Whether your business is small or big, , an effective way to grow it, is to embark on an international journey. It isn't an easy path of course, as there are several things that must be taken into consideration, such as culture, tax regulations, facilities, the best place to start with, and many others.
So, does your business have strong fundamentals and product-market fit in the home market? Standard procedures in place? And are you ready to take it to the next level?
Then read on and consider these 5 reasons for growing your business global!
Reason 1: Capture the market before your competitors do
Your business is starting to do well in the local market, with standardised procedures and continuous revenue streams. What's next? A natural reaction is that your business success becomes attractive to other entrepreneurs looking to replicate your business in their own markets. Think about Uber, who expanded internationally faster than potential copicats could have own those markets. The trick is to understand that as soon as you own your product/service and know-how in your industry, expand internationally. It will help you maintain leadership in your own market, and create a blueprint in new ones. Not doing this will result in getting stocked in just your own market.
Reason 2: Consult experts and find the real market opportunity
One very common mistake is assuming that the same business model that works in one country can be replicated over and over in different markets.. in the essence 'Europe is one big thing'.
Very wrong assumption. We have seen several business replicating their local business model and communication tools in new international markets and starting to hobble not too long after their establishment. Every country comes with its set of culture and values which should be taken naturally into consideration, and adapt to it. Imagine your business, based in France, is being considered German by the Germans, Dutch by the Dutch and Italian by the Italians, while still having HQ in France. This is made possible by the support of experts, and some extra tools leading this expedition.
Reason 3: Take advantage of the increasing support for startups and scaleups
There are accelerators, incubators, crowdfunding campaigns, innovation labs, investment competitions and grants galore at the moment. It’s a competitive time but it’s also a very smart time for startups to utilise the help available while it’s such a hot topic. Planning an international expansion strategy could very well secure an offer of investment funding for your business if you take your strategy to pitch competitions and accelerators. A recent listing on the Dutch Venture Capital Ecosystem in The Netherlands can be found here.
Reason 4: Drive revenue growth with economies of scale
This is a no-brainer but still worth mentioning. The higher your customer-base the higher your revenue growth, and which better way to increase it through your international expansion?
Reason 5: Reinvent your business and get new sales cycles from your new customer base
A change of focus, target group, the way you communicate and promote your product/service, can generate or re-invent new sales cycles from your new customer base.
Imagine your business being very successful in one market, generating continuous and safe revenues, yet you are eager to try doing something different while not giving up to your own business. You can reinvent yourself by looking into other markets, maintaining your business up and running while feeding your entrepreneurial spirit.
A luxury B2C clothing platform in Italy targeting millennials may not be equally successful in the Netherlands as the target may not see the value of investing that amount unless for one of a time special events. Target will clearly then shift to Baby boomer or a more international audience, changing the product advertised, the selection of items etc.
weGrow has knowledge and tools to help you identify and internationalise your business in the fast-growing spheres of technology, travel and beyond.
Whether you are thinking about starting your new international venture, or you need support along side to it, reach out to us.