If you are considering an international expansion of your small or medium sized business, then you must be doing something right. Growth into the international field can open up a variety of opportunities and advantages for those who are prepared. However, navigating the process of international expansion can be tricky if you are not familiar with the local business climate or how to establish yourself in a foreign environment.
There are many steps you can take to make the transition flow more smoothly. With effective foresight and planning, you can leverage contemporary technology and infrastructure, such as the possibility of accessing coworking globally, to quickly get to work in a new country.
Let’s take a look at five specific ways you can expand your business on an international level.
Choose The Right Location
While choosing which country to expand to will be highly dependent on the type of business you are operating as well as the opportunities for foreign business in a given place, you will likely be wanting to set up a remote office in your desired country.
To this end, it can be much more cost-effective to choose a coworking space rather than investing in an expensive long-term lease or even buying a property when you are not yet sure how the business will go. Coworking spaces are emerging all over the globe, especially in business-friendly Hong Kong and premium providers of such spaces do an excellent job of providing everything a remote office needs to succeed, including prestigious addresses in the heart of major cities in the world.
Know The Culture And Business Climate
Countries vary greatly in terms of how friendly they are to foreign businesses setting up shop within their borders. While Hong Kong and Singapore are two notable places that value the contribution of international partners, some states place undue restrictions and red tape on newcomers.
Be sure to consider the atmosphere and business culture of any country you are considering for your expansion plans. Some places relate seamlessly with foreigners, while other business cultures will take more preparation in advance to acclimatize to. Be considerate of local customs and know that what is normal in your home country might not be welcomed or appreciated elsewhere.
While it is critical that you have local contacts to assist you with getting your business established abroad, this point refers more to establishing connections between your remote office and your headquarters, wherever that might be. To this end, the best coworking providers offer a variety of technological advantages to make business communications easier. Look for a premium provider who offers high-speed internet connections and international telecommunications support to avoid any roaming charges. In-house IT support is always a good feature to look out for as well.
Keep Your Existing Business In Mind
It is important not to neglect your obligations to your existing clients in your home country when expanding abroad. International growth requires careful attention and may take up much of your focus for a time. However, many point out that it is vital to keep your current business running smoothly at the same time. This is why it can be useful to use coworking spaces to make the process of expanding your business internationally relatively effortless.
Know What Opportunities Await
As with anything in life, preparation is key. Plan ahead by having leads and market research prepared in relation to existing gaps in the country you have targeted for expansion. Forbes suggests that you also review government and industry-specific regulations which may affect your business.
Enjoy The Process
International expansion is never easy or simple, but there are many things you can do to make the process go smoothly. By having established support on the ground before taking the plunge, your business is more likely to succeed abroad.