The dream for many companies is to start strong at home before breaking out into the global market for their industry. It does come with its challenges, however. The language barrier – should you choose to expand into a country where their language isn’t yours – can be a difficult one to overcome. The time differences when you go global has often been cited as a hindrance, but it doesn’t have to be. You need to have the right team to push ahead with you when you decide to expand globally, and you can develop the right global team to work with you if you want your business to be sustainably global.
The question is how to take that next step and grow your business to stretch right across the world. Once you’ve learned how to do it, you could take your business – at last – to the next level.
- Local Foundation Development. Okay, so let’s say your business is currently in the US, and you want to expand out to Japan. You have to ask yourself whether you have the capability and the foundations out there. Perhaps you have an interest in a company similar to yours that you would like to buy out, essentially giving you a platform to work from. Finding the right legal team that works with representing purchasers can help you here, giving you the right information to merge companies and build that foundation. You need a local crew on the ground to get a feel for whether your company would be in the right place there.
- Your Vision. Asia has some of the fastest growing economies, which is why I used Japan as my example country to expand into. You need to expand your vision and do as much research as possible with your chosen location so that you can understand whether your particular business will thrive in that location. If it’s not going to be of interest to new customers or clients, then there would be no point in putting the work in elsewhere.
- Get Global Help. There is no use in speaking to US experts about expansion to a foreign country when they have no legal or practical knowledge about that country. It does pay to invest in specialized consultants that can help your business get to where you truly need it to go. Look at local experts who can help to guide you through the process, as they will know everything that there is to know in the local area. Products and systems you have in your home country may not appeal elsewhere, and it’s important to remember that.
- Market Penetration. Global expansion is not a cheap aim, but it doesn’t have to tear your budget apart. Start drumming up the right marketing strategy to bring interest to your brand before you get there. This way, you can start penetrating the market correctly and get noticed.
Global growth is just the beginning for your company; once you conquer one area, it’s time to expand further still!