So, the time has finally come. You have established yourself as a popular and success brand in your home country, and you now want to expand the business on a global scale. Buy where do you begin? And how do you know that it is the right time for you to expand?
1. What Impact Will It Have?
Before you make the decision to take your business to a global scale, you need to sit down and discuss the impact it is going to have on the running of your business. First you will want to make a list of potential countries to expand to, and then take the time to assess the market, competition and the demand for your product.
2. Make A Plan
All good things start with a plan: it’s a well-known fact. As you think about leaping into the international circuit, first take the time to make a comprehensive step-by-step plan which will guide you through the processes and legal issues involved in exporting your product and setting up an office in a new area of the world. Your plans should include:
> Short-term and long-term goals for the project. What goals you will measure and the deadlines you’ll set.
> The aim of the project.
> Business model and structure. Will you set up an office overseas? Or simply export your product through a retailer or online?
> A budget for the project.
> Project plan with a timeline and dates.
3. Ready Your Products
When you delve into the world of International Import and Export; it is not simply a case of putting your products on a ship and selling them immediately. You will have to take several things into consideration first. One of those is if your products contain any material which is illegal in another country. If it does, you may have to rethink your product. Also, you may have to outsource the manufacturing process to the target country so that they can ensure the product is safe for use. It will mean you visiting the factory and making sure that the end result is still up to your standards.
4. Is Your Business Ready?
Think about your business currently and the people you have in your team. Are you really ready to pile on all of that extra work? If you are, then go ahead and have fun with it, but if not; you may have to consider hiring extra help to prepare you for reaching out overseas.
5. Learn How To Market The Product
If you are planning to offer your products to a wider market, you will want to make that market aware of your arrival and sell the product through clever marketing tactics. Just as you would at home, create campaigns on social media and translate the information on your website to different languages so that others can take advantage of your products. You will maybe even want to hire someone from overseas to help you set a tone of voice which will suit the country you are targeting.