If you’re planning to expand your business to an international audience, there are plenty of things to consider. While it’s an exciting prospect that comes off the back of good growth, it’s important not to rush into these things and spend time forming a well-thought-out strategy.
Here’s what you should consider if you’re planning to expand your business internationally.
Do your research
Most good business decisions have a grounding in relevant market research that has been conducted thoroughly. You should identify potential markets to expand into, using statistics and other insights to back up your findings. You’ll need a dedicated team to assist with gathering and analysing this data effectively. Ideally, they should conduct this research in person as well as through desk research. In these instances, getting a private jet can help to maximise the effectiveness of the trip while ensuring employees are comfortable.
You’ll want to cover not only potential markets but also the demographics that exist within these and across the country you plan to expand into. You should conduct general research into cultural, political and economic factors that could propel or hinder your business in this space. While the economic landscape somewhere might look promising, cultural differences within that country might mean that your product isn’t the best fit.
Respect other cultures
As with any business trip, you should be respectful and conduct yourself professionally. When travelling abroad, employees should be especially mindful of cultural differences. For example, some cultures don’t drink and the prospect of seeing visitors drinking excessively can come across as disrespectful. Having an understanding of cultural differences can be indicative of what to expect in the market you plan to target, so take the time to explore this fully.
If employees are networking, having an understanding of different cultures can enable them to develop stronger relationships with potential stakeholders too.
Develop a Marketing and Sales Strategy
Strategy is important in their developmental stages. Now is the time to compile a clear marketing and sales plan so you can package up your business in a way that appeals to international markets. Work out how to reach and engage with your target audience.
This means accommodating the needs of those in other countries by creating a multilingual website or hiring people who can assist with translation, for example. Create a roadmap so you can follow each process logically.
Secure Financing
Securing finance is an important step to make it all happen. You’ll need a solid business plan and a clear pitch in a bid to secure investment. Your plan should outline business goals, strategies that will help you meet these goals, plus financial projections so that investors can assess whether they want to take the plunge.