These are the Signs You're Not Ready to Take Your Business Global
From expanding on trading opportunities and the ability to access cheaper imports, to optimising a bigger customer base, there are many reasons why you might consider taking your business global. But, establishing a subsidiary in locations such as America, China or Canada (or anywhere else in the world for that matter) is no mean feat. Here are some signs that you may not be as ready as you think you are…
If you think it’s going to be easy
Everyone can benefit from positive thinking from time to time, but having your head in the clouds will never end well. Expanding your business internationally is never going to be easy, as there are a lot you’ll need to sort and understand before you leave the UK. You’ll need to understand specific tax practices, complete a mountain of paperwork and undertake the complicated process of applying for visas. It’s good to be confident and fearless, but stay realistic and organised.
If you don’t know your corporate identity
One of the most important things that’ll help get your business off the ground overseas is to nail down your corporate identity. It should be able to translate successfully into all languages, while still retaining some form of relatable content to all audiences across the globe. Your corporate identity should be the central focus of your business in order for it to be truly successful.
If you haven't pinned down a location
It may sound simple, but if you’re still weighing up several locations then you’re probably not ready to take your business global. Your market research should give you a good idea of the region to target, along with a picture of what your competitors are up to across the globe.
If you don’t know who your customers are
Along with a whole new culture, you’ll get a whole new set of customers that may react or behave differently to the way you’re familiar with. Again, you’ll need to do your research to figure out what makes your customers tick, and whether or not your product or service translates effectively overseas.
If you don't know who you’re going to work with
You’re bound to be nervous about growing your business overseas, but you’ll feel especially so if you don’t have some contacts lined up. You need to be prepared and have some business partners or suppliers ready and waiting, as well as a good idea of where you’re going to find staff for your business and how you’re going to manage your new subsidiary alongside your existing business.
Finally, get a head start and get to know the cultural customs and common business behaviours before you even think about moving abroad: you don’t want to be caught off guard or make a major social faux-pas when you’re trying to set up your new business. Those are just a handful of signs you’re not ready to take your business global - do any of them ring true for you?
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