When your business has reached its full capacity in the U.K. and you’re ready to expand beyond the British borders, it can be a rather confusing and daunting mission to carry over your company’s success overseas.
However, expansion and growth are the natural progression of businesses, especially when a company is exceeding targets and goals – bigger seems the only way to go.
The Advantages of Going Global
There are some big benefits to taking your business abroad that surpass just financial growth. For instance, going overseas can extend the life of your products or services because you’ve opened the playing field to brand new markets and consumers.
Also, if the market is dying down in your business’s home country for a few months, you can focus your attention on your international customers as the season changes.
Learn More About Competitors Overseas
It’s important to identify who you’ll be up against in your new location, as your industry may work differently in another country. See what your international competitors are doing and how they’re doing it. Also, make sure to set up some alliances and work on building relationships with local businesses too. Allies and friends will not only be beneficial for setting up your new business and helping you understand the local culture, but also for external and outsourcing needs.
Have a Strategic Plan That Considers Everything
It’s vital to work out costs and how much going international will affect your home business. Set yourself goals and targets and how you’ll monitor your success.
Work out whether you’re going to hire a new team to work with you on your overseas journey or pick current employees that you know will dedicate themselves to the global expansion. However, you must plan for a team that will work permanently abroad for your business when you’ve settled in.
Make sure you are comfortable with the city, understand the culture and can speak the language. You’ll have to navigate your business in the country and may even have to spend a large amount of time living there too. If you’re not ready to sacrifice your current life for one abroad, you may want to delay moving your business until you are.
Your target audience may completely change, or it may not even exist yet. Spend a lot of time researching the country’s market and how business works internationally – find out if a market for your service or product already exists or if you’ll have to build and integrate the understanding of your business into local people’s lives. Stay in the knowledge of your industry’s news and make yourself aware of the latest updates internationally. Keep in the loop of legislation and law and be prepared for government restrictions on products.
Most importantly, figure out how finances, banking and taxes work in the country you plan on expanding to. Taking your business abroad won’t be an easy ride and it certainly shouldn’t be mistaken for a holiday, but if handled correctly could move your brand into a whole new world.
Be Patient and Prepared
There are lots of things you must consider when taking your company global. One is the amount of change your business may have to undergo to adapt to the pressures that working in international countries may bring.
Going global is not an overnight process and it may take time for you to really see results. Be careful not to neglect your responsibilities in your native business, but always remember if you don’t succeed, try and try again.