Join us as we explain what exactly an international expansion is, and as we explore the benefits of globally expanding your brand. We’ll also share what aspects you need to consider when creating a strategy that could help your business to achieve success in a new market.
An international expansion is when your business establishes itself in another country as part of a long term plan. This could be simply selling a product online to various countries, or having a more physical presence with a property and workforce in a new country.
Going global has the opportunity to completely change the future of your business. When done thoughtfully by considering all aspects, you could see your business achieve a new level of success that may not have been previously imaginable.
The unpredictability and fluctuation of a market can hugely affect your business and how much it earns. Many businesses with international operations can offset the negative market in one country by successfully operating in another.
For many businesses, the choice to go international lies purely with gaining a competitive edge over their rivals. For example, if your business entered a new market where your competitor doesn’t yet operate, your business could benefit from a first-mover advantage; this could allow you to build stronger brand awareness before your competitor joins the market.
The internet can present companies with the opportunity to conduct business globally, without needing a physical presence in the country they would like to trade in. If you run an e-commerce business – selling products through international sites such as Amazon and eBay can give you a good indication of how well your product is perceived and the market’s demand for it.
Expanding your business globally will usually widen your customer base, which could mean a higher number of sales. Before expanding your business, it’s always worth asking your suppliers if they would offer discount if you were to increase your orders, therefore reducing overall costs and increasing your profit margins.
If you already dominate your current market and you’re not looking to offer a new product or service, a global expansion could be the perfect way of growing your business in a country that could be in demand for your offering.
There are many approaches and levels of commitment to think about when it comes to taking your business global. Therefore, your international expansion strategy should be tailored to your business and what it sets out to achieve. You should always consider the below when creating your strategy.