4 strategies to expand your business internationally

4 strategies to expand your business internationally

Thanks to the internet, the global market has become more accessible, but there is still a lot of uncertainty and risk involved in dominating it. At first, all you need is the determination to embark on new opportunities, then throw in some hard work and a solid strategy and rewards will come your way. Here are 4 strategies that can serve any entrepreneur who is trying to conquer new markets:

Establish ambitious yet attainable goals

Setting a reachable goal in a determined period of time will help you measure the success of the project. An example of a goal may be “reaching sales that represent a 30% growth in New Business in 3 to 5 years”. This goal has to be present at all times. You should direct your future actions and decisions towards external markets without neglecting your local markets.

Go from less to more

As with every business, starting with a pilot program might help you:

• Invest less
• Get more knowledge

Starting with a commercial ally in the country, or hiring a local with vast experience in the market, can be very helpful at the beginning. By doing it that way, you can avoid high investments in advertisement and showcasing your product or service but managing to adapt to the market conditions in price, quality, and consumer knowledge.

Hire an experienced local

Hiring a local person with extensive experience in your sector can decrease or eliminate the investment costs of setting up a new company, cut spending on advertising, reduce research time on local competitors and give you an insiders advantage when tackling the local market. We can help you to make a comparative evaluation of the competition against your product/price, quality and advise you on how to market locally. As an added bonus the cost of employing a person will be lower through a service like ours than opening a legal entity and the learning curve will be much shorter. Another option is teaming up with a local company that have similar services and who are willing to expand their capabilities. There are several ways to make an alliance:

• Buy company participation
• Give the license to market your products / services
• Offer preferential prices for them to market their products / services
• It is smartest to meet the ally in person and attain references from other companies in order to make an informed decision

Seek foreign opportunities with existing clients

It is possible that your current clients already have foreign operations and in these cases it would be wise to offer them the same service in another market. Entering a new market with a solid client portfolio that partially or fully covers your initial costs would be of great advantage to you. A great example of this in practice are the companies in the automotive industry, the minute their clients open a car plant in another country, they automatically follow, keeping the client and incrementing services. At SERVIAP we have broad experience hiring and managing local personnel, taking care of your payroll and your local personnel while you reach your objectives. We invite you to contact us today to take the first step towards expanding your business. You also may wanna read this article as well: 5 five tips to expand your business in latin America