There are always opportunities to expand your business, and for many companies, foreign markets are a great source of new customers. How can you go about creating business in new countries, though? Expanding your business abroad can be a big step, but if done right, it has the potential to expand your revenues and take your business to the next level.
Market Research
Every country is unique, and its consumers look for different things. This is something that has caught out even the biggest brands in the world from time to time, so it’s vitally important you do your market research.
If it’s your first time selling your products in a new country, then it’s best to choose a market that’s similar to your home one. This eliminates some of the risks and makes your life that little bit easier. It’s easy to think that you just go over to a country and start selling, but there are many factors you need to consider, and market research will help you with this.
Compliance
Whenever you cross borders, things get a little more complicated. Therefore, it’s important you’ve got everything sorted from a legal standpoint. Whether you’re selling direct or working with an intermediary, there are lots of boxes you’ve got to tick and procedures you’ve got to get right. This is an area where you’ll likely work with someone who has specialist knowledge relating to the country you’re selling in.
You don’t want to get everything set up only to find you’re in violation of some obscure rule.
Business Travel
We have great technology to connect us with every part of the world, but business travel is still necessary. However, constantly travelling the world to oversee everything can get very expensive for your business, and it’s an area where you need to have oversight. Big businesses can end up with spiralling expenses if they’re not careful, and this is where programs like Amex Global Business Travel come in. You want your international sales to be as efficient as possible and, to do so, you’ve got to be on top of international travel expenses.
Advertising
Advertising is an amazing way of reaching your customers, but when done badly, it’s an easy way to destroy your brand’s reputation. This is another area where some of the biggest brands in the world have had major problems in the past. If you misjudge your target audience, then it can have big consequences, so you have to be careful with your advertising.
Make sure you’ve got people who are native to that country advising you, so you’re not alienating your customers before you begin.
Have a Solid Base
If your business is in turmoil at home, then the chances are it’s going to spill over into your international operations. This isn’t always the case, but for the most part, you need stability at home to give yourself the chance of international success. Choosing the right time to expand is crucial, so make sure you’ve got everything in order to help make your expansions a success.