How To Take Your Company International

Is it time to grow your business? Expanding your company into new markets geographically can be a fascinating prospect. And it can be overwhelming, too. The good news is that it doesn’t have to be a scary and daunting undertaking. Before starting your new journey, you need to know what factors to consider and where to seek the right help.  

Test the Market 

You must determine if moving your business into a new country will be worth it. You need to find out if the venture will be profitable by identifying your target market and assessing your product or service needs there. You can conduct a product gap or SWOT analysis to measure demand and how your offering compares to already established local companies. Before investing heavily in moving your operations to a new land, you must know whether anyone will buy what you’re selling. Test your product in the new geographical market before making any big moves.  

Know the Culture and Laws 

If you want your company to be successful in a new country, you must take the time to understand its business culture, etiquette, formalities, and language. One step you will want to take is to ensure that the name of your product or business translates appropriately into the native language. It can also be beneficial if you learn the language yourself. 

When planning to distribute your company’s offering, you should learn about the country’s logistics to consider legal regulations, tax laws, insurance, transport costs, banking laws, data protection, and product packaging requirements. You will also want to protect any of your intellectual property. Look into patents, trademarks, and design rights. These will not be the same as they are in your home country. If you want help with these tasks, you can hire an international business consultant or an M&A advisor experienced with global deals. This will give you peace of mind and ensure you have not overlooked any critical details that would otherwise protect you. 

Have a Solid Plan 

For any cross-border expansion, you will need a business plan tailored to the new region you are moving to. Setting goals for the process and having this plan in place will help ensure you are prepared for the big move. Expanding internationally is like starting a new company. Determine if you need a new executive team to help manage the transition or run things in the latest market and who the best people are for the job. Knowing the culture well can be a significant asset in identifying a leading team member.  

Localize Your Marketing Strategy 

Doing a deep dive into what marketing platforms are most widely used in the region can boost your success in your expansion efforts. This includes social media, search marketing, online advertising, blogs, forums, email marketing, and other channels. 

Understand Exporting 

Exporting is an effective way to expand its market and increase revenue rapidly. Many business owners assume that exporting is too risky or complicated or that their company needs to be more significant to go global. But it’s not as complex as you might think. Before you start doing it, you need to understand the ins and outs of exporting. Most governments offer tools to help educate you on the process (such as https://www.trade.gov/learn-how-export) because exporting benefits the country. You can also contact various trade commissions, chambers of commerce, and other organizations for help.  

Find a Foreign Distributor 

By finding a foreign distributor, you can sell your product to them and let them deal with reselling it for a profit in their market. Not only do they do the work for you, but they will also typically buy enough of your product to build up an inventory. 

To find a foreign distributor, check with trade groups or contact foreign chambers of commerce in your home country. You can also contact an international business consultant. 

Set Up Billing & Payments for International 

In today’s modern economy, accessing different payment systems is easier than ever, so it’s not a good excuse not to go global. With new billing and payment tools, currency exchange and varied payment systems have become much more straightforward. You can quickly deliver online invoices in different languages and currencies, accounting for tax and fee guidelines for the country of business. There are also affordable international credit card processing solutions available to companies. These solutions are only becoming more universal as the world becomes more digitally connected. 

Get M&A Advisement 

Acquiring an existing business is a great way to expand your company internationally. An acquisition can also reduce some of the risks of an international expansion effort because the target company already has an existing infrastructure and understands the local market’s regulations. You can also explore merging with another company in a foreign country. Whichever path you think is right for your business, you will need proper guidance from an experienced M&A professional to help you make the right connections, identify the best opportunities, and complete a successful deal. Not only will the right M&A expert have global connections you can’t get elsewhere, but they will also help you navigate the complicated due diligence processes involved in a global M&A transaction. They will ensure that you adhere to local laws and craft the terms of a deal that suit all parties involved. See why Benchmark International may be the perfect partner for you. 

Ready to Make a Move? 

If you are considering expanding or selling your company, our game-changing M&A experts at Benchmark International are waiting to hear from you. Start by checking out how our M&A strategies can help you.