‘A business that is recognized around the world.’ That is the most common answer to the question what do you want from your business? For most business owners, success is a global brand they can market around the globe, and it is easy to see why. Global brands bring in the most money and the most outreach.
However, as you may have guessed, creating a global brand and expanding around the world is difficult. Only a handful of companies has managed to get it right throughout modern history. Still fancy the challenge? Of course you do, so here’s how to get it done.
Due Diligence
The first question to ask is, ‘are you ready to expand’? Although it might not seem like a problem, expansion can cripple your business. If you are not ready, the extra costs and responsibilities can become too much and force you into bankruptcy. So, start looking at your monthly income. Is it enough to sustain your business into the future? Also, it is essential that you perform a couple of vital research tasks. The two main components are a SWOT analysis test and market research. The SWOT test will tell you where you stand with regards to your competitors. Your market research will show you how well your product will sell in the local market.
Strategy + Business Plan
Just like you did when you first created your company, you need to create a new, separate business plan. The new business plan will revolve around your ability to target emerging markets rather than get off the ground. Still, the principles are the same and they are also easily transferable. The key is to create a plan that is specific to the new region that you are targeting. For example, say you plan to move into Europe, the area has economic and governmental conditions that you need to consider. Once you have these conditions in your mind, define your short and long term goals, as well as realistic goals to measure your progress.
Budget
Unfortunately, money is everything when it comes to a global brand. To expand you need a lot of cash, which means you need to speculate to accumulate. But, to make the process that much harder, you also cannot afford to waste money. Let’s face it, you don’t have a limitless wheelbarrow of cash at your disposal. So, you need to account for every penny. Start at the top with the major expenses and work your way down. Anything that you are sure you can do without, take off the list.
Legal Readiness
Before the new arm of your business is ready to operate, you need to take care of the legal aspects. Some countries are known for their aggressive nature when it comes to lawsuits. The United Kingdom instantly springs to mind for example. So, when you are dealing with these countries, you need to limit any potential damage. Not only will it cost you a fortune, but it will also hurt your brand, the very brand you are trying to promote. The best method is to hire the best commercial lawyer you can find. Lawyers should look into the specific regulations and ensure that the company is compliant. The last thing you want is a huge bill from the taxman.
Make Sure The Organization Is Ready
Now, it seems, you are good to go and to start hitting your new market. But, are you ready? The question has cropped up before, but this time it means is the new section of your business ready? To make the best impact, you need to hit the ground running. Critics and consumers from around the globe are going to turn up on your first day and expect the very best. If they get the best, it could hurt you for years to come. It is imperative that everything runs smoothly and you set a high standard from the beginning.
Hire A Great Team
But, how do you make sure all goes smoothly? The easy answer is to whip your team into shape. Your new employees are the ones that are going to represent your new brand, so they have to perform to a certain standard. Obviously, you need to hire the best candidate possible. Instead of just looking at their skill set, look into their personality. Are they introverted or extroverted? Are they driven? Will they give you everything they have, or are they happy to settle? Words on a page so not, and should not, define a person.
Online Presence
In the past, trying to target new and emerging markets was not easy because you had to have a physical presence in the area. Otherwise, you were not on their radar and had no impact on their lives. Today, the opposite is true. Thanks to the Internet, you don’t need to smack a store in the middle of a busy shopping mall to get attention. In 2015, you get attention from your online presence. Firstly, you need to look into SEO. Search engine optimization could be the difference between success and failure as it will increase traffic to your site. That means your website can double or treble its daily sales figures due to the new customers from every corner of the globe. Also, you need to use social media. Social media marketing is free and targets people en mass, unlike the majority of marketing techniques.
Develop Strong Ties In The Local Community
The local community is where you are going to be doing the majority of your business. It is important, then, that you have the right contacts that will open the right doors. The fact is that the businesses in the local community can make life easy or hard. With them on your side, everything will go easier from the beginning. Plus, you never know when you will need a favor.
They are only small steps to begin with, but in the end they will add up to global outreach.
Photo by Anthony DELANOIX
Milo Senalle
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