xpand Business Internationally

With the the global market presenting innumerable opportunities for brands, not all brands have the resources to expand their business internationally. After all, international expansion does not rely solely on opening an office overseas and calling it a day – brands must follow carefully crafted strategies detailing their goals, finances, human resources plans, objectives, etc. Additionally, one must understand that one cannot simply follow a set pattern for expansion for every country where one wants their business to function. Each country has laws, cultural norms, and market sizes that must be carefully evaluated, too. In this article, we will tell you everything you need to know about how to expand your business internationally.

How do you take your business international?

While analyzing how companies go global, you’ll see that many start by identifying business partners abroad who can work toward the brand's vision and guide the brand in matters related to local culture, competition, and sales tactics.

Once that regional or country head is identified, you can start taking steps to ensure you have the proper infrastructure. Thus, to answer how to expand your business internationally, you must begin by answering questions related to the hierarchy of your business, what kinds of decisions local offices and their management can take, and what kinds of teams management requires to succeed, which are essential requirements like office space, telephones, computers and so on taken care of, and what practices you want to follow with regards to workflow and data management.

Challenges and opportunities of global expansion

Once you have understood all you need to know regarding how to take your business international, you must identify the challenges in your way. This can help you develop a contingency plan to stave off any potential threats to your business. A few challenges of international expansion include:
  • Language differences that can hamper the flow of business
  • Cultural norms that may require you to change company policy or marketing efforts
  • Regulatory or compliance issues related to the country in question
  • A difference in the pace at which work gets done
  • Local competition that may pose challenges for you
  • Packaging standards
  • Complying with local laws

Also, read Things You Should Know Before Expanding in Europe.

What should you consider when expanding a business internationally?

There are many factors to consider when expanding business internationally. Apart from the challenges and infrastructure-related concerns, there are a few other things to remember when growing your business internationally.

You may have to change the direction of your company. Always be flexible, as strategies that may have worked in your home company will only sometimes work abroad.

You must be willing to give up a certain level of control because you cannot handle everything. Define the responsibilities and decisions local management can make well in advance and what they should defer to you for.

Understand whether there is a market for your products. You will not want to be the equivalent of a company trying to sell ice to Eskimos! Ensure you do all your due diligence before zeroing in on a country and expanding there.

When wondering how to expand your business internationally, note that these factors are just the tip of the iceberg! Seasoned business setup consultants can help you craft effective strategies that can help you quickly expand your business to emerging markets like India, Italy, etc. If you plan to take your brand to the international market, we recommend contacting one today!