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The first major hurdle any business will first have to overcome is ‘the breakeven point’, where you’re comfortably covering all of your expenses. The next may be when the business becomes too big to manage alone. However, once you have a team of staff and are trading quite successfully on a national level, what are the next steps? Why should you expand on an international level? • If you feel you need to secure domestic competiveness, putting your business on the international market will give you a definite edge over competition • The global market share may be huge compared to your domestic one. Tapping into unexploited international resources may prove very lucrative. • You will be less affected by domestic market fluctuations when trading internationally. • You will have a greater base of suppliers to choose from and therefore provide a more reliable service at better rates. • Ultimately you open yourself up to a larger market and your client base will undoubtedly grow. • Products that may not be working in your domestic market may prove profitable elsewhere. As with expansion on the national level; if you do it too late your clients might notice that you are no longer as efficient as before and that your resources are strained. Expanding too soon could increase the risk of losing money. International expansion should be approached almost like setting up a new business, with a concise strategy and a thorough plan. If you have a product, then exporting internationally is the next logical step of expansion. If you are looking to set up elsewhere then there are several factors to consider to ensure you’re making the right choice location-wise. These include: economics, politics, cultural differences, geographical issues, distribution, and production laws. It is certainly something to step into with caution, yet once done correctly will lift your business to a whole new level. So, do your research, ask those who have experience in that area, then come up with a new business plan based around your findings.
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