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How to Grow Your Business Internationally

by Olufisayo
How to Grow Your Business Internationally

If you’ve survived the difficult start-up phase and built a successful business, you might be ready to take your business to the next level. You might have sacrificed a lot of time and money to start your operations and now that your business has gotten off the ground, you might be wondering how to make it grow internationally.

We’re moving toward a future where all companies compete in a global market. So, in order to remain competitive, it becomes increasingly important to build your product and market strategy on what truly drives brand growth.

Expanding internationally gives access to a larger target group and increased sales potential. But the road to making it is not always easy. It is a dynamic and complex process, which requires a lot of effort. For this reason below we share some of our best tips and tricks for expanding your business globally.

Understand Your Market

The key to successful expansion is learning everything you can about the international market. When you launch a new business, you start by conducting thorough market research. Researching the demographics of your targeted area will help you build a business strategy for your business. So, when entering a new market, you have to start this process all over again.

Many companies want to expand to extend the life cycle of a product. When your domestic market becomes saturated, a new country allows you to introduce the same product to a market unfamiliar with it. This can be risky without doing proper research. Something that is considered a necessity in one country may have a limited market value in another one. Introducing your products in a country where similar products already dominate the market leaves little room for growth.

Create Financial Projections

Just as when you start a new business, you must draft a business plan that will serve as a roadmap for your marketing, operational and financial strategy. Your business plan is a tool that will help you best define your business objectives and help you get the funding you need for growing your business internationally.

This is where your financial projections play an important part. Creating realistic financial projections for business plan purposes is crucial. This will help you identify potential shortfalls, assess whether you need financing, and help potential investors or lenders grasp the possible ROI of funding your business. All of this will give you a clear picture of your financial situation and discover your full profit potential.

Culture and Language

Many business owners underestimate the importance of understanding the country’s business culture. By having good knowledge of this, you can learn how to communicate effectively with potential partners and new customers. You can also more easily keep up with different social contexts without appearing clueless.

Be curious about the people of the country but also the country’s history, the political landscape, and its culture. You’ll be appreciated and your business partners will get the feeling that you care about the country on a deeper level than just business.

It’s a great advantage if you learn the country’s language. Nobody expects you to speak fluently, but a few polite phrases and well-rehearsed lines will go a long way. Of course, sales material must be translated and adapted for the current market. It’s also a good idea that the website is available in the relevant languages.

Build a Partnership

By partnering up with companies that run similar businesses in other markets, you can make your own business grow. These business owners already have existing customer records, in the same way, that you have an existing customer record. By combining them, you get twice as many potential customers to offer your products or services to. You can also share costs for, for example, marketing, which means that the profits will be higher.

Legal Readiness

You will need to set up robust legal procedures depending on the country’s legislative framework to reduce unwarranted commercial risks. Additionally, keep in mind that many countries have strict requirements for legal documentation to be in place before a business can operate within it.

To make sure you’re on the right path, you should review industry-specific regulations to ensure compliance, create localized commercial agreements, obtain certifications if needed, maintain corporate records, and perform general corporate services like customs, shopping, and dispute resolution.

Be Available at All Times

Last but not least, one of the most important things for successfully growing your business internationally is to be available across almost all time zones for clients. The core of any business is good customer service and you should look at setting up remote offices with native speakers in different jurisdictions to make sure that your clients don’t have any problems or remarks when it comes to language or timely responses.

Final Thoughts

When expanding into international markets, you must prepare a good business plan to evaluate your needs, set goals, and meet the demands of the intended market. Follow these tips to make your business grow and make it more recognized and valued internationally.

Photo by nappy

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