How International Companies Thrive in the International Market
Updated: Mar 15
Companies that have ambitious expansion goals and desire to challenge themselves past their comfort zone have plenty of directions to consider, and one of them is going international. This article will look at how these exciting and inventive firms manage to thrive in foreign markets – and how those entrepreneurs and business leaders who are thinking about making the same choice can take the plunge.
Market research is an essential step of expanding overseas. Whether it’s exploring the level of competition on the ground in a new country or simply working out which sub-sectors are most profitable in a certain place, knowledge really is power in this case. It’s improbable that huge international corporations would have catapulted to their current levels without following through on market research first. This is because the risk is higher and on a completely different level when deciding to go international.
If your business is rooted in a Western market like Belgium, then it’s likely that one of the major problems that you’ll run into when you look to set up shop in a country with a similarly buoyant and service-heavy economy is competition. If you’re a Belfast-based digital marketing agency with a focus on small businesses, for example, then it’s pretty likely that there’ll be plenty of these already operating in markets such as Paris, Berlin, New York and Sydney.
This doesn’t mean that you can’t press ahead with your plan to move abroad, though. It may simply mean that you have to shift your focus away from launching a new branch and towards acquisitions instead. By engaging the services of a reliable acquisition analyst in the country that you plan to move to, you can scope out the market and see whether or not there are any suitable companies that you can make an offer to buy.
Very few entrepreneurs who have committed cash and staff resources to setting up in a new country will do so without actually visiting the country first. Although it’s true that there’s very little that can’t be found out either through the web or through international market research firms, many business leaders make decisions based in part on instinct and human interaction – and without being on the ground at least once, this may prove difficult to do.
Preparing in advance
When it comes to setting up abroad, there are a whole host of requirements that need to be met by a savvy entrepreneur who doesn’t want to fall foul of local laws and customs. If you need to apply for visas on behalf of key staff members, for example, then it’s best to do it as early as possible so that you’re not left with a cash-burning delay further down the line.
If you’re looking to expand your business away from your home market and open up abroad, there are plenty of things to consider. From doing your market research in a pinpointed and relevant way to heading out to the new nation for a physical visit, there are lots of ways that you can ensure that your foreign expansion goes smoothly.