As technology connects people more than ever been before, it’s becoming increasingly important for business entrepreneurs to think beyond their own backyard. There’s a plethora of tools and methods available nowadays for savvy start-ups to take their local businesses global, and in doing so significantly expand their enterprise’s capacity for expansion, profit and growth.
We’re going to take you through eight tips for taking your business global. Employ a few of these tips in your next business plan, and you’ll see your capacity for growth and expansion significantly increase.
Be consistent, but maintain a sense of flexibility
Even though your business is expanding into new markets, it’s important not to lose sight of the methods and processes which put your business in a position to make these sorts of international moves in this first place. That being said, it’s equally as important to be mindful of the cultural, social, and economic differences associated with expanding into new markets. Be consistent in your approach to success, but at the same time don’t be afraid to change things up where appropriate, as this will allow your business to adapt seamlessly to the new environment.
Be mindful of any unexpected opportunities that may arise
One of the great advantages of taking your business global are the unexpected opportunities that generally arise from clever maneuvering and businessmanship. For example, pushing a product initially in a country with fewer restrictions regarding trade agreements may be a great way to get a footing into the competitive global market. It may also help you figure out the challenges and opportunities on offer when you’re looking to release your product or services somewhere else.
In business, time is often of the essence. So it goes without saying if you have aspirations of taking your business global, you need to get the ball rolling as soon as possible. The sooner you’re ready to start tracking metrics and gauge what is and isn’t effective, the sooner you’re going to be able to snowball your initial momentum into some tidy profits for the initial enterprise, and overall expansion for the business as a whole.
Study the market
While it’s important to seize opportunities, it’s equally as important to be aware of what the market is doing, and where your potential international brand fits in as a whole. Being familiar with the demographics and brands of the country you’re attempting to expand is essential, and will help give you a clear sense as to how you’re going to promote your own brand. Buy studying the market and understanding opportunities at hand, you’ll ensure your enterprise is in the best possible position for expansion and success.
Assess your brand
In business, like in many other aspects of life, there is no such thing as a perfect fit, and every move internationally will bring with it its own set of opportunities and shortcomings. Therefore, it’s key to understand both your business and the country you’re looking to do business in. Understanding your brand’s story and how it fits in a different part of the world is integral to discerning opportunities from shortcomings, and figuring out what works in this particular venture.
Be smart about travel and the associated expenses
One of the most difficult (and costly) elements of getting a business or enterprise started overseas is the constant travel required in the early stages. Make sure you sign up to a rewards program that gives you flexibility, and the opportunity to reinvest miles, to minimise the cost of future business trips. It’s also handy to keep at least one eye on budget accommodation and airfare sites, and keep your head to the ground regarding good travel deals. A dollar saved is a dollar earned.
Constant communication between every part of the supply chain, from the design team to producers, from distributors to sales reps, is one of the most important things you have to do when expanding your business globally. Methods like phone and email can be impersonal, so consider trying programs like Skype to communicate overseas.
Learn the local customs and find the right reps
Taking a little bit of extra time to educate yourself on local customs in your next target region can be hugely beneficial when trying to market and sell your product overseas. It’s equally important to find the right representatives for your business, as they will be doing much of the groundwork when you’re occupied with other matters.
Most importantly, ensure you always travel in comfort and style when visiting your next business destination by choosing ExecuJet for all your private charter needs.