Expanding your business to reach overseas markets is a strategic decision made to reach a broader, international customer base.
Researching the foreign landscape is crucial in understanding the hurdles you could potentially face. Here are some points to review before taking the step into international expansion.
Do you understand the local culture?
Cultural characteristics could mean the difference between the success and failure of your expansion. Product customisation may be necessary for customers’ needs to be met.
Do you require an overseas partner?
An overseas business partner may be able to offer insight and support (financially and economically) whilst setting up and as your business settles. Successful partnerships require an investment of time to flourish and thrive.
Who is your competition?
Understanding your foreign competitors will go a long way in helping you expand successfully. Spend time in your new market to get an accurate picture of what it comprises of.
What are the legal implications?
Investigate the requirements you must satisfy prior to expansion. Failing to do so prior to making decisions could prove costly and slow the progress of development.
For more information on your options as a business owner, contact us at Leenane Templeton on 02 4926 2300