Exposure to global expansion can be a formidable challenge for any business. What worked at home may not be applicable abroad due to differences in cultural norms, consumer preferences, and industry competition.
In fact, it can be disastrous for a company to go worldwide too quickly. The reason for this is that companies were unprepared for the difficulties of international expansion and saw it more as a fallback development strategy than a deliberate bet on the future. Don’t repeat past mistakes; instead, think about the following factors when creating a global development plan.
Research The Territories
Investigating the areas, you plan to expand into is a crucial first step. It’s quite unlikely that a single strategy will work across different countries due to their inherent diversity. If you want to succeed, you’ll have to adapt to the local norms of doing business.
This could and presumably should require more than simply online investigation. It would be far wiser to travel to several countries and observe the local business practices in person before formulating a plan of action.
Use Social Media To Your Advantage
We’ve established that visiting each country in person is the best way to learn about its culture and customs, but there’s still a lot of homework to do before and after your journey. A thorough examination of the market can reveal whether or not there is a need for your product or service in the area you’re eyeing for expansion. It can also help you zero in on your ideal customer and establish an appropriate price range.
The data you need to perfect this facet of your international expansion strategy can be found in the world of social media. Create as many online profiles as you think you’ll need to reach your target audience, and begin networking in your area. As this may require posting in a language you don’t know; you may need to recruit some help.
Have A Base Of Operations
Although it is technically possible to work in many different countries from your local base, it is perhaps not the best way to go about things. You’ll need an address in each country you work in. This could be for legal and taxation reasons, but it could also be to help customers feel they can trust you more. After all, if you have a base in their country, they’ll know you’re taking your work seriously, and you’ll be there to help them for some time.
This might sound like an expensive option, but if you rent serviced offices from a company such as Office Freedom, for example, you can keep costs down and ensure literal expansion at the same time.
When looking to expand internationally, networking is essential regardless of the nature or location of your business. Getting your business off the ground in a foreign country is going to be a challenge if you don’t have the people skills and connections to meet the proper people there. This is especially true if you can’t or don’t want to travel there to accomplish it in person.
Even if you can’t expand internationally just yet, with the proper people on your side, you might be able to in the future.