6 Tips for Expanding Your Business Internationally
Houston Financial Strategies For Small Business
1. - Pitching is different. Regardless of however you’ve sold your business previously,
when entering a new market in a new location, the pitch needs to be adjusted to meet local standards. That could mean tweaking either content or format and beyond. In some cases, a massive overhaul might even be required to make your presentation successful.
In the US, for example, speaking from my own experience, new businesses must have a precise pitch, getting the message across quickly and efficiently. While Europeans reserve 60 to 90 minutes for meetings, only 30 minutes are provided in the US to pitch a product or service. Also, meetings start on time and, more importantly, end on time.
2. - Embrace your existing record. Don’t run away from your success in other markets. Just because your product wasn’t born in the market you’re entering, doesn’t mean it won’t or can’t be successful. In fact, it’s quite the opposite. Your prior success breeds new success. Oddly, though, some seem to think this is the case and I’ve seen it firsthand.
3. - “It’s great” doesn’t mean “yes.” You can prepare as much as possible but, in the end, there will be some cultural communication issues in whatever market you extend into. Whether you’re a US company venturing into Germany or vice versa, local markets have their own established way of saying and doing things.
4. - Picking a headquarters. Where your expansion market headquarters resides is an important question. Many factors contribute to selecting the ideal location for a corporation’s local HQ. Is your business product or sales related? Where you find the talent you need is hugely important when entering a new market.
Make up your mind and choose one primary headquarters location based on the needs of the business to flourish. Don’t make a decision based off what you think you know given trends or general biases.
5. - Don’t underestimate personal effort. Many countries have ESTA agreements (electronic system for travel authorization) making business travel a bit easier. Some don’t, however.
Check if you need a visa. This varies from country to country. Depending on how much time you spend in your expansion market, you may need to file a tax statement or apply for personal identification (Social Security number, etc.). Even opening a bank account can take many weeks to complete.
6. - Go big or go home. Building a business in a new market is expensive. It requires a lot of funding. The closer you get to the actual product/service launch, the more you need to spend. Set a spending limit. Ensure there is enough money reserved to avoid having to raise additional funds after the launch. You want to have some firepower left over from the launch to achieve maximum results.
Source: entrepreneur
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Houston Financial strategies for small business.
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