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Hej. Bon jour. Ni hao. Namaste. Howdy.<\/p>\n
As you\u2019ve no doubt noticed as the holiday approach and we discover neighboring cultures, as the web grows the world gets smaller. In the business world today it\u2019s not uncommon for startups to have an international presence \u2013 often with 100% of their market outside the \u201chome\u201d country.<\/p>\n
Not too long ago this would have been unheard of (think seriously pre-historic times, such as circa 2010). Way, way back then only businesses with the most resources and connections could even consider tapping into markets beyond their native soil. It was just too expensive and time-consuming.<\/p>\n
Not so today.<\/p>\n
The fact is, if you\u2019re limiting your reach to your local county then you\u2019re only scratching the surface of what\u2019s possible. As markets such as China and India (in particular) expand at dramatic rates, your business has many fruitful prospects well within reach. If you pass on these opportunities, quite frankly you\u2019re leaving money on the table. If you\u2019re looking to go beyond the ordinary, then it\u2019s time to break the status quo and think globally.<\/p>\n
Naturally the type of business you\u2019re in has a major say in global expansion. If you\u2019re a dry cleaner or you manufacture a physical product (especially low cost items that can incur high shipping rates per transaction), you may want to think twice about going international. But for many burgeoning startups and small businesses, especially ones with software and cloud-based offerings, the time is right to broaden your horizons.<\/p>\n
As you decide if international expansion is right for you, here are 5 tips for making smart decisions.<\/p>\n
The biggest mistake a startup (or any business, really) can make is to over-commit resources and drop the ball in your own home markets. Your core business is more than likely at home, and by spreading yourself too thin you risk losing the traction you\u2019ve made. Naturally you can hire freelancers to lend a hand and keep your own team focused on your country. Some may argue that you should ensure your business is 100% rock solid in your own country before even thinking of expanding, but this isn\u2019t necessarily the case today. You should try to work all the major kinks out of your business first though, as it\u2019s easier to make adjustments at home then across the globe.<\/p>\n
Truth be told, what works in your own backyard will have little to do with your success abroad. For example, a distribution strategy that\u2019s effective in South Africa may not be so fruitful in South Korea. What makes this world so wonderful is that every country has its own unique culture. To thrive globally you need to revamp how you approach markets, including localizing your messaging and approach. A great place to start is finding a brand strategist with deep roots in the area you\u2019re targeting. They can help you position your business for success. And naturally cell phones are huge in every country today, so it\u2019s a good idea to focus on how to create a mobile app to communicate internationally.<\/p>\n
Just because your website is getting a few hits from Japan doesn\u2019t mean the country is ready to embrace you as their own. You need to study diligently to understand the many complex variables associated with expanding into a certain country. As you\u2019ll find out, \u201ctoday\u201d means something much different in every corner of the globe. You\u2019ll also find that some countries are much easier for you to enter than others (think language barriers, tax regulations and bureaucratic red tape to begin with). Where you\u2019re located has a lot to say in this matter. Naturally, doing successful marketing research will help steer you in the right direction. A lawyer with international experience in your target country is also paramount to well-laid plans.<\/p>\n
Taking baby steps is a good idea when moving into new global markets. There\u2019s no need to hurry in and start distributing your product right away. These countries have been there for years, and they\u2019ll continue to be there as you slow down, stay flexible, and adapt to situations you hadn\u2019t anticipated.<\/p>\n
Bottom line: You can\u2019t do it alone. You\u2019ll need to set up business relationships with locals, hire translators and work with government officials. Just be sure to deal with quality individuals you can trust today and tomorrow. That\u2019s one reason why businesses choose online work platforms when expanding internationally, as you can check the ratings and reviews of freelancers to ensure they have a good track record.<\/p>\n