Global presence as a business isn’t something that’s reserved for multinational corporations anymore. In the past, only these kinds of companies were able to pull off a successful entry into a foreign market. The primary reason was that a lot of capital was required to enter a new market.
Now, in our era of globalization, the game has completely changed. With the help of the internet and online commerce platforms, even one-person businesses have a chance to expand globally. Not only that, but most companies have globalization in mind upon their inception. You might start in the U.S., for example, but if everything goes well there, you will scale and expand. This is what most startups nowadays think like.
If you’re at that point where you would like to see your business expand globally, here are some of the main things to take care of:
- Do proper target market research
Make sure you perform the same level of due diligence as you did when you launched your business for the first time. You should actually perceive expanding your business globally as starting from scratch, especially if your brand is not recognized internationally. It’s best that you hire independent, outside experts who can do that for you.
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- Craft a foreign market expansion strategy
You cannot do things pell-mell when you want to take your business to a global level. It’s an exciting thing and it’s natural that you want to do it as soon as possible, but the more you rush it, the likelier you are to make costly mistakes. Sit down with your team and form a solid, direct and clear strategy on how you’re going to expand. Here are some of the things you should define:
- a timeline of events and stages; deadline for launch
- budgets for different activities – operational, sales, marketing, etc.
- SWOT analysis: work with experts to accurately predict both positive and negative events in your company’s global expansion
- define exact goals and metrics that you will use to measure whether those goals have been achieved (to increase your chances of success, set up short and long-term goals)
- Cooperate with experts
Any business expert will tell you that the people you choose the work with will have a make-or-break impact on your success. This piece of advice is especially applicable to expanding globally. Fast translation service can help you enter a new market seamlessly and achieve the same success as in your home market. The key is to have professionals who you can count on, who have tons of experience in globalizing businesses.
- Work with localization and translation professionals
A huge chunk of the foreign market problem lies in the language gap and the cultural gap. Even with universal products or services that are used by everyone all over the world, you still have to get your marketing messaging across. Pick Writers is a company where you can find the list of the best translation services that help businesses to be presented in the best light but in another language. When you are ready to expand, you simply have to work with experts if you want to achieve the same success as at home.
- Check legal details
Next to language and culture, another thing that will differ from your home market is the law. In commerce and business law, rules and regulations can vary wildly from one country to the next. When you are expanding to another country, it’s wrong to assume anything in a legal sense – you always have to check in advance whether things work in the same way as in your home country.
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- Work on foreign market financial literacy
Finance and taxes will also work differently in other countries. No two countries in the world have the exact same tax policy. Before you enter a new market, you will need to do thorough research of what’s waiting for you there tax-wise. After you do, you can change your earnings projections accordingly.
- Cooperate with local companies
When you want to establish a presence in any given market, you have to become a part of their business network. Instead of working with your usual suppliers, try reaching out to local suppliers and manufacturers. This is the fastest way of getting your name out there and becoming known in your new market. It’s also a great way to network and open new opportunities globally. When you partner up with someone, it’s more likely that they will recommend you in other projects.
Expanding your business to a global market is hard work and you can’t expect to do it quickly. Pay attention to some of the main aspects that we have outlined above. As always, you should make sure you only cooperate with experts and professionals so that your international market entry process is as smooth as possible.
Also, try looking at some of the best practice examples from businesses and brands in your industry to learn from their process. You can avoid many foreign market entry mistakes just by looking at someone else’s experience.
Henry Mcdowell is a professional writer and web content creator. He cooperates with dozens of different blogs and publications. His area of expertise is business, marketing and entrepreneurship. Currently, he’s working on a research study about the importance of localization for apps and games.