There’s nothing more daunting for a business owner than to expand their brand internationally. It’s a complex and risky move to make for any company, no matter how small or large they may be.
It’s an especially difficult step to take if you’re a business owner who’s inexperienced in overseas expansion. There’s probably a lot you’re confused or worried about and you’ll likely have a lot of questions running through your mind about how you can make sure the expansion is triumphantly fruitful.
The truth is, it’s all about making your business plan airtight. You need to understand the risks you’re taking and know the important measures you need to put in place to improve your chances of success.
Let’s discuss 5 important questions you need to ask yourself when strategizing your abroad business plan!
1. Can your brand be effectively localized?
The country or countries you’re expanding to should have a need and desire for your services/products. Is there a real purpose for you being there? What value are you bringing to the Nation? Can your brand be effectively localized? Using a website localization service will help secure an efficient site transition too.
Most importantly, if there’s notable cultural differences, it’s your responsibility as the business owner to consider the implications of your brand message and values. Test the waters first to make sure there’s a suitable place for you in both the culture and the economy.
2. Will language be a tough barrier?
Your brand should be immersed in the Nation’s culture, especially the language that they speak. Not only should your workforce team speak the native language, but the content you provide and the services you offer should be professionally translated. Does your website offer clickable language translation for new customers to browse?
3. What are the regulation changes?
Every country has its own regulations that businesses must comply with. There’s certain local rules and requirements that you as a business owner need to be aware of. Make sure you’re clued up on how you can legally operate your business plan and what taxes you need to pay. It might be worth speaking to your legal advisor to ensure nothing slips through the cracks to come back and bite you.
4. Will you find the right workforce?
The international workforce you hire should encompass the same set of specialist skills as your home country. Find the right professionals who offer value to your overseas business plan. Whether it’s a workforce of tech wizards or confident salespeople, be vigilant and rigorous when searching for and hiring the talent that will front your new move.
5. Can you afford the expansion?
Lastly, you should be 100% confident that you can afford the expansion. Moving your business abroad will bring different costs that you’re not necessarily aware of, including a variety of manufacturing costs, shipping charges, and workforce wages. It’s probably worthwhile contacting a financial advisor to gain outside professional knowledge on the international market you’re moving into.