Sunday, September 29, 2013

5 Steps to Take your Business Global

Taking your business globally is a huge venture to undertake but there is a process that works. Here is how you can take your business global in five steps. 

1. Research and plan

Location is just as important online because websites are an extension of the country where they were created. Just like in the physical world, figure out and research which country will suit your goods and products the best. If your business is into exports then chose a market that is open to selling new products and have willingness to create it. However, be aware of laws, language, fees, and cost of shipping. Also be mindful of the strength of your currency on the market. Countries such as, Great Britain, Canada, Slovakia, New Zealand and Turkey are good choices for the dollar.

To get your research started check out these websites;

2. Take on partnerships

Your start-up plan for your business might have worked perfectly in your home area but it won't on a global scale. Scout out the best in crucial areas around the world and propose a partnership deal that will benefit both parties. Those local teams will already know the dos and don'ts for their market. Setup a license or distribution agreement if funds are low. On the enterprise side, contact business development partners. 

3. Setup a virtual office

Enough though you will have partnerships all over the world, you still do not have an office. It would look unprofessional if you sold a very popular product only to call a meeting at a local cafe. Virtual office suppliers have administration staff on hand and spaces all around the world for you to use. This could be conference rooms or simply an office already furnished. For more information on virtual offices check out Servcorp Virtual Office for ideas.

4. Invest in a foreign branch and employ your own staff

Think of it as having a franchise except you own it but it is overseas. Though travel is a must until you employ a business partner, the virtual office would still come in handy. Just be mindful of laws. Domestic management works better than foreign management because the country might lack managerial sources and other resources.

Market, market and then e-market

Advertising your business is a huge must because in other countries you are brand new. Nobody knows you and what you provide, so start by getting locals to market for you. This will outline the foundation for marketing and then you can expand on the client base they get. Market some more in a new creative way once you have learned the trends and then invest in e-marketing. It is better to do marketing on the ground first because you need to gain credibility first before tackling the online world.

Once all of these steps are completed, reassess the entire plan and evaluate the areas that need improvements. Business is a place that changes and there is always something new to learn. 

1 comment:

  1. It's pretty tough to grow globally without substantial partnerships in the host country you're targeting for growth. Setting up shop there with an office and phone isn't enough.


Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics