- Jul 29, 2021
There are so many reasons to make your company into an international phenomenon, from tapping out the local market to the fact that there might not be enough audience for your products locally. Furthermore, entering foreign markets might sometimes be so lucrative that it more than makes up for the fees revolving about the repatriation of profits. Either way, since pulling this off properly isn’t exactly an easy thing to do, here are several awesome tactics that can help you out immensely.
1. Assess your capabilities
Upon taking your startup to the international level, you are probably going to increase your workflow influx by quite a bit. While it is true that, ideally, your company would face a massive demand once you enter a new market, sometimes, too much demand can be a bad thing. Let’s say you currently have the capacity to satisfy a single client, yet, you’re approached by the client A and a client B. How do you choose which one of these two clients you should serve and what should you do with the other client?
First of all, even if they do require the same service (which means the same payload), you have no way of knowing if one of them has a higher chance of becoming a return customer or a brand ambassador. Furthermore, you might be able to schedule one of the clients for, later on, outsource them to a different company or merely have to flat-out reject them. Either way, you need to find a way to assess your capabilities in order not to accept more work than you can handle. If you do, you might need to learn how to say no to your clients in the best way possible.
2. Branch or subsidiary
Another thing you need to consider is whether you should open up an international office or not. If you do decide to do so, you need to figure out whether you should simply start a branch of your own company or make a subsidiary. The difference lies in the fact that the subsidiary acts, more or less, as an independent company (different logo, name, marketing campaign), while a branch merely acts as an overseas office.
This is important to figure out early on, seeing as how it will affect the way in which you conduct your marketing and allow you to market yourself as a local company (in the case of being a subsidiary) instead of being presented as a global business (when starting a branch). Moreover, depending on the choice that you make, you might see a different scheme for the repatriation of funds.
3. Look for local partners
The next thing you should keep in mind is the fact that you might need to collaborate with local agencies when it comes to more than a few different tasks. For instance, if you need to print some promotional products, shipping them is far less cost-effective than finding a local agency and assigning this task to them.
Let’s take a look at another example! Imagine a scenario where you plan to start a subsidiary in NSW, and need to do some additional work on the premises you’ve decided to purchase or take a lease on. What you need is contact with civil contractors Sydney based agencies, in order to ensure this is done both in due time and on a satisfactory quality level. Needless to say, these instances are far too numerous to disregard.
4. Prepare for cultural differences
Different cultures have different business etiquette, yet, for an online business or an eCommerce website, this shouldn’t be an issue. Nonetheless, you need to remember that, when starting an international office or negotiating with foreign experts, you need to show some respect by studying rules of conduct. For instance, in the Far East, it’s customary to present people with a business card using both of your hands. The same goes for accepting it and you’re expected to closely examine it before tucking it away, while in some cultures, it’s supposed to stay on the table for the remainder of the evening.
5. Think about the trademark
Have you ever noticed that some of the most renowned brands, sometimes go by different names abroad? Well, that’s because trademarks are often nationally (or continentally) bound. This means that, although you may have the exclusive right in your own country, abroad, you might have to make some alterations. The best-known example of this is probably Hungry Jack’s, which is an Australian franchise of the American fast-food chain Burger King.
Keep in mind, nonetheless, that things are never that simple. Changing brand name often means changing your merchandise, slogans (especially those revolving around word-play) and much, much more. This is also why you might want to take a closer look at scalable growth strategies, as soon as possible.
At the end of the day, these five methods are there to make your transition from a local business to an international one much smoother. It helps you protect your brand, minimize overhead and maximize the efficiency of the transition, which, on its own, helps you establish a firmer presence in your new market. They also help you adjust your marketing to new markets, opt for a more efficient corporate structure and get a more realistic view of the potential of your business on the international market.