Estimated reading time: 2 mins
When you run a small business, your main focus is usually growing the business in your home country. However, when you think about expanding, there are consumers ready to buy your product or service all over the world, they just need to know you’re there and be able to access your business. If you are thinking about expanding then in this ever-connected world, perhaps going global could be easier than you think. So, what do you need to do to expand your business overseas?
Research, research and research some more
You need to start by getting as much information as you can. You should know the market so that you know if there is going to be interest in your product or service. Who is your competition and what are they doing? What can you do differently? Is the market saturated or is there room for your business?
Learn the Language
Language barriers are one of the biggest challenges when taking your business to another country, so if you’re going to go elsewhere and want to be successful then you’ll need to put the effort in and learn the language. Don’t just assume everyone speaks English and wants to do business in English, in fact, in the majority of international markets, customers say that they are more likely to do business when the products and materials are presented in their own language.
Choose Good Partners
You can’t do it all on your own, so if you want to work in another country then you’re going to need good partners and suppliers. Look for the best; find your best freight forwarder in China, find the best printing services and the best PR agency to get your business off to the best start,
Learn Their Way Of Doing Business
Just like learning the language, if you want to succeed in another country then you’ll need to know the different legal and cultural customs, rules, and expectations too. For example, in some countries they don’t shake hands, so you need to know what to expect when you’re going to business meetings in other countries and respect how things work over there.
Just as it is at home, networking is hugely important. It’s a good idea to connect with people locally who have done or do business in the country you’re expanding too and can offer advice and insight. Then you should also try and meet as many people as you can overseas. Start by doing this online and making contacts and then you can eventually go over and meet them.
Be Prepared for Paperwork
Just remember that every country has its own regulations, so there is going to be lots of paperwork to begin doing business somewhere else. Make sure you have a lawyer who knows the country well and can help you with all your contracts and legal documents.
It might sound like a lot to do, but don’t let that put you off. Nothing worth having ever comes easy and so many people have gone global before, so why can’t you? If you expand your business overseas and you get it right then this can mean major growth and increased profits for you.