Drawing Your International Expansion Roadmap
For many companies, a long-term goal is international business expansion – but it can also prove to be a complicated feat. There are numerous steps that must be taken when expanding your business internationally, to ensure it is done properly and efficiently. Here, we explore the vital steps that must be taken when considering international expansion, from choosing the right market to building a compliant foundation for your business.
Conducting Foreign Market Research
When looking into business growth strategies, it’s important that you figure out where your company will do best through foreign market research. Once the initial research is complete and you’ve chosen a market, your work is not yet complete. It is imperative to then conduct a market segmentation analysis, to determine whether your company will strive in the proposed market. Another useful analysis to perform would be a gap analysis, to see if there is a need for your product or service that is not already satisfied by a local company.
If you do not have a monopoly in the field, it would be wise to conduct a SWOT analysis against the competition to decide how to market your product effectively. Finally, it is important to think about the market you’ve chosen to enter, what the opportunity will be like, the size of the market and how long it will take to capture targeted sales.
Creating an International Business Plan
Starting a successful business requires a strong business plan, and the same can be said for international business expansion. Think of what strategies you want to implement and what goals, objectives and success metrics will be employed. It is also important to figure out you’re your finances will look like in terms of profit and loss, the balance sheet, cash flow and overall budget. Construct a feasible roadmap with dates along the way outlining when you hope to hit each target.
Building a Compliant Foundation
With international expansion comes the adoption of foreign rules and policies, as every country has different rules that must be adhered to. An important first step is setting your company up legally, knowing what permits to obtain and taxes to take on. In terms of talent, it would be wise to bring over senior executives, even if just for the interim, for a smooth transition – and when hiring new staff, ensure that you’re adhering to local labour laws when drafting employee contracts and developing competitive packages to guarantee you attract high-quality local employees. Another step in forming a compliant foundation is setting up payroll and human resource functions, which will be different than those in your current office.
Expanding your business internationally may seem a large and daunting task, which it certainly can be, but with the right knowledge and proper attention to detail it can be completed effectively and efficiently. This is where Galvin International can help, our international concierge expansion service is at the ready to assist with all your international expansion needs. From offering expert advice, custom solutions and on the ground support, let Galvin International make your expansion a seamless one.
Get in touch with us today to learn how we can help you expand your business internationally.
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