With more and more startup companies flooding the local market, it’s time to ask, is it possible your startup company could become more profitable in another country?
Taking your startup to a foreign market is a daunting task and not one that should be taken lightly. However, if you are seeing a trend of startups within your business niche that are beginning to plateau in the local market, perhaps now is your opportunity to take your business elsewhere.
To take a company global, there are a thousand things to think about. First and foremost, you must choose your market. Are you a European tech company thinking of moving to Silicon Valley to seek your fortune? Or are you an American company desperate to avoid the Elon Musk copycats and hoping to spread your wings to the east? Either way finding an appropriate market is important.
Whether you’re planning on moving to China, The Netherlands, or Australia, do your research. There is no such thing as being over informed when it comes to taking your business to a previously unknown market. Find out as much as you can about how businesses like yours fair in these environments. If Amsterdam is flooded with startups in a similar strain of business as your own, look to their other side of the world and see if Sydney would be the right fit for you.
Relocation, relocation, relocation
With regards to Policy, Finance, Supports, Culture, Human Capital and Markets – otherwise known as Isenberg’s domains – relocation has had only positive results.
When you have chosen where it is you want to expand your business into, it is time to gain some local knowledge. There is no easier way to do this than through local marketing agencies, as they know everything there is to know about the market you are moving into. They’re also more than likely to have teams based in both places. They will help you to promote your business in a way that is best for the new market, as well as helping you to integrate into that new country with ease. Whether you are looking for opportunities for marketing in China, Brussels, or New York, there are marketing experts all over the world with a wealth of knowledge that your company could benefit from.
Alongside careful market research, should come an airtight business plan. It cannot be stressed enough how much of a powerful tool a comprehensive business plan that covers all bases can be. Include your business goals, financial aims, cost analysis, and an overall structure of how you want your business to run. Cover all ground, and that way when any unforeseen questions come up, you can refer to your plan to answer them.
Moving your company is a mean feat, it requires planning and preparation and a good deal of belief in your business. But if you possess the drive and willing, just think about where your company could be this time next year.