Deciding to expand your business internationally is an exciting time. At times, it can become difficult and stressful, but we want to help you expand globally with the most ease possible. Throughout this article, we will outline some of the best international expansion strategies for businesses.
A while back, we published an article discussing the Dos and Don’t’s of International Expansion. One of the main points in this article speaks to having an expert team in place when entering new markets. One must have the appropriate advisors and team members in order to effectively enter a new market. The foundation to anything is key and expanding globally is no different. Having the team in place, which includes HR, Marketing, Accounts, and Legal professionals, is a priority when expanding overseas.
Another important piece to consider is to know the market you intend on entering. Is it ripe for growth and are there opportunities to be successful? Here is a recent article that speaks to Marriot’s recent push to further strengthen their foothold in Africa and the Middle East. Marriott states that they have specifically targeted the Middle East and Africa for the following reason;
“Today Africa is particularly important to Marriott International’s expansion strategy because of the continent’s rapid economic growth, widening middle class and youth population, as well as the increase of international flights into the continent.”
Clearly, Marriott has done their due diligence and sees a clear path to growth and success in the area. Let’s see what happens as there is always a risk when entering new markets but clearly, Marriott is making a strategic push for a reason.
Another piece of your International Expansion strategy should be to always remain lean, especially when entering new markets. The best way to enter a new market is to first test it out. Make sure things are working smoothly in your new market, and then push to create a permanent establishment.
Here is a good article from Forbes regarding Lean expansions while remaining true to your core. Similarly, the Velocity Global team published an article relating to Lean Expansion which has some great nuggets of advice as you prepare to expand.
Overall be smart as you expand internationally. Consult professionals who do this on a daily basis. Here at Velocity Global, we would love to speak with you about your plans and to see where we can be of service.