If your big business idea has proved a success and business is ticking along nicely, you might be considering taking your offers overseas to further maximise revenue.
SMEs (small and medium-sized enterprises) make up 99.9% of the 5.9 million businesses and expanding your operations may well be key if you want to start challenging the bigger fish in your industry.
Here we’ll offer some top tips to bear in mind if you are looking to expand across the globe in 2020.
Find your market
You need to think about the differences between your current market and the one you’re looking to infiltrate.
Is the English language crucial to your operation, perhaps in the services that you offer? If so, translation or an adaptation may be necessary before setting up the new arm of the business.
If your company is product-based, is there a need for it in the new location. A new design of portable umbrella might be fantastic in the UK where you’re never more than a week away from the next shower. But in the south of France? Maybe not so much. Do your market research first to be sure.
Get the logistics in place
If you are introducing a product into a new market, you will have to give serious consideration to the costs involved with shipping overseas.
The costs of cross-border large parcel delivery can swiftly add up, especially if you are sending delicate or expensive items.
Comparison sites dedicated to delivery services should be your first port of call as you look tog et a grip on your new overheads.
Don’t rush into it
This point is particularly prevalent as the world continues to recover from the impacts of the coronavirus pandemic.
If you’ve been one of the lucky ones able to remain active in trading through lockdown, then don’t undo all your hard work now.
Raising the stakes by expanding into too many new markets too quickly can put pressure on your existing business – which you’ll still need to run, don’t forget.
But make sure you’re all in!
There’s no point doing things half-hearted, though. If you are moving into foreign markets with a different language, learn it!
Once international travel allows it, you might even benefit from spending some time there to understand the local culture more and possibly get even more ideas for your business’ expansion.