Overcome the Challenges of Taking Your Business Abroad
For those entrepreneurs who feel they’ve successfully built up their local customer base and are ready to take the next step, why not take your business global? Expanding your business to an international market could reap huge rewards. But how can you tackle the challenges that come with business expansion?
Why Go Global?
You should define exactly why you want to expand your business to an international market. Don’t give into pressures to expand if it isn’t the right time. Do you want to cater for your already existing international customer base? Or is it because there is no more room to grow in your home market?
Making this distinction will help you to come up with a tailored business plan and increase your success rate and profits when you decide to go global.
Market Research
Researching your target market thoroughly will allow you to reduce the risks that are associated with taking your business global. Look at the companies you consider to be your direct competition and get to know the needs and requirements of your potential customers.
You’ll also need to research the importing restrictions that may be in place in the country. For those hoping to expand into other European countries, find more information from the Gov.uk website.
Adapt Your Services
To be successful, it’s likely that you may need to adapt your services to suit an international market. Some of the areas of your business that may need to be tailored include:
- Product adaptation – your products must meet the standards requirements of the country.
- Branding redesign – you may want the labelling and packaging to be in the local language, or that the colours used aren’t culturally offensive.
- Ensure you have adequate staff to carry out your international operations.
- Research cost-effective solutions, such as using a parcel delivery comparison site like Inxpress to get quotes and arrange international deliveries.
Cultural Barriers
Understanding the local culture is a key consideration when expanding your business internationally. People prefer to interact in their own language, make payments through systems they’re familiar with and be able to receive support in their normal working hours. Make sure you have everything in place to meet the local business needs.
If necessary, you could search for a business partner or mentor who you can trust to help you break into the country you’re hoping to expand to. They will be able to advise on the market and inform you of any customer expectations.
When deciding to take your business global, you should follow our brief guide to get fully prepared for the challenges you are likely to face. Once these new doors are open for your business, you could enjoy huge rewards.
