Taking your business global is a huge step, but if you’re going to continue to grow and there aren’t any new markets to tap into in closer to home, it’s the best thing to do. However, it’s important that you’re aware of the risks involved because you’re going to invest so much money in global expansion and if you don’t see a return on that investment, it could sink the business entirely. Before you jump into anything, make sure that you’ve considered these things.
Your Business Location
Your business location is the first thing that you need to think about when you’re going global. In some cases, you might be relocating the business to a different country and it’s important that you look into the logistics of the move. You also need to do research into the new country and understand all of the legal implications of owning a business abroad.
Even though you’re moving into another country, you’ll still need a location back at home to keep things ticking over there, otherwise, you’ll lose your existing customers who are currently providing all of your revenue and will help to finance your expansion. In some cases, it might be best to move that location so you’re better suited to operate across 2 countries. A location like Dublin Airport Central offices, for example, which is well situated near international transport links and has a lot of good business amenities is ideal. If you aren’t well situated, you’ll be spending more money than you need to on transporting goods and traveling between locations.
Every country has its own business culture and they can differ a lot from place to place. Every culture has its own way of conducting meetings, drawing up contracts, and dealing with business partnerships. If you’re going to be successful in your global expansion, it’s important that you understand the etiquette and do things in the way that people expect you to. If you accidentally offend people during a business meeting, you could lose important clients. That’s why it’s essential that you research the business culture in a country before you move out there.
Your branding is at the center of your marketing campaign and if you don’t have a strong brand, you’re going to struggle to get customers. If you’re thinking about global expansion, you’ve probably got your branding right already, however, there’s no telling how it will work when you move into a new country. Different cultures respond very differently to certain types of branding, which is why big companies that are successful around the globe have specific brands for each country. If you just go out to a new country and try to market your products in the same way that you do at home, you probably won’t get very far.
Market research is important here. Look at what your competitors are doing and how they brand themselves. This will give you a better sense of the kind of branding that connects with people in your chosen country.
If you don’t consider these things before you start your move toward global expansion, it could backfire and kill your business completely.