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Any business should not stop after they have achieved success in their local territory. Conquering the world is the ultimate goal of any visionary businessman. Obviously, the biggest reason as to why many companies decide to expand their business in other countries is to exponentially increase their growth while developing their market. It also cannot be helped that there are numerous international opportunities just waiting to get grabbed by companies. The obvious countries to expand in because of their economic growth are Canada, Mexico, the UK, China, India, and Japan. However, anywhere you go, you can easily find a market where you can sell a much-needed product or service.
Since time immemorial, mankind has always sought to conquer the world. Wars were started and bloodshed ensued as each civilization fought for more land and resources. Today, it still occurs but on a more peaceful and subtle note: through the complex and multifaceted phenomenon of capitalism and globalization.
The dawn of the 21st century saw a rise in global trade and outsourcing. With technology greatly advancing and improving our communications and reducing travel time, the world is now more connected than ever. This has also made it easy for businesses to expand their business overseas. If you are one of those business owners, then you’ve come to the right place.
Below, I have listed down some of the vital steps to Steps To Take Before Expanding Your Business Globally.
Before you invest any amount of resources into global expansion efforts, take a good look into your company’s accounts and determine whether your company will survive such a big step. Just how huge of a risk are you taking to expand to a different country? How much of your resources will be used? How will you get these resources? Investors? Business loan? Do you have enough resources? Should the global venture fail, will your company be able to stand back up to its feet or will it crumble away into oblivion?
While global expansion certainly do bring in a lot of benefits such as increased revenue and a wider market, not all companies are ready for it. Try to understand the full impact of your decision and outweigh the pros and cons.
Global expansion will require almost 100% of your time and attention which would mean you will not be able to have as much time to focus on your main enterprise. Can your company survive without you guiding them? Prepare your organization by appointing several leaders who will take charge of your responsibilities while you are otherwise preoccupied. Don’t let your day-to-day activities be disrupted because of your dreams for expansion. Identify the executives that you can trust and provide them with the ability to make company decisions on your behalf in case of emergencies.
No matter how close or far your new country is to your local country, there will always be a difference in culture and consumer behavior. Invest in market research so you have a firm grasp on the current local market, the trends, the consumer behavior and whether you should tweak your product to fit the market’s tastes.
Market research can spell the difference between your survival and bankruptcy. It provides valuable insights such as who your target market should be and how to attract your audience. You don’t just 100% copy your present business model and expect for everything to go well. Certain adjustments have to be made for you to succeed.
Usually, before deciding to set up shop, most companies choose to establish a representative office first. This allows businesses to establish a local presence without as much risk as an entire company altogether. Despite the inability to conduct business or invoice any client, there are still many purposes for a representative office China, for example, is one country where companies decide to establish an RO first before making the decision of whether they should expand there or not.
If you choose to do it all on your own, you are signing yourself up for future failure. It is best to find local partners that will help you navigate through the foreign country’s market and culture. Not only are they more knowledgeable and familiar with the market, but they can also help establish you with the right connections for easier business operations.
The foreign country where you will set up your business will not have the same set of rules and regulations like the one back home. What this means is that some of the business strategies that you used to employ may be frowned upon or worse, illegal. At the same time, there are certain trade restrictions in place for each country. Make sure that you read up on these laws yourself and then consult with a local lawyer so you know that you are following everything according to their laws. Forbes suggests that you review industry-specific regulations to ensure compliance and apply for certifications if need be
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