A Guide to Expanding Your Business Internationally
In the age of the internet, taking your business to international levels has never been easier.
September 30, 2018
With it being incredibly easy to access a variety of social media channels and online stores at the click of a button, gone are the days of needing to restrict your business to your local area. However, this isn’t an automatic guarantee of success, as there are many aspects to consider that you must overcome. International business laws and opening global offices are just a few things to consider, but you can tackle these wellwhen you have the right advice. There will be stresses along the way, but such advice will see you on your way to global success over time.
Adapt your business plan
Although there is more money to be made in international markets, there is also more money to be lost if you are unsure of your finances. When you are trying to go global, having at least one accountant on hand is the best way to help you re-write your plan with new profit projections and goals in mind. You should also assess the financial risks and measures to take to help you save money and maximize profits. For example, you can minimize monetary losses by adhering to and researching the Trade Finance Global Uniform Customs and Practise (UCP 600) information.
Assess international markets
When you are hoping to expand into new countries, you should bear in mind that your target market may not be the same as it is in your home country. Sometimes, a service you might be selling at home won’t appeal to the same market in another country. When this happens, you should send people out on business trips to talk with local market researchers and assess international markets. This way, you can gather reliable, up to date information on your target market, so you can assess whether it is worth moving parts of your business overseas.
Consider product distribution
Among the most popular types of businesses to seek global expansion are online retailers. However, with products to ship, they have a whole new set of rules which they need to comply with. Shipping taxes and international laws may prohibit certain products from being sold in some countries, or they could increase the price of shipping. In any case, you must be prepared to encounter lots of paperwork and obstacles, but you can overcome these with ease if you have an international trade advisor on hand. It could be that your business needs more time to adapt to this change before you make the jump.
Make use of the internet
No business has the potential to grow without the right marketing. When it comes to reaching as many people across the globe as you can, the internet is essential. Not only should you focus your marketing on SEO optimization on your website, but you should also capitalize on the advantages of social media. Such platforms will allow you to assess your international markets more effectively. In the future, they will also make dealing with customer inquiriesa much easier task. Some people are even finding that talking with international investors can happen without the need for business travel, thanks to new technologies andsoftware.