3 Tips for Taking Your Business Global
The goal of running a business is growth, and perhaps the ultimate sign that a business has arrived is taking it global. However, expanding beyond your domestic borders brings a host of challenges, and small mistakes can doom the expansion before it has a chance to succeed. Here are three tips for taking your business global.
Research, Research, and More Research
Cultural, language and legal differences across the world mean launching a business in a new country requires ample research as a small misstep might cause buyers and other businesses to ignore your company. Learn how other businesses fared when the made the move, and investigate what changes they made for the launch. If possible, talk to other business professional with experience in the area to learn how they managed the process. Furthermore, try to make contacts with people in target countries; they might have invaluable tips.
Part of a Broader Strategy
Business expansion done in an ad hoc manner can lead to uneven results. Developing a cohesive market strategy is important for making the most of your efforts. Consider regional differences; strategies that work in one nation might also apply in neighboring countries. Regions of other nations surrounding Germany, for example, might respond well to the same campaigns used in Germany itself. Your market strategy must be flexible to accommodate differing local policies, but strategies don’t have to stop at political borders, and learning the landscape of international business can help you develop a sustainable and scalable model for success.
Build Your Team Early
No matter how much research you do, you can never fully understand how business functions in a region if you haven’t lived there for an extended period of time. Because of this, it’s important to hire staff early on in the process and use them throughout the planning and initial implementation stages. You’ll want your existing business identity to remain; international business success is about building a strong international brand. However, a few tweaks done by local experts can give you the edge you need to stand out in what can be a crowded market.
Expanding your business into new countries is never easy, and you’ll likely need to invest heavily to give your business a chance at success. Navigating local policies, accounting for cultural differences and finding where your target market lies are difficult problems to solve. However, countless businesses have made the transition over the years, and those who invest their resources wisely can often find tremendous results by expanding to new markets and making a splash.
William Doonan is a tax law and legal expert in New York.
