If you run a business that is growing, you might be considering how you could expand it to achieve even further success! Deciding to expand is a nerve-wracking decision – after all, just because your business is thriving it doesn’t mean it is invincible – but if you are looking to grow further, you’ve come to the right place.
International business expansion is a tricky business, one that comes with many challenges. Nevertheless, with the right guidance, infrastructure and expertise, you could be well on your way to taking your business overseas. Let’s get started, shall we?
- Understanding Foreign Trade
You don’t need to have a PHD in foreign affairs to expand your business internationally, but an understanding of your industry on a global scale is imperative. Your industry will exist slightly differently to the way it does in your home country. Some ways things might differ are…
- Cultural differences. Your business’ ethics, marketing strategy and interaction with customers might need to be altered when establishing a market overseas.
- Financial and employee law. When it comes to financing your company overseas, you will need to consider taxation differences, minimum wage, worker rights, health and safety, and exchange rates.
- International relations. Certain elements of international relations, such as Brexit, will affect trade between countries. Make sure you understand how your business could be affected by this.
There are some simple solutions to international issues that could arise, while others will take careful planning and research. For example, using an ECN can work for the financial side of your expansion. ECN (Electronic Communications Network) is a digital system that connects brokers, allowing you to easily transfer money around the world.
- Hiring The Right Team
When it comes to expanding your business, having the right team by your side is essential. Nobody ever achieves anything alone; every great business leader has a strong team behind them who can provide stability, expertise and determination in all areas.
How do you hire an international team? It’s time to start making connections. Headhunting overseas can be tricky, but working with an international headhunter in the country you are wishing to expand within, allows you to find the best local talent possible.
- Taking It Slowly
Rome wasn’t built in a day, and your business will not expand overseas in a flash either. Expanding too quickly can pose grave risks to your business, such as:
- Financial loss that is too great to overcome. Expansion is likely to, initially, cause a loss in profit for your company as you settle in and put down roots around the world. If you move too fast and expand too quickly, this financial loss could be too great to overcome.
- A rushed marketing strategy that doesn’t pay off. Expanding overseas requires extensive research and testing before the full project can launch.
Overall, expanding your business internationally can grow your brand exponentially, as well as increase your revenue in the long run. Use this guide to begin your quest to venture into global business!