One of the hardest parts of scaling any business is going global. Challenges come with being international that are not often faced by business owners who only operate locally. Everything from distribution to operation becomes more complicated in general. That’s why we’ve put together this list of tips for business owners looking to go global:
Make Sure Your Finances Are In Order
Managing your finances correctly is obviously important for any business, but when it comes to expanding your empire globally, it becomes even more crucial. You’ll now be dealing with international transfers, currency exchanges, and all the other costs that come with operating across borders. So, you need to ensure that you have all of your ducks in a row.
If you think you may fall short at some point, or just want to simplify things, trade finance could be perfect for you. Not only will a trade finance solution help ensure that you always have funds available when they’re needed, but it will also allow you to offer payment terms in multiple currencies. This is a must when working globally.
Make Yourself At Home
If you really want to cement yourself in a new country, you need to have localized customer support. You don’t need to go all out and rent a whole physical office or factory if it doesn’t suit your business model, but a virtual office can be greatly beneficial to your operations.
A local address helps provide authority in the region and makes it easier to receive any mail that comes your way. If you take the virtual office route, you can also have a receptionist, prestigious address, and local meeting rooms whenever you need them, without the expense of maintaining a building.
Networking Is Key
Alongside advertisements, your network is going to be one of the best ways to get the word out when your goods or services reach their new home. Even if you haven’t settled on your locations yet, you should start networking on a global scale as early as possible.
If you’re unsure where to start, corporate gifts make great ice breakers when you’re looking to reach out to a new contact as they bring your brand to mind every time they’re used. Having goodies easily on hand to send out can be greatly beneficial to the expansion of your business, plus a thoughtful present can help you strengthen current relationships.
Look Before You Leap
Finally, don’t try to go everywhere at once. Each individual market is going to present its own unique opportunities and challenges, so it’s important to take things slowly and not try to get a piece of too many pies at once. Sure, you can ship globally if you have an online store (as long as you have the correct licenses and procedures in place), but if you’re going for physicality, it’s important to start slow and expand your empire at a sustainable pace.
While these four tips aren’t the only things you’ll need to take over the world, they’ll certainly make your quest far easier. Each of the strategies on this list will help you get a step closer to your global goals and, as long as you’re organized, the rest should fall into place along the way with just a little extra effort.
Remember not to expect too much too quickly, and don’t be hard on yourself if things don’t go wonderfully at first. New ventures like this are very much about trial and error. Most importantly, believe in yourself – you’ve worked hard to get where you are and you should be proud. Good luck.