One of the top goals of running a business is expanding. If you’re not constantly thinking about expanding your company, reach, or brand, your business model could stagnate and grow stale. Today’s world climate and digital technology make it easier than ever to take your business into the global market. A global business has more opportunities to build a larger base of customers and increase profits. Here are 6 ways you can make your business go global.
1. Focus on a Specific Region or Country
The first step to international success is to make a plan that focuses on a specific country or region of the world. Instead of trying to expand everywhere at once, narrow your focus on a small area to start with. Start by researching the top global markets and find one that your product or service could succeed in. You can also combine your efforts in two geographically close markets, such as China and South Korea.
2. Take Advantage of Technology
Another great tip is to use technology to your advantage. Now, it’s simple and inexpensive to communicate with customers and business associates around the world with digital video technology and telecommunications advances. Today’s technology even makes it easy for business owners to hire staff from around the world. The cloud, shared documents, mobile devices, and other digital tools can make your global expansion a breeze.
3. Expand Your International Network
If you want to be a global powerhouse in your industry, you’ll also need to make new contacts from around the world. Networking with an international focus means you’ll need to attend trade shows and professional meetings beyond the borders of your own country. Follow the lessons learned from international business tycoon Sjamsul Nursalim, who has expanded his brand of retail shops, real estate holdings, and automotive investments throughout Asia and Europe.
4. Learn About Imports and Exports
Next, an international business expert needs to develop a strong understanding of how imports and exports work. Bringing goods into another country or sending them out of your home country is a little more complex than working in a domestic business setting. You’ll need to learn about import duties and work on ways you can save money on international shipping and supply. Additionally, you must factor in exchange rates and currency fluctuations anytime you’re dealing with an international business.
5. Understand Local Culture and Customs
Global businesses also must factor in the power of local culture and customs. When you expand into a new region of the world, you should take plenty of time to research the local customs and attitudes of the people before introducing a new product or service. Some successful business plans fall flat if they fail to take this into consideration. Certain words, phrases, symbols, or ideas could be insulting to different cultures. Translations of your ideas or advertisements may not always hit the mark, so it’s best to work with a local expert or professional translation agency like International Language Services, who also offer localization services, to help you navigate this new culture.
6. Customize Your Marketing and Products
Finally, the last things to think about for your new global business are your marketing plans and product line. It’s rare that a business can take the same marketing plan and product line and instantly take it global. Generally, you’ll need to make adjustments to how you market your products or services, depending on the location. You also need to think about how you’ll customize your products or services for the people in the new global location.
If you want to maximize your profits and take your business to a new level, the global marketplace is the perfect place to get started. Take your time and choose the right niche spot in the world that you could focus on and see your new business model soar.