So you want to expand your business overseas? That’s great – but how do you know when your company is ready?
Growing Industry and Market: Is your product or service part of a relatively new industry or market? Or perhaps it is only just gaining attention? Now is the time to expand. Similar to the above point, a growing industry and market indicate increasing demand, and could be a sign for you to expand!
Regular Profits: While this is obvious, it is of course crucial that you have a stable income in order to expand internationally. You should still have a reliable source of financial resources to use and fall back on should the need arise, and it is crucial that your original business operations in your home location do not decline in efficiency or quality when you begin planning for a new location.
International Demand: Is your product or service receiving international attention? That’s a definite sign to begin expanding! Perhaps your business is more suitable to another culture, or maybe there’s a growing trend that needs to be taken advantage of – take the ‘eating alone’ trend in Japan as an example. The world-famous ramen restaurant Ichiran has one-person booths to allow their customers to eat alone. Would this model have been successful in western countries when it first opened in 1993? Probably not. Today, however, the restaurant enjoys success in Hong Kong, Taipei, Brooklyn, and New York. Who knows, it might even become successful in some parts of Europe considering the creation of Eenmaal, a one-person restaurant in Amsterdam. Following different trends around the world is essential when considering international expansion.
Capability for Both High-level and Localised Operations: When you expand internationally, it’s necessary to have a direct presence in your overseas base, your original business location, and a clear overview of the entire business from a high-level position. ‘On the ground’ employees might include communications and support teams but ultimately strategies will be differ depending on each business’ needs. The key to success is finding the best way for your business and to figure out optimum communication methods between yourself and your new location.
Stagnating Progress: If your product or service is still highly profitable and in demand locally but you are finding it difficult to find opportunities for growth, then it may be time for you to start looking outwards. New markets provide new opportunities; seize the chance before your competitors do!
Does your business fit into any of these points? If yours does, then it’s time for you to expand internationally. Contact us here for a free online consultation!