Many of the big companies we have today started small, the most prominent example being Apple and Microsoft. How did these giant conglomerates make it big? What are the steps they took to transform a local business into a global brand that is impacting billions of lives across the globe? Taking the next step of your business requires preparation, focus and the ability to find and apply relevant technology at your fingertips.
Get Ready and Be Prepared
The international market is unlike your local market. Customers overseas have a different taste, purchasing power, and culture. Get ready and be prepared by researching your intended market before you make serious moves. You can start by checking information online, or by contacting the trade office of those countries. If you have the resources, you can contact a consultant to get even more results. Don't forget to develop a strategy and business plan with short, medium, and long-term goals, objectives and success metrics.
It is easy to lose your direction when taking your business global due to the endless opportunities available for you. As a small business with little resources research all the markets available for your product and narrow it down to the ones most suitable for your desire. Develop a disciplined approach strategy to ensure that you only consider markets that have a large customer base, access to cheaper supply of labor, and a legal system that make it easier to carry out business activities without disturbance.
Turning a local small business into a global brand is over a thousand times easier now than twenty years ago because of technology. Whenever possible, make use of technology like video calling, social media, and other viable media to find new markets and interact with potential business partners.
Find Reliable Partners
You will need trustworthy, experienced and reliable partners to form your business. Work with an attorney to help you protect your intellectual property rights. Locate the appropriate property protection, trademarks and trade representatives who have been recommended by federal trade offices, since they are the ones you will be able to trust. If you are planning to work with a manufacturer that will reproduce your products and services, make sure you put everything under control. You want your product to deliver the same experience you are known for over the years so hold firm to your good name.
Educate Yourself about Other Cultures
Your business will progress faster if you endeavor to understand the culture of other markets. A better understanding of other people's culture will give you insights into their desires and make it easier for you to build your product in a way that it will specifically deal with their problems.
There is so much to learn in a new business. The more you learn, the better you understand the business, and that is a great advantage for you. Starting your global business slowly will give you the space to learn new culture, gather customer behavior data, and gain experience in improving customer satisfaction. Starting slow will also help reduce risks, figure out what is most important, and avoid waste.
Utilize Trade Shows
Attending trade shows and exhibitions in your market of interest is a good way to familiarize yourself with the industry. These shows offer you a wealth of opportunities that can be very useful for your new establishment. You will be meeting government officials, company executives and decision makers who may be interested in helping you expand your brand and contribute to its future success.
Taking your business global requires a lot of commitment, focus, and preparation. Get ready to travel, meet new people, have long conversations and deal with legal issues. Utilize the tools, resources and technology available at your disposal.