There is no doubt that the world is getting smaller. Centuries ago, it took Ferdinand Magellan three long years to successfully circumnavigate the globe. In today’s digital age, people are communicating, sharing and buying things at the simple push of a button.
So, going global with your business should be easier than it has ever been, right? Majority of the world’s entrepreneurs do not think so. Learning local laws, familiarizing with the different customs, potential language barriers and navigating logistical challenges are some factors that stop many business owners from expanding internationally.
However, they could be missing out on significant growth opportunities if they completely close off from the idea. For all entrepreneurs overwhelmed with the idea of international expansion or still on the fence about it, here is a list of strategies on where to start and how to take on the global markets.
Go online and market via social media
Having a strong presence online and on social media is an important building block for going global. It provides small businesses with an ideal platform to display and market their brand without requiring a six-figure advertising budget.
However, creating an online portal is not enough. It is essential for business owners to have these websites work efficiently for their brand. One crucial step to accomplish is to know the target audience. What social media platforms are available locally? What networks do they belong to?
It is a good idea to share on multiple international social media networks, but local platforms appeal more to specific local markets.
Develop the Right Technological Resources
Expanding into unfamiliar territories is a complex undertaking by itself. Worrying about the different technological infrastructures and systems to rely on is another challenge that business owners should overcome to successfully expand to the global markets.
Since many nations throughout the Asia Pacific are still relatively behind the times technologically, finding the perfect communication system, such as a business phone with a robust feature set, for instance, can be a challenge.
With dozens of VoIP options in the market, like the Xorcom IP phone, deciding which one is the best fit for the business is not simple. However, getting the right technological tools is crucial to be able to communicate and collaborate with international customers and partners. It also saves time and money on travel expenses.
Start Close to Home
To successfully establish a foothold in a new market, strategic decisions will have to be made. And choosing the right international market to start is one of them. This may seem counterintuitive, but selecting at least one country that is geographically close will make a business owner’s first attempts at global business trade much easier.
Choosing to focus on a country with similar culture and business climate for starters is a vital component for future success. A country with similar audiences, language, values and education helps entrepreneurs better understand whether their products can be suitable or that their expertise can be successfully applied to a particular market.
Starting a business is no easy feat. Going global is an incredibly daunting challenge. Unfamiliar cultures, administrative procedures and potential language barriers are enough to deter any business owner from expanding internationally.
However, following the simple guidelines above will help any small business go domestic to international overnight.