Going
global is one of the highly sort-after practices of businesses. It is the desire of any
business interested in growth to become relevant in the international space. As good as this sounds, going global can be challenging. It comes with its fears and mistakes, but no matter how challenging it gets, the benefits are enormous and good enough to make any business push for it.
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Globalizing your business gives you the opportunity to carve out new markets for your products and services. It allows you room to explore technology at its highest level. It also reduces your dependence on national/local markets, which are greatly influenced by certain market fluctuations; seasonal changes and demand cycles.
When you take your business global, you get to tap into the rich resources the international community has. Basically, the globalization of your business would increase your potential for growth and expansion, while creating lucrative opportunities for your business.
Before you take that bold step of taking your business global, you need to assess certain things and ask relevant questions. Consider whether or not your product will sell well in the prospective country if they will be familiar with the product/service and how comfortable your business will be in their already established economic structure. Carry out your due diligence to ensure the market(s) you are moving to will be favourable to your business. You’re probably thinking of where and how to start the entire process. Here are 5 steps to take in order to globalize your business.
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Internal Assessment
For one to be successful at anything, one must assess oneself to ensure readiness and capacity. Before you even start carrying out market research, you need to, first of all, internally assess your business needs and strengths. You will have to determine if your business or its specific niche is needed overseas. What are the goals of your business? Does it have the capacity to expand to other countries? Will it be necessary? These are questions you should intentionally ask and answer. Gather your team and let them do important internal checks. This will save you from crashing into international space.
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Market Research
You will have to identify the country(ies) you will be expanding to; their values, economic environment, trade laws, government regulations, needs and expectations. Find out what they already have and what is currently working for them. Here, you will be practically testing the waters to ascertain exactly where you are going and the resources needed to scale through.
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Competitor Research
This is similar to market research. While you are researching the exact international space you are heading for, you need to also assess your competition. Before your product/service, the people overseas probably have other products that are working for them, so you need to make sure you keep an eye on those competitions. This will help you draft out strategies that will enable your business to compete favourably in the international market.
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Evaluate Distribution Channels And Pricing
Now, you have figured out where you are going and what is obtainable there, the next is to determine what distribution channels you will be employing, how you will get your products across and what price to set. You can decide to work with distributors, agents and representatives or set up physical offices overseas, which will be in charge of pushing your product/service to the new market. Check out for exchange rates and economic provisions in the given country and set your prices accordingly.
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Package And Distribute
With the above steps in place, you and your team will have to properly package your products to suit the needs of your targeted market. Distribute your products and start selling.
There are certain barriers that come with taking your business global, such as language barriers and differences in exchange rates. But by having the right strategies in place is a great prospect that can be explored.
Featured Image Source: Harvard Business School
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This article was first published on 22nd November 2021
chidiogo-akaelu
Chidiogo Shalom Akaelu holds a degree in English and Literary Studies, from the University of Nigeria. She is a freelance writer, editor and founder of Loana Press, a budding online publishing outlet.
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