5 Essential Articles on Taking Your Business Global
When your business is just starting out, it can feel like expanding abroad is a far off dream. But in the modern interconnected world, you could find yourself with the opportunity to expand elsewhere far sooner than you expect.
Research by the Centre for Economic and Business Research has found that 1 in 5 British small firms are aiming to expand abroad by 2025, an increase from just over 10% that operate overseas now. This is compared with 33% of medium sized businesses and 41% of large companies operating overseas according to the Annual Business Survey.
”1 in 5 British small firms are aiming to expand abroad by 2025”
So if you’re one of small business owners looking to expand abroad, here’s Curve’s round-up of the 5 essential articles on taking your business global:
As Nicole Taylor for Business News Daily says, expanding abroad isn’t just about telling customers that you ship and waiting for the orders.
There are several questions you’ll need to answer first. Do you have an existing customer base abroad, and if not, do you know your foreign target market as well as your domestic one? Will your business be competitive? You'll need answers before you are likely to be successful.
Even when you know you can expand abroad, there’s more questions to answer to make sure the process is cost and risk-effective. This starts with understanding exactly why you want to expand:
”it is a fundamentally different undertaking if your reason for expansion is to serve your already existing international customer base better; or stagnating growth in your home market”
From planning budgets to learning about local culture of countries and regions you wish to expand into, this guide by SeedCamp is a must read.
Operating across cultures and time-zones presents challenges to all business owners abroad. There are a lot of areas in which different regions require completely different business practices we just don’t think about.
You’ll need to avoid several dangers, including overworking, any embarrassing cultural faux-pas in your customer services or office, and coming down on the wrong side of local regulations. This guide over on Expert Beacon has a run down of all the little things we often overlook.
Many companies will discover that operating abroad is only feasible with the opening of another office based in countries with a big target market. This comes with a whole host of new issues to consider, including primarily, the hiring of new staff.
”Like any company domestically a business must check out the talent available in the area before deciding on a new office location.”
Ideas offered by Tommy Wyher include making use of company partners in countries you wish to expand into, and making sure you have a good idea of local talent before choosing where to locate yourself. Take a look!
Just in case you’re not looking to dip in and out of pieces on expanding abroad, we have a one-stop guide long-read over on Entrepreneur for you.
Covering more issues than we could possibly go over here , if you need to know anything about the process from starting up to imports, exports, understanding other cultures, financial help and so much more, this is the first place to go.
Got some articles that you think would be great in our round-ups? Get in touch with us on Twitter and let us know!
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