Isn’t it starting a business one of the most thrilling experiences? Some people are lucky enough to discover their passion early. Some people need more time to figure it out. But when the passion and the dreams acquire final form into a business planning, the Adventure begins!
More thrilling than that is only one thing, to start a business abroad!
So, what are the components of a successful strategy for entering a new market?
Maybe, one of the biggest milestones is to choose the right business model. Even if your current business model works perfectly in your country, it doesn’t mean that it will be successful in another one. The right approach here is to have several versions specifically designed for the country you would like to enter and to analyze each version in terms of investment and expected return, because for every business model variant the numbers are completely different. And based on that analysis to choose the right one to be applied on the new market.
Mandatory part before starting a project is the Feasibility study that includes detailed evaluation of the macro economic and political situation, the product mix, the customer mix, the organizational structure (the human resources needed as number, responsibilities and skills), the capital structure, the financial projections of investment and return, the marketing plan, the legal side, the tax and accounting, the time plan, etc.
Try to find a reliable local partner to advise you on the tax and accounting requirements in the country, as well as on the cultural differences and the mentality of the native people.
And one practical advice – whatever your time plan is, double the time projections. For some countries the time delay can be even multiplied by 4. Keeping it in mind from the start will save you a lot of nerves.
This might sound like a heavy job to do, but who promised to be easy?
Let’s go through some other aspects of the process that will surely raise your adventurous spirit in a positive way!
Starting Business abroad means also meeting new people, creating friendships, enjoying new culture and habits, fulfilling your dreams and laying your business foundations in the way you want. It includes introducing good practices on new markets as well, and hopefully becoming a benchmark in your sector of activity. Another great effect of your business is that you open new opportunities for the local population, contribute for their motivation and growth. An adventure that worth the efforts.
So, roll up your sleeves and go! Make sure you have chosen your market niche. Be the KING in your category, if necessary, create that category. Be irreplaceable in the mind of the customer. In this way, you beat the competition from the start. Create an amazing message, work on your branding, state your values, and accept challenges on the way.
Be sure you have always a great product and/or service. Once you got it, make some great marketing to boost it. Website, social media, testimonials, maximize your performance.
Track everything – new leads, current customers, average amount of purchase, and frequency of purchases. And be ready with your irrestible offer. Consider your business as a vehicle that transports the customer from point A, his pain, to point B, his happiness.
Organize your business activities in manuals, provide training to your employees.
„The right people want to be part of something great.”, says Paolo Ruggeri. You have to find those people to trust. They will look after your business when you are not around. And this is really one of the greatest challenges when operating abroad.
Below, you can find some useful links if you need our help to boost your initial momentum:
OSM service for Internationalization.
OSM service for Recruitment – our I-Profile Analysis will give you a shortcut to hire the right people for your organization.
OSM service for Management Consulting.
Guru jobs – AI innovation powered by OSM.
And my Blog with some info that I believe will be useful to you.
You can turn every problem into a challenge. And every challenge into an opportunity.
Just start! Dedication for years is the key to success.
We expect to hear your Success story!
#IlovemyJob♥