One of the wonderful aspects of having an online business is that you can trade, within reason, anywhere in the world. So, it’s never been easier to expand your business offering to another country. As long as there’s a market for your product, you can get started straight away, without even leaving your current location. But, of course, if you want to make a significant impression, you might want to consider a move. In this guide, I’m going to talk you through some of the things you need to think about if you want to grow your business in a foreign country.
1. Analyse Your Market
Your first step is to find out if there is a genuine market for your product in another country. So, make sure you are keeping track of your global sales, and if there is a keen interest from foreign climes, do something about it. Find out more about local customs, and see if you can find out why your product is popular. Perhaps it combines well with another product, or there is simply nothing else like it made in that area. Get all the info you can in place, and it will give you a good indicator of whether it will be worth your while.
2. Make Changes
Your next step is to start growing your market from your current location. There are a few ways you can do this. First of all, try buying a domain name from that country that is similar to your product name. People tend to be more relaxed about buying something from a domain in their location, so it should have an instant impact on your sales. Next, make yourself aware of shipping costs, and think about using local currency instead dollars. Again, people feel more comfortable with paying in their own currency, as it removes the worry of any complications.
3. Find a Local Distribution Centre
Once you have grown your sales online, you should start thinking about lowering your costs. If you are selling enough products, it might be worth getting in touch with a local distribution center. Use an agency for translation services to help you if there is a language barrier. You can send out batches of products, and they will handle the delivery for you, meaning your cost per sale will be significantly less. It will also cut down on the customer’s costs, as they won’t have to pay for expensive shipping. And, of course, there will be a much smaller time gap between the purchase and the delivery – great for customer service.
4. Move to a New Office
When things start going even better for you, it’s time to think seriously about moving into the country and setting up an office. You don’t have to relocate yourself, of course – but that option is there for you if you want it. The advantages of having a foreign office are plentiful. It gives you a physical presence in the country, which, in turn, gives your customers assurances. Put yourself in their shoes – who do you trust more? A company that is thousands of miles away in another continent, or one that has a head office in your capital city?
Hope this has helped you see the ease with which you can grow your business into a foreign market. Good luck – and let me know how you get on!