Expanding a business overseas can present many new opportunities; doing so can open new sales channels and provide more revenue.
In addition, it also makes your product or service global, creating a more prominent brand image and reputation. There are many other benefits to taking your business internationally, but there are just as many risks.
Usually, this choice requires a large investment, the returns of which are more uncertain than investing in your own country. Not knowing the client base, rules and customs of the country where you are planning to do business will only make the risk greater.
If you are considering taking your business overseas, use these tips to help you on your way.
Prepare to Invest – Just because you have a successful business in the UK, doesn’t mean it will be easier to set up shop in other countries. Prior to deciding to grow your organisation internationally, make sure you have sufficient funds to invest in this venture. For example, a writer for Entrepreneur shared that when he opened up shop in the United States, “user acquisition, legal fees, marketing and salaries” were some of the items that cost more there than in Europe.
Do Your Research – Taking the time to research each country’s rules and regulations when it comes to taking your company there is a given, but there are other issues to take into account before making a final decision whether to go overseas or not. Culture and language are another aspect to consider. Just because a product or a service does well in one part of the world, doesn’t mean that there is a need for it in another part. Furthermore, even if there is an audience base, would those individuals be able and willing to pay the price you need to make a profit?
Adjust Marketing Strategies – Many organisations that expand internationally believe that they can use the same marketing campaigns that they do in Europe, which is a mistake. Not only are there language barriers, but even once translated, a message may not carry the same meaning in another country. Pay special attention to subtle or hidden meanings, which may not make any sense to a foreign client base.
Growing your business through international expansion has many advantages and disadvantages. With the proper funds, plenty of research, a good marketing strategy and a little luck, this venture can be financially rewarding.
Content Marketing Consultant
The Internet Marketing Academy
(Image courtesy of Dollarphotoclub)