There may come a time in every business owner’s life when they realise it’s time to expand. It’s time to grow your company and make it go global. Here’s a guide to help your business expand on an international level:
1. Using The Internet
The quickest and easiest, path to global domination is by using the internet. The internet has allowed for small businesses to grow into a worldwide phenomenon. And, it couldn’t be simpler. All you have to do is set up an online store. That’s right, create a website that allows you to sell things to people all over the world. It doesn’t matter if you’re selling a product or service, create an online store. Of course, if you are selling a service, make sure it’s something that can be done via the internet. For example, content writing, or marketing support. If you own a home cleaning business, it’s hard to sell this service to people all over the world. It’s unbelievably easy to create your first online store. You could try and do things from scratch, by yourself. Or, look for software online that will help set things up for you. Your store can be set up within a few minutes; and then you have to work on shipping costs, etc. All in all, it shouldn’t be more than a week max before you have everything up and running completely.
2. Preparing Your Accounts
If you want your business to go global, you have to start setting up different bank accounts. You must have accounts that follow International Financial Reporting Standards. The best way to prepare your IFRS accounts is to hire someone with financial experience. Get yourself a part time financial director and it’s job done. This way, you ensure that your business is ready to set up shop in other countries and that you’re doing things that are legal. A lot of people are unaware of how important this step is if you want global expansion. The last thing you want is to start conducting business overseas and find that your accounts are illegal. So, take extra care and make sure you prepare them and everything is done by the book.
3. Branching Out
So, you’ve got an online store, and you’ve prepared your international accounts, is there anything else? Yes, there is still something you can do to make your business global. Start opening new branches in different countries. Sure, having an online store will be very helpful, but actually setting up bases in different places is key. Not only will it help you get brand awareness all over the world, it can help with shipping. You could have branches of your business that store products, which means you don’t have to ship overseas as much. It minimises shipping costs for both you and your customers.
Think about this advice if you want to expand your business. The world is a big place, so it makes sense to do as much business as possible. Don’t restrict yourself to your local market, look ahead to bigger things.