Taking your business internationally could be very advantageous, but there are some things to keep in mind while you plan this move for expansion. It’s true that exploring newer avenues or markets for your products can be exciting; however, it’s not so easy to execute.The question to ask yourself is, is your business ready for it? Without a well thought of strategy, you cannot enjoy the benefits of this transition.
Do’s for global business expansion:
Start with getting the comfort in the new country:
Think of the barriers such as new language, culture, market ethics, regulations etc before you plan your transition.
It’s imperative that you feel secure, confident and comfortable in the new market or country you plan to go into. Why? Because you will be working there once your expansion plan is successful.
Build a trusted team in the country you are targeting:
Without a good support of a trusted team, you cannot aim to have a flawless global move. So look to hire marketing experts, HR leaders, accounting and also legal professionals. But why do you need native people? Because they know all the pros and cons of the market.
Find out about the laws of the land:
Get a basic understanding of the laws of the new land you plan to step into. This refers to being confident about the legal complications while operating internationally which will avoid unnecessary delays and hurdles.
Make changes to your existing business plan including global expansion
Updating your business plan with all the factors regarding international expansion is a must do.
Ensure to include all the updates like the potential markets, your new customers, untapped revenue sources, strategies to import and export, new costs like marketing, travel, shipping, possible partnerships and alliances, legal requirements, and other investment opportunities.
Take into consideration your competitive advantage
Before your expansion into global markets, see if you have any competitive advantage. For instance, for company formation in UAE, first think of a strategy to create a competitive advantage if you already don’t have it. Competitive advantage comes with increased resources, new strategies and innovations. You can enhance your business’ international competitiveness by using systematic processes to renew, exploit and improve your core capabilities.
Don’ts for global expansion:
Assuming that your IP (Intellectual Property) is protected is a big mistake
Before stepping into a new global market, you must think of a strategy for your Intellectual Property rights of your company. See if your IP is protected and what can you do if it is violated.
Expanding without local liaison is a strict No
Other than building a trusted team, you must liaison with local experts or consultants. This could help you in managing and planning the operations smoothly and without any hurdles. For example, if you are thinking of company formation in Singapore, find a find a business consulting firm or local experts who are highly reputed to execute new deals and also handle your company’s information.
Think of a new market strategy
Start with a thorough research of the market in the country you are targeting. Study the culture, market techniques and think of an apt market strategy.
Starting from scratch is a bad idea
There are local experts who assist in building an international model for you. Take help in planning your entry, funding, hiring strategy etc.
So, planning a global expansion is a tough bet; but who says it’s a herculean task? Plan well and keep in mind the do’s and don’ts.
