It doesn’t matter where your business began life: in this day and age, there’s no saying where it could end up. It might have been a one-person operation in the basement of your home, but today we live in a climate that’s mightily conducive for corporate expansion. While you will first ensure that your business is profitable domestically, at some point, you may want to look internationally. This won’t just give you an opportunity to really boost your company’s profitability; it can also be a fun adventure. But how can you do this? We take a look at a few key tips below.
By SAVANT MAGAZINE
Image: Jericho Cervantes
Pick the Right Time
You might be enthusiastic about getting your international journey underway, but is now the right time? It’s important that you have a lot of time and energy when you’re thinking about expanding overseas, because it’ll require more effort than you might realise beforehand. If you’ve been running your business for a few years, then you probably have a good idea of when your busy and quiet periods of the year are. A quiet period will be the perfect time to begin looking overseas.
Is It Needed?
You may want to move internationally, but is it needed? There have been some huge companies — Tesco comes to mind — who have had grand visions of moving into new territory overseas, who eventually had to abandon their plans because the locals didn’t respond. Before you get too deep into thinking about your international expansion, first check that it’s needed. You’ll find it much easier to find success if your business will be filling a gap in the market. On the other hand, if the market you’re trying to reach is already saturated with companies who offer the same kinds of products as you do, then demand for your services will be low.
Work With Experts
You’ll know your company inside out. But you may not have such a solid grasp of the logistics that make international business possible. While you could learn over time, it’s nearly always better to work with professionals who are experts in these complicated matters. One such example is logistics. While there are systems in place that allow international trade to be possible, actually getting products from one place to another can be a challenge. You’ll find it much easier if you work with an experienced freight forwarding company, such as leeline. If you’re going to be opening up an office in an overseas location, then be sure to hire local employees. There can be subtle cultural differences that can impact your business, which you wouldn’t know about it unless you’re engaging with locals.
Solid Business Plan
Finally, be sure to put together a solid business plan. You should work as hard during the expansion process as you did during the formation of your company. That means figuring out your finances, how you’ll become profitable, timeframe, and so on — there’s a lot of potential when it comes to international expansion, but it does require a cohesive strategy.