If you want to make the most of the business you are running, one of the things that you might be keen to consider at some point or another is whether you are going to expand it overseas.
The truth is that this is one of the best things you can possibly do with a business, but you do need to make sure that you are doing it as well as you can.
As long as you approach it in the right manner, however, you can get a lot out of it.
In this post, we will look at just how your business might be able to thrive overseas, no matter what kind of position you might be starting from.
Choosing Your Market for Your Business to Thrive Worldwide
First of all, it’s important that you don’t simply try to expand into just any market that you can see, as that is unlikely to give you as much success as being a bit more choosy about it.
You need to find markets that you think will actually work for what you are selling and what service you offer. So it’s all about doing your research and finding out what and where is likely to really work for your business.
If you can do that properly, you should find that you have a lot more luck in getting it all down right and getting off to the right start for your expansion overseas.
Follow The Rules Around the Globe
Wherever you do end up going with your business, there are always going to be a number of rules in place that you need to follow. You need to make sure that you are aware of these rules and that you are following them as closely as possible.
If you fail to do that, you might not only end up in legal trouble in various parts of the globe, you might also find that people lose respect and faith in your business. Then you will ultimately lose out because of it.
You need to think about how to trade with the country in question legally, whether that requires making use of a certified customs brokerage firm or whether you just need to keep your wits about you a little.
Investing Abroad
Not all of the time do you need to actually physically expand your business into other markets in the world. Sometimes the best approach, and the most lucrative, is to simply find something to invest in those places.
If you can do that, you are going to be setting yourself up for a brighter future. Therefore, you won’t have to worry about the international trade side of things either.
This can be a perfect compromise for many people, so it is certainly something that you are going to want to think about.
Starting Out Local Before Your Business Can Thrive Worldwide
Of course, if you are starting a small business it’s best to start local and then spread out. You don’t want to grow your business too big too quickly!
Growing a business too quickly is one of the main reasons many small businesses fail within 5 years.
Once you have a local base then you can expand into global markets with your products or services.
International Payments
However, as you grow be sure to know how people can pay you from other countries. As well as knowing the tax laws when making money internationally.
Paypal is one of the great ways to be paid from other currencies but not all countries can use PayPal. Xoom is another option for those countries that do not accept PayPal.
Don’t Forget Offline Marketing
Yes, you can still advertise offline for a global business. There are international newspapers and magazines as well as old fashion TV and radio abroad.
As you know, there are many social media and digital marketing avenues you can choose from as you grow that business abroad.
Be sure to know the rules in the countries you do choose to advertise in beforehand.
Your Turn
As long as you get it right you should find that you can really make the most of the whole situation.
Look at your options, invest wisely, and you could come out on top. That will be a very good situation for your business to be in.
Are you growing your business or blog internationally? What other helpful tips would you add to this so your business can thrive worldwide?
She has 30+ years of experience in marketing/advertising with 11 years of experience in content marketing, social media, blogging, and SEO.
You can purchase her eBook about Twitter on Amazon, or take her Instagram class on Udemy.
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Hey Lisa,
I am a newbie to this platform I don’t know how to build my business worldwide. I hope your idea takes away from my home. Thanks for sharing this it would be useful for beginners of this platform.
Hi Sathish, I hope it does help you. There are so many things to be aware of when going international with your business. Thanks for coming by and make it a great day.
Hi Lisa,
I dig your points because I have observed experiences from many entrepreneurs resonant with these parcels of knowledge, being a globe trotter for 10 years. Paying close attention to local laws is key but honoring cultural ideals is as important in some countries. For instance, as of 2012, I personally experienced how doing business in Bali required an in-person close, as a customer-client. I imagine nothing has changed in this regard so depending on your business model, doing online business in Bali could be incredibly tough.
I have met people who started offline businesses in exotic spots but met more folks who simply did cyber business from their homeland, but, around the globe, through their blog and preferred digital storefront. We are blessed with opportunities in a digital world.
Ryan
Hi Ryan, thank you. I love that you mention the culture as that can make a huge difference too. Even in communications with others, it becomes important. We really are blessed with these opportunities today Ryan. Thanks for your input and have a wonderful weekend there!