Going global is the dream of many business owners because it leads to greater opportunities to build one’s brand and make more money by selling to a whole new set of people who could not have been reached before. However, it is no mean feat and it takes a whole lot of hard work and dedication to make a success of branching our overseas.
Since it is such a difficult task – although by no means an impossible one, here are some tips that will help you to achieve the success you crave:
Hire a Translator
The first thing you’re going to want to do before anything else is to employ the services of a good translation company like The Translation people. You will need to do this so you can conduct market research globally to see which markets are most likely to work for you and so you can ensure that you’re on the right side of the law when you eventually do branch out. Not only that, but you’ll need to set up websites in other languages and translate any product labels, manuals etc. so that they can be understood in foreign markets too. Basically, a good translation team will be your best friends during this process.
Develop a Business Plan
It’s an obvious one perhaps, but if you want to have any hope of being successful when you branch out, you need to come up with a brand new business plan that takes the culture, economic and market conditions of any new territories you’re planning to expands into, into account. You’ll need to come up with short, medium and long-term goals and work out the best structure for your busienss abroad, which might mean creating a whole separate company out there.
Establish a Local Team
Where a lot of companies who are looking to expand overseas go wrong is by trying to use executives from their main company to build the business overseas. This is not at all the right approach to take because no matter how capable they are, chances are they will be out of their depth in a new company. It’s much better to recruit a team in the location you’re expanding into who will know how the world of business works there, be able to cut through red tape more quickly and who speak the language. It just plain makes sense!
Tweak Your Products
The products and/or services you sell in the home market might be excellent and they may sell well here, but that doesn’t mean the same will necessarily be true overseas. Different cultures have different likes and dislikes and varying expectations, so you need to research what those markets want and modify your products/services so that they meet expectations in those new locations.
Hire a Lawyer
Hiring a lawyer, like Urban Thier, who knows the local law of the land (inh this case Germany) is vital if you want to ensure that you comply with regulations and do everything that you need to do to operate legally in your new country. This is one step you absolutely cannot afford to skip.
This is by no means a comprehensive list of what you need to do to achieve business success overseas, but it is a good place to start and none of these things should be skipped if you really want to succeed.