Expanding internationally as a business can be really exciting, however it’s not a decision that should be rushed or taken lightly. The last thing you want to do is rush into the decision and then end up sacrificing the success you’ve had in your initial location. From considering market demands to getting the right cover including credit insurance, you should take your time and ask yourself these four questions to decide whether you’re well equipped to expand or not.
Is Your Website Suitable For International Use?
Firstly, you need to ask yourself whether your website has been set up for international use. For an e-commerce business, have you set up different stores to cater to different languages and currencies? Have you decided whether sub directories or subdomains are the best option? Have you looked into preventing duplicate content issues with the correct tags? For lead generation websites, everything above replies, bar the currency.
All of these things are really important to consider to make sure that your website is fit for international purpose, as not only could the internationalisation process prevent success in new territories, but it could also impact the work you’ve done on your original website.
Have You Considered Differing Market Demands?
Something else to consider is whether you’ve thought about the differing market trends and demands in different territories. Just because your service or product works really well where you’re currently based, that doesn’t mean it will work well anywhere else. The difference in consumer wants, needs and behaviours across territories is substantial, and so you can’t simply enter a new territory without doing thorough market research.
Find out what competitors are in the market (and if there are no competitors, potentially consider how relevant your product or service is to that place), look into consumer behaviours in similar markets and then make an informed decision about whether or not this is the right direction to go in.
Do You Have The Right Insurance?
Expanding internationally comes with many possibilities, but it also comes with a number of risks. One of these is not having the right insurance. Dealing with your finances abroad is much more complex, from tax considerations to liability and credit insurance if you are trading on a credit basis in any way, as well as bad debt insurance if you were ever to lose a significant amount of money through a particular deal. Invest in the right insurance and work with a broker to get the right cover, and it could save your business one day.
Is Your Supply Chain Ready?
Once you’ve figured out the predicted demand in the new market and the expected growth as a business as a result, you need to question whether your supply chain or setup as a business has the capacity needed to meet that new demand. The last thing you want is to expand, be a big success and then not be able to fulfil orders or the needs of your new customers, resulting in you losing trust in the new market that can be difficult to regain.
