If your business is ready to expand internationally, first we’ll say congratulations. This is an imperative step for growth in global presence and your bottom line. To help you through international expansion, below we list 10 tips that lead to a fruitful transition into your target market.
Bring the Expand International Idea to the Table Now
There is no time like the present to start discussing global expansion. The sooner you dive into a new market, the quicker you can gather metrics to analyze areas for improvement.
Perform a Target Market Analysis
Study the market and learn the number of foreign businesses in operation, how many expats work in-country, and how your competition performs. A solid market test is essential before expanding overseas.
Establish Short- and Long-Term Goals in a Global Strategy
Once you determine your target market, develop a global strategy that outlines items including payroll, recruitment, financing, human resources, and operations. Also, set a sales goal and assess it after your preferred time period to make necessary adjustments.
Confirm that your Executive Team is Aligned
Bring your global strategy to the executive team to show them the best way to expand internationally They are more likely to give the green light if you develop a solid plan with action items that lead to a tangible goal.
Use FSaaS Before Diving into a Capital Investment
Foreign Subsidiary as a Service gives you control and compliance to expand international without the burden of operating a foreign company. Use this service to test the waters and work with international employees before investing the time and money in a foreign subsidiary.
Develop a Trusted Team In-Country
Our FSaaS model allows you to hire an in-country team with ease, which is crucial for running a successful operation. Hire an expansion partner that is native to your target country. This team member can establish your brand in the new location and help you find the best employees to run your international organization.
Take Advantage of Free Money
Mike Shanley, Founder & CEO of Konektid International, told Velocity Global that there is more than $150 billion in government grants and investments that assist businesses with international expansion. Research these opportunities to minimize your financial risk.
Learn the Culture Barriers
Mercedes Alfaro, founder, and president of First Impression Management, told Inc that learning the customs of your target market is crucial for the reputation of your company. Learn the dress, greetings, and traditions, which may include unique food that if not eaten, is viewed as offensive.
Reevaluate your Brand
Determine if your brand needs a makeover while you learn the country’s traditions. A small aspect of your logo or name may be viewed entirely different in your new location than it is in the United States.
Hire an In-Country Sales Rep
Working with a local sales rep is the key to hitting your goals each month. Use your global expansion partner’s resources to find the perfect fit for your sales team and send a seasoned US rep to the new country to train them on your product or service.
If you have specific questions about how to expand internationally, we are always here to help. Contact us directly at +1 (303) 309-2894.