4 Tips for Expanding Your Business into a New Country : So, you’ve finally stepped out into the world and brought your product to the market. Now, it’s time for it to bust out of its home base and take on the rest of the globe. For most companies, international expansion is an assumed goal. It’s just something that entrepreneurs see for their businesses right from the beginning, even if progress is slow and steady.
Interestingly, it’s the things which often get overlooked that tend to make expansion a tough job. For instance, you can budget and project manage the move for years, but if you don’t have a working knowledge of the culture, it will still be difficult. Ultimately, the most successful businesses are those that fully embrace the customs and values of their destination.
It doesn’t mean that you can’t be innovative and exciting, but the key to a smooth transition is cultural cohesion. Keep reading for more tips and tricks on ‘going global.’
Expanding Your Business into a New Country
Know Your Audience
In order to build up a presence in a new market, you need to convince investors that you’re the right choice. For businesses in Australia, Servcorp meeting rooms hire provides a quick and easy way to organise a pitch. However, you’ve got to understand your audience.
This is the same whether you’re pitching in Sydney or San Francisco. For instance, Europeans commonly spend an hour or longer in meetings, while Americans and Australians prefer briefer, more concise sessions. Being aware of cultural norms will help you dazzle the crowd.
Lean On Your Track Record
You’d be surprised at the number of businesses which fail to take advantage of their own achievements, particularly when operating overseas. Yes, there are many aspects of the move which should be treated independently and not modelled on past decisions.
However, if you’ve been operating successfully in your home country for some time, there’s no reason not to amplify this during an expansion. Make it clear to sponsors and investors that you’re giving them a fresh, unique approach, but don’t forget to talk up your track record.
Don’t Make Assumptions
Another piece of advice is to try and doubly confirm important information. Don’t assume that responses like ‘it’s great’ or even ‘we love it’ are a definite agreement to work with you. Communication differs across cultures, and everybody has their own form of expression.
The best example is Asian countries. In Asia, it is considered impolite to give an outright ‘no,’ so businessmen often say things like ‘we’ll think about’ or ‘it’s a possibility,’ even if they don’t plan to take things further. Make sure to confirm that what sounds like a yes really is a yes.
Pick a Great Headquarters
Where you launch from will depend on the nature of your expansion plans. Often, it’s more helpful to hold back on a full office lease until you’ve determined whether there’s enough market interest. If this is the case, virtual offices and coworking spaces are recommended.
The terms are entirely flexible, so you can leave or choose to upgrade to a different type of office at any time. With no termination fees, it’s just a matter of discussing your needs with the provider. They also come with the added benefit of prestigious corporate addresses.
Some Advice on Going ‘Virtual’
There are numerous benefits to operating out of a virtual office when expanding into the new market. As already mentioned, the terms are flexible, so you’re dealing with no risk or a very negligible rental risk. You certainly don’t lose any money if plans are reversed. Correspondingly, you can find more information about setting up a virtual office in a city like London in the UK by taking a look at some of the helpful resources on the Capital Office website here: https://yourvirtualofficelondon.co.uk/.
This is important because scouting out locations and researching new markets is a big part of determining whether they are right for you. The more you know, the more informed your decision will be. If you check it out and the interest isn’t there, try another city or region.
4 Tips for Expanding Your Business into a New Country
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