As a company grows, it’s just logical to expand your business internationally. There are many reasons to want to expand, from domestic markets being saturated to new opportunities being identified abroad.
We’ve put together some tips on how to do it as seamlessly as possible.
#1. Pick the right place
The first tip if you want to take your business global is to work out where exactly that means. Conduct market research to find out which areas of the world your product or service is needed in, or where your company can feasibly expand to.
Each region of the world, and country for that matter, is unique in so many ways. Business is simply one of them. So it is crucial that you choose a market that is aligned with your company’s values and would receive your product or service well.
#2. Translate your site
You need to make sure that your site has a version that the people in the new market understand. This is where hiring a professional translation company is vital. You can trust that they will translate your business site without errors that can make your firm seem unprofessional and careless. The last thing you want is for your new target market to feel misunderstood and poorly catered for. Show that you are truly invested in them by making sure you get it right the first time.
There is no way you can successfully expand your business internationally without translating your site. Your website is most people’s first port of call when they first hear about and are interested in your business. You need to ensure that you provide all of the information that they are seeking in a clear, concise and correct manner.
#3. Hire the right people
Once you’ve decided where to expand to, the next step is to figure out who you want to make it happen. Hiring is crucial here, as you want to hire people to run your second office who know what they’re doing from both a business and a cultural standpoint.
The best thing to do is to hire nationals of the country you are launching in. No one will know the market better than someone from that country, and they will provide invaluable insight, intuition and credibility to your international venture.
#4. Market correctly
As we’ve already mentioned, each country and it’s markets are unique across the globe. The key to success when expanding internationally is simple. Do your research. The more well-informed you are about your new target market, the better chance you have of success. Learn their likes and dislikes, attitudes towards your product. Work out what they want to gain and what your business can give them, this will shape how your marketing strategy will be implemented too.
But it isn’t just about the target market. It’s also about the corporate governance of the country, its laws and regulations. You will need to abide by these and adapt to the new environment to keep your business safe.
Expanding your business internationally can be risky, but if you do it well, your business can transform into a global enterprise.