by Lina Martinez
It’s a great feeling when something you work hard on, pays off and when that’s a successful business, it can be incredibly rewarding. You have a loyal customer base and an excellent reputation in your country. But what are the next steps if you want to expand your business globally?
Breaking your business into another country can have its challenges depending on the service you’re providing or the products you’re selling. But with the right advice and knowledge, you can make those steps towards transforming your company into a globally known business.
Ask The Questions
There are many important questions you should ask yourself when considering this challenging venture. In fact the list is endless but here are a few to get you started.
Will the product or service sell?
This is a very important yes or no question because if it’s a no, you may want to think about why it wouldn’t and whether those problems stopping it, could be fixed. Think about the extensive market research you want to do in order to get solid statistics and findings that make this venture worth green lighting.
Are the target consumers familiar with what you’re selling?
If there’s already an awareness of the product, you’re selling, that’s great because that cancels out a lot of the legwork. However, if that’s not the case then be prepared to factor in the necessary funding needed to raise awareness and knowledge because if the target consumers aren’t familiar with the product, they won’t be interested.
Is it unique compared to other products on the market?
If you’re selling the same product as hundreds of others already, the likelihood that it’ll sell well is very slim. Therefore you need to focus in on what makes it unique and therefore attractive for sellers. If it’s a beauty product for example, is it organic or cruelty-free? Does it provide results that are better than others on the market? By making your product more niche, boosts your chances of it being on top.
Will it make a profit?
This is a huge factor, mainly as you’re selling abroad. Shipping costs and taxes will all make a difference to the money you’ll make if your product sells. Each country will have a variety of charges so don’t make a sweeping assumption that they’ll all be the same. You may also want to consider the type of shipping you use for your goods and https://www.jayde.com.au/ are a good place to start. Be sure to have all of the relevant costs noted down so that you know which places will work financially and which ones won’t. The world is a big place so don’t be disheartened if you can’t afford it this time around.
Research
Research is fundamental because even though you may have already asked these questions to yourself, there’s still plenty that you might not know about. Certain countries may have specific restrictions that could stop your product from even getting into the country, while others might be too expensive and cost more than the price point of your product. Do a lot of research and have your finances figured out before going any further.
You might also find it beneficial to approach a consultancy firm that specializes or have experience in the field you’re in. The cost is justified in order to cover all of the research needed.
Start Local
Richard Branson, founder of Virgin, mentions that starting local is important when you’re looking for distributors and retailers. The chances of you finding one that will take on a new brand, particularly from overseas is very rare. However, if you’ve already created a strong, local brand, you’ll likely end up with more opportunities to attract investors and partners to finance your venture. Network with your own connections as you’ll probably be surprised by what’s available right on your doorstep.
Employ Local Experts
It makes sense that speaking to or hiring a local expert in the field is crucial for your understanding of a new market. These experts might be able to advise and point out things that only a local would know. It’ll also help overcome any language barriers which is valuable when building relationships with those overseas.
Experts may be able to guide you on cultural norms and ways of presenting yourself in the right way. Those you interact with overseas may also communicate very differently than what you’re used to. For example in Northern Europe, the conversation may be a little less chit-chatty and straight to the point. You might find this rude but that’s how they go about their business so when they’re helping you out, it’s important to respect their ways of working.
Consider Your Local Competition
Going up against competition that’s already local will be challenging, not only to sell more products but to keep them on your side, rather than becoming an enemy. It’s also not so easy convincing a foreign customer to buy from your brand when they have a homegrown one available to them already.
This leads back to the initial questions you’ll have asked yourself to begin with. How can you make your product stand out among the crowd? With local competition, it might be useful to reach out to them and find some sort of common ground whether that be a potential business collaboration or seeking guidance from them about the market.
Streamline Travel Costs
One of the main requirements that might be needed when selling abroad is travel. This will probably be required for a variety of reasons, but now with the presence of technology, you don’t even need to leave the comfort of your own office which is great for when you’re a small business. Streamlining your travel costs such as booking your travel in advance and going with budget airlines will help save money in the long term if face to face meetings are required.
There are other ways to streamline the business finances, like shared spaces that provide flexible working. These are often a lot cheaper than buying an office, and it will also come in handy with various time zones you’ll be competing with.
Use Other Sources
With technology being so prominent in the modern day, there are now plenty of sources that allow you to hone in your skills and create connections that can be vital for breaking the global market. Platforms such as LinkedIn are a business dream because so many see it as a way of connecting with other influences from a variety of job levels.
Nearby trade shows might also be hugely beneficial in making connections as these events tend to attract organizations from all over the world. These events can also have thousands attending, so think of all those opportunities to network!
Consider Your Working Hours
The new challenge that comes to international business is that your working hours are likely to change and become a lot more intense from the beginning. Different time zones mean your 9 am will be someone’s 4 pm and this is something that you’ll need to get a handle on especially when it comes to the most crucial stages of your international takeover. It’ll be important to utilize your time well to maximize the success of your business early on.
Find The Right Team
When taking on a global venture, it can be very challenging to do on your own and there’s always an advantage to having a different set of eyes on the project to flag up anything you may have missed for looked past. You want someone you can trust, and who is just as passionate about the business as you are.
Having the right people both close to home and those immersed in the countries of interest will maximize the potential of being successful.
It’ll Take Time
Business overseas is also a lot slower than the current pace you might expect to have within your own country. This is due to a multiple of reasons from the time it takes to build relationships to the way that other companies like to operate. It’ll take a lot of patience, and it shouldn’t always be seen as a lack of momentum in progress. Success rarely happens overnight!
Always Prepare For The Worst
The last thing you want is for your already successful company to suffer from any losses you might make through this venture. Therefore it’s always important to prepare for the worst. There will probably be a lot more challenges and nasty surprises when trying to launch your brand globally.
When making any major business decisions, it’s key to think through all the possible scenarios both good and bad. Having a full understanding will help you put in place the relevant safety nets that will protect your business from going under. Making sure you have the right insurance and legal protection will also come in handy.
Going international with a business can have its challenges, but it can be very exciting to see your company grow and reach new soil in countries all over the world. There’s plenty more advice that can be given, but hopefully, these are just a few tips to make your international dreams, a reality.