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Top ways to expand your business abroad

Estimated reading time: 2 mins

The overall end game for pretty much every business is to grow to be a global giant within their sector. The thought of being a massive name across the planet is something that you may also aspire to achieve. The good news is that this is possible but does require some hard work and serious planning. The first step on this path is to expand abroad once you have cracked your local market and are ready.

Don’t be fooled: expanding abroad is as challenging as it is exciting. Different time zones, business cultures and languages can all play a big part in how it all pans out. Get it right, though, and you can suddenly see your brand in front of millions more people. When you consider that China alone has over one billion people living there, it is easy to see the attraction of overseas expansion.

The best ways to reach out internationally

Planning is important in any expansion effort overseas, but just what do you need to be thinking about? Here are some key issues to tackle:

  • Make sure that you can handleit– there is no doubt that overseas expansion will put your whole company under pressure. It is therefore vital to ensure that you can handle it and that you have firm business foundations from which to launch your plans. If your current business is not doing great or you do not have the capacity to expand currently, then don’t do it!
  • Do your research first –if you are sure that expanding internationally is right for your company, then research which territory you will enter. There are many markets around the world from Asia to Europe with different requirements and features. Take the time to research which is best for you and which will actually want your services or goods.
  • Come up with a relevant marketing plan– as in the US, you need a creative marketing campaign to announce your arrival in the new territory overseas. Be sure to make it relevant to the local culture and language, though, or it will not work.
  • Consult experts– it can often be wise to consult professional external companies that specialize in global expansion for business. These companies will know how to make it work effectively and what mistakes to avoid. If you feel like you need some help, then this is a great idea.

Don’t forget about money transfers

Any overseas expansion plans will probably involve thinking about how to a make international money transfer a breeze. This is key as it gives you a way to send and receive payments with any new countries in which you do business. Many businesses now will use online money transfer services as they are fast, secure and give excellent exchange rates.

Expanding abroad can be done

Though it requires planning and consideration, successful moves to do business abroad can be achieved. Many businesses have done it in the past when ready, and this shows that it can also be done by your business. As with everything in life, you just need to make sure that you know what you are getting into and prepare for it correctly.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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