Taking Your Business International – What to Keep in Mind
Every small business once dreamed of developing and growing beyond its own borders. International development is an objective that many set for themselves, but which is not so easy to put into practice. Even so, most entrepreneurs are aware that they have to move on and that these days, internationalizing a company is really important if you want your business to be among the first.
Large companies started from the bottom, as is logical. What are we referring to? That they had to overcome great obstacles to get where they are today. Apple or General Motors are just two examples of companies that have been successful because of their internationalization.
Taking the plunge brings more advantages than disadvantages to a company, regardless of the sector to which it belongs or its size. However, despite the fact that thanks to new technological introductions, developing a business is easier than a few years ago, there are certain problems that you may face.
From time differences to different languages, including change of currency ... Here are just a few examples of obstacles that you will encounter along the way and that, of course, you will have to overcome (everything always depends on the market in which you want to settle.
When Numan Ataker got control of his father’s business, he immediately began looking at ways to penetrate into other markets. In 1991, Ataker started exploring new opportunities in the garment accessories market. He quickly grew and expanded his business, becoming a major supplier.
In 1999, Ataker partnered with his cousin to venture into the textile production (fabrics/clothes) and textile design fields. Later, he started exploring the Far East textile production, technology and marketing platforms. He started to develop trade relations and importing from these markets, bridging domestic and European markets with the Far East.
In 2010, Ataker cut away from the Far Eastern markets and decided to harness the potential of the domestic (Turkish) textile industry. Today, his business is based in New York, so there are many things you can glean from his expansion policy.
Make sure your business has a solid local and financial base. Having the necessary resources and the agents sufficiently prepared for the company to enter a new market is essential. It is necessary for most companies to hire or subcontract new workers who speak the language of the country where the activity will develop. A solid team is the basis for ensuring both the structural and financial stability of the company.
Take into account the budget you have. Market penetration does not always require a high investment. Having an adequate marketing strategy can help achieve a local brand presence that does not come at a high cost. You don’t need to have a big expansion goal from the start. It is better to start in one country and gradually increase the expansion. This will help develop a good brand image without the need for great initial development.
Broaden your vision. The existing competition among companies that develop internationally is growing. Look for growth markets, such as Asia, that facilitate overall development. Some market information that you need to take into account are both social and economic indicators. Carry out market research and take into account aspects such as technological innovations, habitability or the ease of doing business in this country.
Seek advice from global experts. There are agencies that advise small businesses to develop their business. These are specialist consultants who know the market and the local culture. Calling on global experts allows your global development to be more successful since they will offer you logistical solutions as well as solutions related to marketing. A clear example is that a product does not always adapt to any market and a local expert will tell you what you should do and how you should do it.
You now know the requirements to be able to take the plunge, but you can’t stop here. Then you need to make sure that your business is successful. For your business to support itself on a global scale, take note of the following suggestions that will help you when developing your international business.