Expanding your business to an overseas location is probably one of the goals for every aspiring entrepreneur, and why not? World domination is a good sign that your business is doing quite well! So if you are starting out at the bottom of the ladder, and you’re an entrepreneur that’s worked tirelessly to get your business to the point where it’s now time to expand to other territories and countries, what do you need to be aware of?
The Culture Of The Country
It’s sheer bombast to think that your product will sell in another country straight away. The culture of a specific country will be the deciding factor of whether they take to your product or not. For example, consumers that are lactose intolerant in a continent like Asia may not take particularly well to your brand of cheese! In addition to this, you need to think about if your business brand will carry into this culture. Depending on where you are in the world, it can be a product that may take a lot of marketing to get right.
Are You Going To Be Able To Acquire Adequate Funds?
Small businesses in certain states in America are eligible for specific loans, but since the market crash, especially in California, there have been a lot more stringent lending processes from finance companies, and you can see more about this here. But in making your journey across the pond to another continent, it’s always better to do your research in if you are going to be able to sustain your business in a financial sense. You also need to bear in mind the differences
in costs and where you can source cheaper materials from, which may be subject to certain taxes.
Building A Support Network
If you are going over there for an extended period of time, it can have a personal impact on you as well as a professional one. If you are going to spend time away from friends or family, you need to be prepared for a personal sense of isolation, in addition to this, acquiring a support network in terms of the clients and suppliers may be harder to come by. In this sense, it may be better to look at building a network of contacts before you make the journey. That way you’re making life easier for yourself when you get there.
If you are expanding to another country, you may need to alter your business plan to have a more profound impact on the international market. It may also benefit you, if you want to try to keep the same ideals and ethos of your company, to send other people from your current business location to train your staff. Upscaling is difficult in your own country, let alone another one! So you have to be prepared and tailor your business planning and preparation accordingly.
Expanding your business overseas can be one of the greatest adventures in entrepreneurship, but it’s is also one of the biggest challenges, so ask yourself if you are ready to take the leap.