Global expansion is often just considered something a large or corporate company can do. However, there is a variety of ways smaller entities can enjoy a slice of the pie. Taking your product into new markets can be daunting even at a national level, so moving into a different country may seem impossible. Expansion is not exclusive to large organizations, and you can look at taking your product into new markets in a few ways. Take a look below:
Visit Trade Shows
Before you start thinking about taking your product overseas, consider visiting a trade show first. Travelling to where you may set up operations is an excellent way to get first-hand experience of the location. Trade shows are about selling. However, they also open up a line of communication that email or a telephone call cannot compare too. You will see the different options available in products and logistics. Plus, it will give you a guide to pricing and business solutions available in the location.
Utilise International Business Advice
You don’t have to set up a headquarters in another country straight away to operate from there. If you are looking to set up in another country such as Japan, you could use, for example, a PEO in Japan, as this allows you to hire talent and set up straight away without establishing an entity first. This type of business solution also helps with a range of areas, such as complying with local laws and reducing administrative tasks.
Consider your Business Capabilities
It’s always good to have a goal in mind. Still, a part of your international expansion plan should include your ability to fulfill orders. If you are opening up to a bigger audience, there may be a significant increase in demand. It is essential to know your limits and ensure you can cater to larger orders.
Use Export Tools and Services
There is an extensive network of export tools and services available across the globe. These business solutions enable you to transport products around the world while adhering to local laws and tax regulations. Working with a logistics partner can be a huge help for small businesses. These services can connect you with agents and distributors to make export affordable and straightforward.
To be successful in overseas territories, you need to focus on the relationships you have with agents and distributors. These people will be the eyes and ears for you when you’re not in the country, and you will have to trust they are representing your business in the new market. It’s essential to establish what you expect from them and vice versa so you can enjoy a respectful and fruitful relationship.
Partner with Other Companies
It is possible to take your business into new markets by partnering with other companies in your industry. If you have established connections with others, they may share contacts and advise on the best options available. By working with others, you may be able to join up to receive better offers and rates on exports.