Independently whether your company has an international presence or not, it is already competing globally. Even though you might not realise it. With many foreign companies penetrating your local market and the largest percentage of the world’s population living outside of your home country, expanding your business across the borders seems only logical.
Going global is a complex and dynamic process that could disrupt existing business activities. Thus, it is important to gain a deep understanding of your competition, current market trends and develop your business growth plan.
Set your goals.
In order to get somewhere, you need to know where exactly you are heading. Therefore, it seems wise to start with setting your business expansion goals, both short and long – term. Make sure that your goals are realistic, measurable and time-bound.
Market research is probably the most crucial step in planning your international expansion. It will help you to determine what are the top countries for your products and how successful your venture will be. Product gap and market segmentation analysis will show whether there is demand for your product and how well it will sell. In the meantime, SWOT analysis will define your strengths and weaknesses against the competition.
Entry and exit strategy.
By starting your global expansion with the strategy that includes both, entry and exit, you put your company in a more favourable position by getting it ready for legal challenges. The right entry plan will allow your business to act instantly when it is time to build a team in a new market. Meanwhile the exit strategy will help you avoid financial and time loss in case you decide to shut down operations in a country.
Familiarise yourself with local legal and tax requirements.
Failure to do so may result in great financial loss, damage to your company’s reputation and serious legal consequences. Some countries have extremely complicated legislation; therefore, it would be advisable to consult business expansion specialists prior to making any decisions.
Choose your team and hiring method.
We cannot stress enough the importance of human resources in the process of going global. Whether you decide to transfer your current employees, hire independent contractors or local nationals, can predetermine how successful the entire project will be.
Expanding globally can be stressful and overwhelming. It is essential you understand the factors that would make your business successful. Protect yourself from liabilities and unnecessary difficulties by partnering up with a company that understands potential risks and can ensure you 100% compliance.
Bradford Jacobs combines years of expertise in strategic international business expansion, that will guarantee your business a compliant, cost-effective and stress-free transition into new markets.
If you are considering expanding your business, but don’t know where to start, contact us now to discover your options.
Any questions? Get in touch now!