As an entrepreneur with a growth mindset, you might wonder what your next steps should be in order to go global with your business. International expansion allows you to grow on multiple levels.
If you are wondering how to achieve the dream of a global business, take a look at our 7 suggestions.
1. Use the tools and channels that came with the digital age
This discussion would not be possible if not for the technology that powers our daily lives as well as business activities. If you want to go global with your business you need to make use of all the tools that are within your reach.
Some of them include:
- social media platforms,
- digital events,
- e-learning platforms,
- good graphic design, digital marketing and promotion tools,
- data analysis software.
Whatever your business is, you have to embrace the advantages of building a strong online presence within its context, establishing connections and making your brand known to a wide audience. The Internet is just the right platform for that, so waste no time and create some buzz.
2. Never stop acquiring knowledge
Do you want to branch out into Europe? Great! But make sure you are familiar with the European Union regulations within your industry, ways of thinking, current trends, and even current affairs. Or maybe you want to take your product across the pond, to the US? Fantastic, but first read up on all the above and always stay up to date with the socio-economic climate. Make sure that you know what you are getting yourself into – knowledge is free these days, but you have to cram it first and never stop acquiring it. Learning extensively about new countries and finding out things that sometimes might be slightly discouraging is not a fun task, but it will pay back.
3. Research & analyze how to go global with your business
This is a follow up to the previous point, but it needs to be done in a more structured and cold-headed way. Get serious about your business model – if you were successfully winging it up to this point, unfortunately going global means more work and preparation.
A proper market research is necessary with every business, especially if you want to take it abroad. Establish clear goals, analyze your budget, map up your milestones and KPIs, decide on who the target audience is and how you want to market your products and services to them. Do not forget to research main competition, potential partnerships and collaborations. Plan how to work around the information you have gathered.
Make sure that your action plan is clear, concise, and if possible – supported by (recent) data. Only after doing so will you be able to understand how to navigate and become ready to go global with your business. You will find along the way that having a proper strategy will help you avoid some pitfalls and mitigate risks that are unavoidable in any business.
Speaking of risks – make sure you list them too and think in advance of ways of tackling them as soon as they arise on the horizon. The future of your endeavor depends on how serious you are about making the spreadsheets and sticking to well-thought-out plans.
4. Embrace cultural differences
While researching the market you might have noticed that there is no universal way of thinking. People in some countries tend to enjoy controversial marketing, which for them creates buzz and catches their attention, while other nations prefer traditional ways of presenting a product. If you want to go global with your business – think of this aspect.
Make sure your services do not violate some deep-seated cultural taboos – that would not be a good start! When you succeed and your product grows in new countries, consider hiring local people to help you go global with your business and make even better profits. They might be invaluable in adjusting it to local market needs even more and engaging with the audience. On top of that, many cultures will welcome you warmer upon learning that you are a job creator in their country, who supports local talent.
5. Network as much as possible – this will help you go global with your business
Networking does not get enough credit these days. A good business network is what makes a difference between a successful business and an unsuccessful one, especially in the global context. If you want to build valuable relationships, try reaching out to local freelancers – you might be surprised how well-informed and helpful they might prove to be. Local people are a great source of knowledge about the current climate (including politics), risks and opportunities, as well as cultural context in general.
Using platforms to find freelancers like useme.com, where freelancers offer various services – from copywriting to coding, graphic design and administration – may help you grow a vast network of professionals who are eager to help, have a growth mindset themselves and are ready to share their wisdom with you, a newcomer.
You may know a lot about business in general, but do you know local communication nuances or country-specific business etiquette? However, if you create a successful networking structure, you will be able to exchange business insights with local people, get hold of trustworthy suppliers, or simply learn from them.
With all the available solutions, hiring international freelancers really stops being an issue. Do you need subcontractors from Macedonia, Croatia or France? This is not a problem anymore. Who knows what brilliant new ideas may come up in conversations with local freelancers!
6. Learn the law and use it
The biggest advantage of the modern world is that many of us have the privilege of working remotely from wherever we are staying at the moment. We are our own bosses and oftentimes our business comes with us wherever we happen to stay. While this is convenient for us – entrepreneurs – it is not always the case for the customer base.
Some of your potential clients might prefer to buy from a company based in their country of residence. Even if your product is great, and you know it, upon entering a French market you might notice that French people are more likely to buy from a French-based company. Consider where it’s best to register your business.
Make some legal steps if necessary – it may turn out that, while it might not cut your costs initially, it will open new doors, such as local business incentives, loans, tax breaks etc. Research all this stuff or invest in the services of a local legal firm as it might help you make profits in the long run.
7. Be bold
You made it to this point – you already are serious about going global and that is fantastic news! The greatest achievements come to those with bold minds – do not be afraid to dream big and elevate your business ideas right now.
Whether you offer pre-made social media templates, you run a strategic consultancy, or you are a fitness coach – you can unlock tremendous potential by just daring to get out of your comfort zone.
Summary – how to go global with your business
The key takeaway is to learn as much as possible about your potential markets, especially in terms of law, regulations and culture, as well as interact with local freelancers to thoroughly understand the country’s specifics. Hopefully your business is the next big international success story.
