The Ultimate Checklist for International Business Expansion
At first glance, business expansion beyond your local market may seem challenging. However, it brings significant benefits for growth and brand awareness. A global presence ensures access to multiple locations as well as larger and more varied audiences. Also, without relying solely on the economy of your home country, your business will become more stable and less prone to fluctuations in the domestic market. However, keep in mind that achieving international growth involves careful planning of which steps to take and when to proceed.
Below, you will find a checklist of the essential elements to consider to accomplish your international goals and plan for success.
Checklist: 8 Essentials for International Business Expansion
The Overall Strategy
1. Design a Global Strategy Tailored to Your Business
The opportunities to go global are limitless. But once you start planning, you will find that there are too many options and data available. This can be overwhelming. So, to figure out what insights are relevant—and which markets—, first narrow down your priorities and identify what is critical to your business. Not least, always keep in mind the vision and values of your brand. They will be key when making important decisions.
2. Study and Prevent Risks
With the business expansion, comes greater threats and risks, such as data privacy, cybercrime, and compliance with local requirements. While this may sound like a big hassle, it will not be an issue if you address each situation with foresight. You should design a proactive, transparent, and effective plan. Additionally, aim to avoid unnecessary risks and prepare a plan B in case you need to deal with unexpected situations—to protect the reputation of your business.
#OptimationalTip: Study the risks and get good advice on every matter to make the right decisions. Moreover, you should study carefully what your competitors are doing.
Learn more about successful global marketing strategies—carried out by large companies.
The Targeted Countries
3. Meet the Regulations and Requirements of Each Location
Each country has a different tax policy you should review for successful international growth. In some jurisdictions, this can be more complex than in others. For example, in the United States, each state has different tax rates. To meet any requirements, you have several options available, such as outsourcing taxation and business accounting, establishing a convenient relationship with local banks, among others.
4. Analyse Each Country’s Situation
Consider that the social, political, and economic situations in every location will have a powerful impact on the performance of your business—and the decisions you make. For instance, emerging markets have great growth opportunities but may be affected by wealth inequality and political instability. For your business expansion, you should first define which markets are worth targeting by studying their situation. Statistics on income distribution, personal consumption, etc., can be helpful.
#OptimationalTip: Once you have decided on which markets to target, prepare a risk management plan, and document all capital inflows and outflows.
The Market Options
5. Choose Your Marketplaces and Promotion Platforms
Every country has its preferred platforms and marketplaces. If you offer your services and products through e-commerce, make sure to do it through the most reputable and trafficked sites for each region. Additionally, consider your web presence and advertising options. Although social media is global, the popularity of each platform depends on the location. For example, if you plan to reach the Chinese market, you should consider their local options instead of using Instagram and Facebook—which will not work there.
6. Provide the Appropriate Payment Options
Have you analysed the payment options you will offer? It seems like an obvious fact to point out, but it is of utmost importance for international business expansion. Many users have international credit cards, use cryptocurrency, and virtual wallets—such as PayPal, Payoneer, etc. However, this does not represent the entire population or reflect their preferences. Explore the most popular payment options in each country and provide variety. This way, you can adapt to the needs of your customers.
#OptimationalTip: Localise your content. Just as your international customers need to understand your message, they should have similar opportunities as your local customers. Be fair, not equal.
The Professional Approach
7. Overcome Language Barriers
Gaining a foothold in the local market depends on a good marketing and promotion strategy, including international language solutions. It is a fact that customers prefer to buy from sites that are in their language and offer their services in a clear and intelligible way. This may not be a problem for major companies. However, it is a challenge for businesses just starting out going global. To convince them, translate and localise your content. This is the only way to show them the real value of your brand.
8. Work with Experts
If you want to succeed everywhere, it is advisable not to follow a single strategy. Instead, your business needs to adjust to each location’s demands, habits, and needs. Thus, you will need to look for professional guidance. Do not hesitate to work with experts for each stage of business expansion: from local marketing consultants, accountants, and financial specialists to translators capable of localising your content, they will ensure your business’ growth.
#OptimationalTip: Start with the easiest and most immediate step: Are you already offering multilingual content on your website?
Final Thoughts: Take the Plunge
While the beginning is challenging, the journey will become easier once your business establishes itself in the global market.
For every challenge that may arise, make sure you count on reliable professionals who put their experience at the service of your international expansion.
Whether you are making your first steps or your business already has international visibility, bear in mind the importance of content localisation to reach a wider audience.
Contact us to find out how we can help you.