6 Important Factors to Consider in Global Expansion Strategy

Expanding a business is an exciting step as a business owner or entrepreneur – but the decision is even more complex and risky when intentions are expanding globally, whether a single country, region or multiple countries. without having extensive international expansion experience, knowledge proper consultation and contact you are doomed to making huge mistakes and loosing a lot of money.

Having a comprehensive business plan that maps out the steps you’ll take is just one part in the crucial steps, you must research specifics of the country or region you want to expand into, you must research specifics like cultural/language barriers, what the competition is like in that country, logistics etc.

The more thoroughly prepared you are for your business expansion, the greater chance of success you will have created for yourself. Without thorough planning and organization, your business will lose hundreds of thousands of dollars in an instant and most likely damage your brand to the point where future expansion plans are even riskier.

Here are crucial factors to consider when looking at Global expansion in no particular order:

• MARKET RESEARCH

When expanding globally, you must tune your marketing techniques and messaging so they fit the expectations (and laws) of the country/region you are expanding into. Language is an obvious consideration, but the deeper meaning of messaging across cultures impacts success more, how do you pass deeper meaning and message the way they tell it.

Think globally, act locally, translates into a single brand that adapts messaging to fit unique aspects of the culture.

Hiring a local marketing firm helps position your brand in the best light to locals and helps you meet your target sooner than later. Speak with our consultant

• OPERATIONAL LOGISTICS

Questions you need to ask:

• What will it take to operate your business overseas?
• A physical location?
• Equipment?
• Materials?
• Shipping and logistics?

If your business is going to exist beyond e-commerce, you’ll need to create a plan for procuring the resources you’ll need at your new location.

operational necessities like setting up wifi and a phone number and paying utilities bills. To avoid the time and cost of setting up your day-to-day operational tasks, you can start your expansion process by using a coworking space rather than renting your own office from the beginning. This will help you focus less on logistics and more on growing your business.

• LOCAL APPEAL

When expanding into a new country, you are required to learn about their cultures within and how they might view your brand for business expansion to be successful, its imperative you appeal to the people you will be serving, you need to learn everything you can about their local traditions, values, religions, holidays, and other cultural differences you’ll need to adapt to. Understanding everything about your chosen market will let you know if your business will be successful there or not.

• KEY CONTACTS

it’s not only just about what you know, but also about who you know. You have to make contacts with the relevant industry leaders in your countries of interest. They can help answer questions, provide helpful resources, and connect you to others who can influence your success. That’s why organizations works with us here at Finesse Consult, because we have the relevant contact needed for proper market entry.

• HUMAN RESOURCES

How do you plan to staff your new location? What is the education levels and capabilities of the local market, would you have to relocate potential talent from your home country to work overseas? Other considerations when hiring employees, includes worker’s reimbursement, benefits, wages, and other details worth knowing.

• BUSINESS LICENSES AND OTHER REQUIREMENTS

What will it take to open your doors for business? What documentation and licensing is needed for you to run a full operation, no one wants to expand into a new region and be hit with fines for not being properly documented before starting off in their country. This is also a very important factor to consider when looking at expanding your business.

We know that after reading all this, you might get worried about all the things you have to do and set in place to get started but do not worry, thats what we are here for, we help business owners such as yourself who are thinking of expanding their business both locally and internationally have a smooth set up built and running. We are specialist in market entry services, we have the connections, network and resources to help you hit your expansion goals and target.

Book a free consultation session with us today so we get to know you and your expansion plans to provide a suitable solution approach to making it a reality