A Start-Up’s Guide to Going Global
Building a successful start-up is a praiseworthy achievement, but there’s still a whole world of possibilities out there. Expanding your start-up internationally could be the next step you need to turn it into a major success. Here, Galvin International guides start-ups though the international expansion process.
Deciding When to Expand
As a start-up it’s particularly important that you lay the necessary groundwork before you even consider expansion. Study success stories such as Uber, as well as the expansion plans that have gone awry, to learn from the mistakes of others.
One of the most crucial factors to determine before anything else is which market you intend to expand into. This will require thorough, detailed research of everything from language and local business customs to tax systems and demographics.
You will need to assess which market has the factors that best suit the nature and structure of your start-up – emerging markets might offer a less competitive playing field than well-established ones, but they may not have as rigidly defined procedures and protections. Don’t get too ambitious at this stage – even for large companies it’s always advisable to keep a tight focus on one or a few target markets at a time.
Taking the Leap – Ways to Make Your Expansion Easier
Expanding a start-up internationally will require navigating some hurdles, but there are ways of making the process easier and more efficient.
Once you’ve decided on a target market, begin customising your approach to suit it. This can range from simple moves like matching time zones and currency displays to your new market, to hiring an on-hand team of translators who can be relied upon to make communication and transactions flow more smoothly.
However not everything needs to be rebuilt from the ground up. Cloning successful campaigns, with a few tweaks, can be a smart way of getting your business up and running quickly after its move.
The benefits of establishing international partnerships can also not be overstated. As a small company, having the support and backing of an established name within your target market is a huge bonus. As well as providing you with local knowledge and expertise, partnerships can give you access to infrastructure and resources other start-ups can only dream of.
Lastly, a dedicated and knowledgeable on-ground team in your chosen market will be crucial to a successful expansion. Making your own presence felt will be important here – don’t be a stranger to your international branch, but don’t try and micromanage every detail of their work either.
These moves will help you to establish a solid enough base from which to begin scaling up the international arm of your business.
As experts in the process of international expansion, Galvin International can offer start-ups with big ambitions a broad range of services including advice and on-ground support. To find out more about how we can work with you to implement your business expansion, please get in touch.