3 tips for expanding your business globallyMunira Rangwala
Every budding entrepreneur wishes and dreams about expanding his small business to foreign shores. However, this dream is bound to face several expected and unexpected challenges. Language barriers and time differences are just the tip of the iceberg. Your business model might take a whole different shape when it comes to expanding globally. If you hope to sustain your business on a global scale, you need core team members that can understand and internalise your brand. This bottom-up approach enables crucial developments to remain constant across cultures. If you're determined to expand your business globally, here are three tips that will make your business evolution a faster and smoother process.
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Broaden your vision
In recent years, a lot of Indian companies have turned their sights to different parts of Asia for the purpose of expansion. Singapore has been ranked as the world's second best business hub in PWC Cities of Opportunities report. Asia, as a whole, houses some of the fastest growing economies, and this has opened up several new markets for projects looking to expand globally. One of the main reasons why Singapore is ranked highly is because of its ease of doing business, and social and economic indicators such as technological readiness, demographics, as well as livability. In the last decade or so, Singapore has become a hotspot for many companies looking to spread their wings internationally. This has raised Singapore's importance as a gateway to Southeast Asia.
Consult international experts
Expanding your business overseas is no piece of cake, and having specialised consultants on your side while you expand is always a good thing. This is because a product or service that works well locally might not perform so well internationally. Consulting local experts helps you better determine if there is a demand for your product or service in the country you wish to expand. According to Nimrod Gabriel, CEO of Pura Vida Concepts, “Having a local expert is crucial when it comes to expansion. Not only are we able to provide companies with localized solutions for logistics, marketing and local representation, we also understand the local market and culture to help you adapt your business for a smooth expansion,” as stated by Entrepreneur.
Enter new markets effectively
If you're the owner of a small company and you're looking to expand globally, you might face budget constraints. However, entering and setting shop in new markets doesn't always come at a hefty cost. To start off, penetrate the market with your brand by making use of the right technology and marketing strategy. This will help you establish a local brand presence. By making widespread use of social media, you can achieve global coverage without actually going through the bureaucratic inconvenience of incorporation in that country. If budget is a concern, start in one country so you don't spread yourself too thin.
If you choose the right strategy while expanding globally, you'll be able to make the expansion process simpler. Use the above mentioned tips to overcome big challenges and make faster decisions for successful expansion.