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Expanding your business to a new country can open up new opportunities for profit, but it won’t be easy. There will be some key steps you need to take and plenty to consider both before operating there and during. This article will go over some things you should do beforehand and some key steps that could help you operate day-to-day. Read on to learn more.
Things to Consider When Expanding Your Business Across the Globe
Visit The Countries First
Before you decide to operate in another country, it will benefit you to visit this country beforehand so that you can get a feel for what it will be like. Not only that, but it will give you a direct perspective on the state of the market and your competitors.
Visiting the country may show you that it is not the right time to operate in this country, instead opting for somewhere else. Before you fly out, you should conduct market research so that you can accurately find out how in-demand you would be in this new place of operations.
It won’t be easy to expand your business across the globe, and what could be a small mistake domestically could be catastrophic internationally. Take your time with this expansion and visit beforehand to give yourself as much information as possible.
If you don’t have the time to fly out yourself, it could benefit you to send someone you trust out there to feedback on what they find. It could be someone directly below you or someone in a relevant department that will be useful at this task. If in doubt, consider contacting locals in these other countries who could do this for you. You may have a useful contact that is perfect for exactly this. You can also invest in a Global HR platform to simplify the entire process.
Could Be Cheaper To Acquire Businesses
When business leaders look to open up a new branch across the world, they believe the only way they can make this happen is by doing it all alone. This means purchasing or finding land to rent, sometimes even having to build up your own buildings. Once these buildings are up, you will need to invest in infrastructure. There will also be a million other things to set up in the way you want.
For this reason, and others, it could be worth your time to buy out existing companies in these countries rather than start fresh. Even if you completely overhaul the business, you could immediately acquire land, infrastructure, resources, and staff ready to go. Of course, you will still need to spend time changing up the business to represent your interests, but this could be considerably cheaper to do so than starting fresh.
Have a look at businesses in your targeted country of interest so that you can find a business that is ready to be acquired. Rather than purchasing outright, it may also be worth looking into mergers. These do the same sort of thing, just with more of a focus on merging both resources together rather than acquiring them outright. This could be cheaper and still give you what you want, but just with less control.
Operating on a more international stage means you may need to make your business more accessible for those who speak a different language. While your business will most likely have a primary language across the business. Specific regions and branches will require a local understanding of the language and culture when operating.
Your localised staff will need to be able to read and understand your policies so that they can get the work done to the standard you expect. This means you will need to accurately translate your documents for use across a new country that you’ve expanded into.
You may think this to be something you can do yourself through some manipulation of free tools, but this will not be 100% accurate. Not only will it not be accurate, but it will take you valuable time, time which you may not have.
For this reason, it will more than likely be worth your time to work with a business that specialises in translation services. Rosetta Translation, for example, specialises in high-quality document translation and general translation services. This means you could work with them to help your new international branch open smoothly without any language disruption. This benefits you and your staff as it provides a beneficial service. You could even see your staff retention numbers rise up as a result.
This will go both ways. You should look to have any documents or general work-related matters translated that are sent to you from an international branch. You should have a system in place that allows two people in two different countries to communicate with each other without language being a major barrier.
Hiring New Staff
Expanding across the sea means you will need to recruit more staffs to operate certain functions. The last thing you want is to open a new branch of your business and not be able to function as well as you could be. It can be difficult to hire in a new market, especially if it’s a market you have no experience in.
In order to get started with hiring executives abroad, you should look into speaking to local experts. Labour experts could come in the form of job agencies, online job or others. Ensure you know what sort of job you want to post on these sites beforehand so that you can create the most optimal job profile. It’s all about hiring the right team when expanding internationally, as if you fail to do so it could slow down progress on your business.
If you are working with an agency, they should match you with a suitable candidate. You should look to hire someone to represent the business at the highest level to hire the people they want. It will be helpful if the person you hire at the top speaks the local language so that they can get through the basics of the expansion without hassle.
Once you start to hire the heads of departments and entrust them with more responsibility, then you can leave it to them to hire more staff. This should help them get set up and running quicker than you would if you were doing this manually.
Changing Up Your Marketing
When operating on a more global scale, your marketing campaigns will likely need to change. What has currently worked on a domestic marketing campaign may not work across the rest of the world. That’s because they may use a different tone, and the culture may be drastically different. It’s also possible that it could get lost in translation, which could end up being costly and ineffective. International marketing can be tricky to get right, but you will be set up for the future once you know.
To understand how marketing will work in the new country you’ve expanded into, it will be worth your time consulting local experts. Localised marketing agencies will be prepared to welcome newcomers who can provide you with the basics of marketing in this country.
Otherwise, you can largely learn from watching others within your industry. Watching your competitors can give you great insight into what is successful in this country and what doesn’t work. You could also look at famous global brands to see how their marketing campaigns differ from continent to continent and country to country.