Taking your business to the next level and growing it to a global scale is a big deal. Every business owner out there dreams of having their company or business be known worldwide, but there are certain steps a business owner needs to take before they achieve their dreams of global business expansion.
Here are some of the things you need to consider when starting your journey towards global expansion.
Funding and Customer Base
The very first thing you need to make sure of is having enough funding to be able to expand your business from the local or national level to a wider global scale. This requires having a large and loyal customer base that will ensure you will not suffer losses during your transition to the new market. Funding is required to get all of the services and tools you need. This funding should cover different expenses such as salaries, translation services, licenses, as well as the rental and running costs of your offices in the countries of your choice.
Although English is the language of the business world in most countries, different countries use their mother tongue to conduct business and issue all legal and official documents. From German and French to Russian and Chinese, there are hundreds of languages spoken around the world and you will need trustworthy service providers that can offer accurate language translations no matter what industry you are in. They should be able to convey what you are saying and what any other party you are dealing with are saying. Not to mention, you will need these services to translate your website so that customers from around the world can understand what they are buying and find any other information they want on your website.
This also has to do with the business’s website, as well as any advertising campaigns that you want to use in multiple countries. Localization means changing features on your website to fit into the culture of the target country or countries. This will prevent any misunderstandings or offenses from being made unintentionally.
Finding the Right Partners
Usually, you will need to have a team or at least contacts in the places you plan on expanding your business to. This is important because you cannot be everywhere at once, you need people you trust to be on-site so that they can deal with any issues that arise and keep you up to date on the day to day operations. Having a team in each area you plan to expand to will also ensure that everything runs smoothly without you having to be constantly on call.
Wherever your business is going to be expanding to, you need to ensure that you are complying with the taxes and the regulations there. Noncompliance with taxes can result in really bad consequences for your business and will cost you. Before even deciding on expansion, you need to carefully study all the tax laws your business will be subjected to in the countries you are going to be expanding your business in.
Licenses and Permits
Whether you are going to be building offices for your business, or you plan on hiring employees worldwide, you need to have the licenses and permits necessary to do so. Usually, these procedures will require you to hire a lawyer to start the process of getting the necessary documents before you even start hiring a team.
Whatever products or services your business may be providing, you need to market them properly. What works in one place and attracts your target audience there, may not work in other places. You need to do some market research to find out what your target customers worldwide are looking for. This is going to depend on the culture and values of the place you are going to market your products or services in.
Setting Appropriate Pricing
You need to familiarize yourself with the currencies of the countries you are going to be expanding your business in. This will ensure that you can set fair prices, which will make your target customers more likely to choose your services over those provided by local businesses.
With these points in mind, you will be able to expand your business successfully. Remember that the work you pour into the expansion before it happens will ensure that the whole process goes as smoothly as possible. Before taking any steps, check to see whether you and your business are ready for global expansion first.
Samantha Acuna is a writer based in San Francisco, CA. Her work has been featured in The Huffington Post, Entrepreneur.com, and Yahoo Small Business.