How to take a small business global
Becoming an international business and being recognized outside of your own borders is the dream of many entrepreneurs. Though it takes much hard work and perseverance, it’s definitely doable. This article will share some pearls of wisdom.
Physical presence or online presence?
The first thing to consider is whether it’s necessary for you to have a physical presence or whether an online presence is enough. It could be argued that an online business is much easier to manage, especially if you have a small workforce.
A physical presence may seem like hard work, but can be worth all the effort, if done right.
Do some market research
Whatever your product is, no matter how popular it is in your native country, it may not sell in certain markets abroad. You don’t want to realise this too late, so it’s vital to conduct some research.
Research your competitors
Why should locals buy your foreign product over that of a trusted domestic provider? This is something your service/product must answer. What distinguishes your product from the rest? Remember, you should only consider going global if your business is already a success at home.
Finding a partner
It’s likely you may not know anyone in the foreign market you wish to enter. It’s also likely that you may not have much awareness about the nation’s language or culture. This is vital knowledge if you’re looking to expand successfully. In order to compensate, get an international partner who is familiar with these factors.
It’s often thought going global is the way only to keep a business going successfully. If you envision yourself as a global entrepreneur, apply today to study a business diploma at the Toronto School of Management (TSoM).