with the same techniques and tricks that you apply in your own country, then that will not work. Every country has their market, their trends and their way of acceptance. You cannot compare the China market to the market in Israel. They have different cultures which are influential in their business trends. Having a country specific approach and learning about the business culture of foreign countries is the key to having a successful multinational business.
6. Prepare your budget
According to HubSpot, a mere 22% of the companies are satisfied with the conversion rates they get. It means that finances and budgets have a major role to play in the entire scenario. You need to prepare your budget keeping in mind the costs that you will pay, they expenditures that you will have to make, the conversion rates of foreign countries and the profit you will make. If you don’t do this, you might end up spending too much and gaining less.
7. Establish connections with local businesses
Working with people who are familiar with the business culture of the country can be very beneficial. They can give useful insights that can benefit the business. So a good move like getting followers on twitter would be to make ties with indigenous people so that you have fewer chances of making mistakes and more chances of growth.
8. Enter the market
Completing the above-mentioned steps leads you towards the final and most important step, and that is to enter the market. You have completed your homework and checked all the prerequisites; the rest can only be learned once you have entered the market and started dealing with it firsthand.
