Starting a business in a foreign country doesn’t have to be as difficult as it was in years past.
Foreign regulations, taxes, and policies all must be navigated but thanks to technology and the free flow of information through the internet, these requirements are now easier to find. However, it is still necessary to have someone on your side who understands these processes.
Just because you own a small to mid-sized to large company does not mean that you have to think national. You can expand and make your company a global brand. The challenges exist, but with the right leadership, the right analysis, and the right plan, risk and expense can be mitigated. Distribution and servicing channels must all be carefully thought and planned. But, I believe the potential rewards far outweigh staying safe and risk stagnation.
You may have to learn that your business model is a bit different in different countries, but that is ok if the potential is there. I always have the thoughts that something hard to do presents plenty of opportunities while easy offers nothing, and impossible is just plain dumb.
Why go global?
- Diversify your markets with the potential of capturing a whole new customer base.
- The potential exists to extend the sales life of your current products, or services. Whatever product you have already established in your home country could very well be the next hot thing in a foreign land
- Potentially reduce your dependence on your local market and spread the risk globally
- You will learn new methods of doing business. You may even learn a lot about your own company. Maybe different opportunities will arise that could launch your sales for a new or improved product or service.
Having an experienced person who can weed through the foreign land obstacles, present the cultural differences and identify a clear custom strategy for growth is what you need. Governmental regulations is the biggest draw back once you have identified your market risks.
It is a great risk to take with caution
In conclusion, the right personnel is always the best. Look for market knowledge of both your product and the cultural differences of your new expansion market. Selling your product or services in one country might have a different implication in the next.
I recommend all my clients to look and see if your are ready. Then plan the attach with careful knowledge. Then study the plan and rip it apart. Identify all the reasons why it will not work. Then rebuild it again.
How about we start there?