Essentials for Your Business Plan for International Expansion
If your business is ready to break into a new market internationally, there will be a number of factors for you to consider when writing your business plan and creating a strategy for international expansion.
As a small business owner, you may be unsure of the considerations that you’ll have to make when taking your products to a new market. Here are four things you should consider when planning for international expansion:
Consider the Legal Requirements
If you have a clear idea of what country you want to expand to, you need to make sure that your business meets all the requirements.
Research what licenses and permits you’ll require, and any other regulations that you might have to comply to. The best way to do this initially is to check their official government websites (such as the equivalent of our gov.uk website in the UK) to familiarise yourself with them.
Build Your Local Knowledge
Do your research – a sound knowledge of the country that you’re expanding to will play a large factor in the overall success of your expansion plans. You should consider:
- What are the cultural norms?
- Are there any colours or images in your brand that could be considered offensive?
- Do your sales strategies comply with local regulations?
If you’re planning to meet with clients in the country and potentially form some business partnerships, you should look into what the business culture is like. Everywhere is different and some countries may take a casual, relaxed approach to business, whereas some may be more formal.
Consider Your Target Market
Are you expanding to a country that has a healthy population of people who match your consumer profile? If not, you may find it difficult to capture a share of a competitive market.
Also, is your product a viable alternative to what’s already on offer in that country? Expanding to global markets should give you an opportunity to enter emerging markets that give you plenty of room to grow, so don’t limit yourself with a market that is already saturated with products or services similar to your own.
Give Value to Your Customers
What can you offer customers that other businesses can’t? It might be lower prices, greater convenience or a unique product. Whatever you decide that your USP will be, one thing you should ensure is that you have a trustworthy international courier service to rely on.
A good delivery service is more important than ever, so you should compare prices and times for international parcel delivery with a handy online calculator, such as this one from My Parcel Delivery.
When planning your strategy for international expansion, follow our advice for key considerations that you should make to ensure the success of your business in a new market. If you’ve done all the necessary research, there’s nothing holding your business back from continuing its growth.