Many entrepreneurs find that local markets aren’t big enough for their ambitions, and as a result, they look for ways to take their local businesses global – they realize that the world really is their oyster and they’re going to wash it down with a tasty Sauvignon blanc to boot.
When local growth isn’t enough for your entrepreneurial ambitions, international growth is what you should be aiming for and there are quite a few notable advantages associated with pursuing international growth.
– By expanding to encompass international markets you can liberate yourself from your dependence on local markets
– By entering into new markets you can enhance the sales life of your existing products and services
– By taking your business onto the global stage you can unshackle your business from demand and seasonal cycles
– By operating internationally you’ll have millions of potential new clients and customers to aim your products and services at
The latter reason is the most prominent reason for expanding internationally because there are millions, if not more, potential new clients and customers to proffer your products and services to and that, as we all know well, is how the world’s most prominent companies have achieved the degree of success they have.
Before You Get Started …
There are going to be an array of factors that have the potential to impede and hinder your efforts to take your local business to global markets.
These factors will depend, to a great extent, on what exactly it is that your business does and the products and services that you’ll try to take to international markets, and as a result, you’ll need to perform adequate research and access knowledgeable business advice in Vanuatu if you’re planning on taking advantage of the opportunities awaiting entrepreneurs in this renowned tax haven in the heavenly South Pacific.
Basically, you’ll need to conduct adequate market research and plan strategically before you get started and this could take some time. However, you’re advised not to rush this because unpreparedness lays fault lines that will threaten the stability of your plans for global expansion.
– Cultural and legal considerations
There are a plethora of cultural and legal considerations that you’ll need to take into consideration; most prominently, will cultural considerations prevent your products and services from selling well?
Also, you’ll also need to consider the way your products are packaged and presented, i.e. will they look appealing to foreign consumers, what information do you need to make available on the packaging, and is it legally viable for you to export your products or services to that country in the first place?
– Familiarity and awareness
Considerations pertaining to familiarity and awareness include making sure that there are similar products and services currently available in the market you’re considering expanding to, because there usually needs to be a reference point so you don’t have to educate foreign markets; however, don’t overlook the potential of new products and services if there exists an identifiable need for them.
– Marketing considerations
Marketing products and services internationally can be tough going depending on a number of factors, most predominantly language, because it’s easier to market products to consumers with the same mother tongue.
Additionally, although a high percentage of consumers may speak English in the markets you have your sights set on, don’t overlook the inherent benefits of making information about your products and services available in the local lingua franca.
Translating your marketing materials and website into a foreign language is the easy part, making them appealing to consumers who speak a different language and who have a culture very different from your own represents a far greater challenge, so you should consider working with local marketing agencies to overcome this barrier.
Take It Easy
There’s so much involved in taking a local business global that one of the greatest risks you run is overstretching your resources, not to mention ‘burning out’, i.e. working yourself to the point of exhaustion.
For these and many additional reasons, take it easy at first, conduct market research into two or three countries to enter these markets confidently, and when things prove successful; then expand further by entering new international markets.