Expanding your business abroad is a significant step towards new market opportunities, diversification, and growth. However, it can also be fraught with challenges, from navigating legal complexities to understanding a new cultural landscape.
Here are essential tips to help ensure your international expansion is successful.
1. Conduct Comprehensive Market Research
Before you pack up your business and move it across borders, it’s crucial to understand the new market. Comprehensive market research should include the local economy, competition, legal requirements, and cultural nuances.…
In a rapidly changing world, companies who are flexible and forward-thinking will always have an advantage. Identifying opportunities for new market development, and formulating a clear strategy to take advantage of those opportunities can give your business a significant edge – but it’s not always easy!
What is new market development?
In the simplest terms, market development is about getting people who currently aren’t buying from you to do so. This might mean targeting an untapped overseas market, or a different local demographic, such as reaching out to younger customers, ‘C Suite’ executives, or looking at offering franchise opportunities for budding entrepreneurs.…
When you first start out in business it can be tempting to work from home. Not only does it keep your expenses low but you also have the flexibility of being able to work any hours you choose. However, there comes a time when you need to expand and one of the best ways to do this is to draw a clear line between your home and business life and to step into your own office.
Let’s look at different ways to start your expansion.…
Eventually, there will come a time when your small business reaches the limit of what it can do without growing. Small businesses and their growth are an important part of the economy – Forbes reports that they make up more than 65 percent of the net new jobs created since 1995 and that more than half the working population works at a small business.
If you think your business needs to expand, watch for some of these common signs:
You’re Getting Outpaced
One of the indicators that it is time for your business to expand is when the demand for you product or service begins to outpace your ability to supply it.…
Growing a small company today is not hard because the economy has improved significantly since the housing crisis. According to the US Commerce Department, the American economy grew by 2.8% in the third quarter of 2013 spurred by businesses restocking shelves as well as increased demand for new homes. For small business owners, this is a great time to expand to new markets. Here are some great tips that you can use to achieve this goal:
Employ The Right Staff
Expanding your company to a new location means that you require new employees.…
I discovered this interesting video while looking for small business inspiration. It’s a good finding. It’s Patch’s exclusive video interview with John Puckett, the founder of Caribou Coffee and co-owner of Punch Pizza.
John and his wife co-founded Caribou Coffee in 1992 with a big plan to establish 200 stores in 5 to 10 years. Things are looking good and going as planned…
John were successfully established 100 stores in 8 US states, but then he encountered a problem, which mainly related to work-life balance.…
