Cost-Effective Paths to Expanding into New Markets
Navigating international business expansion can be tricky, especially if it’s your first time doing business abroad. You may try to cut corners in the interest of saving time or money. But shortcuts can often result in overlooked details and noncompliance, and your bright ideas for a thrifty expansion could actually end up costing you. So what are the most cost-effective strategies to expand business globally? Here are our best tips for saving time and money the right way during international expansion.
Do Your Research
First and foremost, conducting extensive research on your market will help you determine if your chosen expansion location is, indeed, the right target for your global growth. In your research, you may uncover a detail, law or cultural difference that makes you rethink your strategy, and it’s much better to encounter this setback in advance and adjust accordingly.
You know that your business is ready to expand, but you’re not sure it’s suited to a storefront or an office in your target market. Could ecommerce be the right answer? It certainly could – and if you already operate an ecommerce business, expanding into other countries online could be simpler than setting up a physical shop. Still, it’s important to remember that you may still be beholden to your expansion location’s tax laws even if your company operates there only on the web.
Outsource Where You Can
One of the best pieces of advice we can give is to outsource wherever possible. Though you may think that keeping payroll, accounting or tax in-house will save you money, compliance requirements are often incredibly specific and need the attention of a local specialist to get everything right the first time around. At Galvin International, we can connect you with the right experts and outsourcers to handle these aspects of your expansion, even assisting you with on-ground implementation, while keeping everything as cost-effective as possible.
Do Your Due Diligence
All too often, business owners skimp on due diligence, especially when it requires travel. Everything with your potential partner seems aboveboard, so it must be fine, right? Wrong. When you carry out the proper due diligence, you’re ensuring to the best of your ability that the partner in question can perform to the standards your business requires. You safeguard your business from risk and corruption by demonstrating your vigilance, and you also build a professional relationship with the partner by visiting them in person. It’s a relatively small cost that is well worth it in the long run.
Expanding your business is a complex dance: you must know when to hold back and save time and money and when to move forward and invest your funds and your energy. It’s tempting to make every effort to cut costs, but this can actually cause your business to unravel if it means that your foundation is less than solid. This is where Galvin International can help – our team advises you on the most cost-effective paths to a successful international business expansion for your company, so you can spend your time and money judiciously and still grow your business. Get in touch with us today to learn how we can advise you and implement the solutions you need.
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