Most businesses never get the chance the become global. It’s hard to make it in such a challenging world, but if you finally do manage to go big, the world is your oyster. If your profits are booming, you’d be silly to stay in one county, or even country. Going national is a huge leap, but it’s one that’ll reap rewards. Before and after you’ve introduced your services internationally, they’ll be a few things you need to consider.
First things first, can you afford it. Yes you know your business has outgrown the area it’s in. But can it afford to go international? There are so many more costs involved, and so much of the unknown to delve into. These include; hiring new staff, buying new equipment, and your time and investments that will be taken away from your already booming business. You also need to consider the logistics of this. If you’re selling items, you’ll need to become accustomed to foreign laws, and find a trustworthy distribution company to deliver your products. Unless you’re going to buy your own vans and hire more staff, but all is money. Buying a warehouse or office is another financial hit the business will take. Understanding where to place yourself for the best business opportunities is key. There are companies such as Enness International who can help with all the nitty gritty of that, leaving you to focus on other areas such as what country you’d like to expand to first. Each country has it’s own financial strengths and weaknesses, so taking some time to analyse each should be a main priority for you. This boosts should be helping your business, not putting it at a loss, so pick a economically stable country to trade in.
Once you’re all settled in, it’s time to evaluate how your profits are doing. It’s likely that in the first month or so, they would have took a big hit. But after you’ve practiced some international marketing, you should be back up to where you were, and even heading for bigger profit margins. If you’re noticing the climb back up is a little slow, look at ways you can save money. If you’ve chose to have your own distribution team and fleet, try seeing if it’s cheaper to hire an outside company. The expenses of distribution are so high, it’s important to always look for the cheaper option. The cost of living is different in each country. For example in the Balearics, things such as alcohol, cigarettes and food is nearly half the price compared to the UK, Meaning you should in theory be able to pay workers a little less. However, after around six months to a year you should really start to see things picking up. Having an international business shows true success, once you’ve gone international there’s not much else you can do but focus on growth within those countries. Most of the time big leaps like this will pay off, and we hope with the few simple tips in this article, that it’ll pay off for you to!