Key Strategies for Expanding Your Business Overseas

Get to grips with the key strategies for successful global expansion, whatever industry you’re in.

Conduct thorough market research

Successfully establishing yourself overseas relies on understanding the market and tailoring your offering accordingly. You need to know who you’re selling to and how you compare to the competition to find a profitable gap in the market.

Begin by researching the companies offering similar products and services. Look on their websites or get in touch under the guise of a customer to identify core values, key costs and customer service standards. Recent reviews are a great source of information as well.

You should also analyse consumer behaviour to explore which companies and products are most highly rated and why. Consider trends which may be driving behaviour patterns such as sustainability and whether these are short-term whims or long-term shifts worthy of investment.

As part of your consumer analysis, get an idea of your target demographics and their preferences for communication and interaction with brands so you can successfully market yourself to the right people.

Explore regulations and requirements

Once you’ve found your place in the market, you should prioritise your overseas set-up. Explore the business regulations of your chosen country and any requirements for working between there and the UK. Your organisation must meet all guidelines to ensure you’re operating legally.

Prioritise business laws. Register your company, request any applicable licences and permits and establish a contract that meets and exceeds employment expectations.

Remember to investigate the financial legalities of operating abroad such as tax legislation, especially if you’re importing or exporting goods across the globe rather than providing in-country services.

Plan your financial strategy

Before you set the ball in motion, plan your financial strategy for the expansion. This will help ensure you remain secure and solvent as you fund your new endeavour.

Begin by budgeting for your new project. This should include your core costs such as manufacture and advertising, set against your estimated earnings. Overestimate your outgoings and err on the side of caution with profit predictions. This will help to ensure accuracy. Remember to include a buffer.

Take care to research country-relevant costs such as supplies and rent as these could be markedly different to prices in your current location. You can use online tools like an employment cost calculator to get an idea of average wages for various positions in countries around the world and advertise your job openings with attractive salaries that will entice the best in the business.

Don’t overlook the importance of having a risk strategy for financial protection in the event of unexpected issues arising. This could include insurance and a plan of action for what to do should earnings fall below a certain limit.