Attention! Look no further, TSS has your ‘foreign market expansion’ queries answered!
Are you debating on whether to enter the overseas market? Not sure how to determine the right market with all the unknown factors? We’ve got you covered.
TSS invited Taiwanese corporates who are well-experienced in the global market along with some of our established SLX founders and executives. Together, we looked into topics on expanding to the overseas market and the importance of hiring the right talent.
We have summarised the key takeaways that we had come across during our discussion, which we think is crucial to take into account prior to market expansion.
1. Localize Your Approach
First of all, you need to assess the language, cultural fit, and talent when considering a new target market. By doing so, you will be able to understand the scalability of your business.
We need to stress the importance of localizing your market approach. Therefore, by hiring a local talent who is familiar with the laws and regulations, they will be able to handle human resources during the early stages.
2. Partner with Global Companies
Partnerships are what made expanding a business easier. We can also utilize this relationship while entering a new market to test the waters. You can outsource key operational activities from established global companies that operate in your target market.
Each startup will have its own different needs depending on the type of business and stages it is in. For early-stage startups (where you might not have a consistent stream of projects yet), can consider outsourcing labour through Slasify. They have a global pool of talents with a range of services such as global payroll, tax compliance, and executive search.
3. Invest Resources in Recruiting the Right Talent
Don’t forget, the most valuable asset in any company are your employees! The type of people you hire will define the success of your business, especially in a foreign market.
FunNow, a platform to search for entertainment in the city (they have offices in 4 countries!), uses an evaluation test to increase the search for the right candidate. It’s crucial for a company to start its recruiting strategy from the very beginning. Even writing the job description is very important as this should reflect your company culture.
4. Explore Niche Job Sites
Remember, posting on big job search sites aren’t necessarily better. Instead, it might actually be harder to attract the right candidate as there will be bigger competitors searching for the same criteria.
Why not look into a job site that’s tailored for startups? The job search itself is already a difficult task, not to mention finding the right fit (yes, we’ve all been there). Our SLX startups, CakeResume and Yourator, are both niche job sites that are made for startups to post their job listings. They provide a better experience for both employers like yourself and candidates.
CakeResume has a feature allowing users to design a resume that is more appealing to the hirer. While Yourator has a primary focus on recruiting talents for the digital industry. These are features you can’t get from LinkedIn!
All that being said, are you ready to take on a new challenge?
