LOOKING TO EXPAND YOUR BUSINESS OVERSEAS ?
Competitive businesses often expand beyond their borders. Companies that have gone global successfully have realized tremendous benefits, including increasing brand awareness, diversifying the revenue stream and exposing the business to international methods.However, expanding internationally can be a complex process.
Once a business is running successfully in a domestic market, it’s common for entrepreneurs to expand abroad in order to attract new potential customers. There are many benefits of moving your business into global markets, including new opportunities for growth and sales, and the opportunity to make your business more competitive in your industry.
However, expanding into other countries doesn’t just happen; in fact, it often comes with significant challenges and risks. While there are numerous factors to consider before deciding if your operation is ready to go global:
- Devise overseas business plan with the core elements to identify feasibility, scalability & sustainability.
- Complete market analysis to identify competitors products,services, strengths,weaknesses, messaging and marketing strategies.
- Identify if your brand identity will be suitable for the market you wish to expand in or whether rebranding will be necessary.
- Detailed analysis of the logistics required for your product to enter the interested market.
- Cultural Understanding
- Identify the legal regulations to be adhered too in getting your product or services into your international marketplace.
- Outlining the need, desire, and methods to build a compliant local and regional presence.
- Product compliance
- Develop a detailed sustainability plan to ensure your product or service can survive and grow in your new marketplace.
- Ascertain which business model suits your international expansion.