Overseas expansion is an attractive prospect for many businesses, but it can be a daunting one, as well. A lot of specialized knowledge is required to successfully expand into new markets. It takes hunger, hard work, and perseverance.
That said, when done successfully, the rewards are certainly worth it. This guide will cover the many benefits of overseas expansion, as well as top things a business needs to consider before getting started.
Overseas Expansion
Once your business has reached a certain level of success in the Japanese market, it is natural that you may want to explore new avenues of opportunity. Expanding overseas offers the potential for a number of exciting new challenges and triumphs.
Today, over 60% of small and medium businesses are reporting international business growth. Here’s why.
- Access to new talent
- Entry to untapped markets
- Growth and scalability opportunities
- Higher potential revenue
Things To Consider Before Expanding Abroad
Deciding that you and your business are ready to expand into foreign markets to new markets is a big step. As such, there are several things you should do before you start the process.
1. Do Plenty of Research
Of course, before making any type of important business decision, a certain amount of research is necessary. You’ll need to learn about the market, the economy, business customs, and the cost and time frames involved before you begin the expansion process. You can either do this yourself or hire specialized business consulting services to assist.
2. Have a Strategy in Place
Before you begin with any overseas expansion, you must ensure you have a firm strategy in place. This refers to the logistics of the expansion itself, as well as things such as which businesses you may want to partner with. Glohai offers a full business matchmaking service to help expanding businesses find their perfect partners.
3. Think About Compliance, Taxation, and Immigration
There are many complex legal issues—such as taxation and immigration—that will be completely different in different countries. It can be a good idea to hire professionals such as online business consulting services to help you to navigate this new and unfamiliar territory.
4. Look Into Localizing Your Content
A new market necessitates a whole new batch of content. Everything from your website, to your legal documents, even your marketing content needs to be localized so it makes sense for the area you’re expanding to.
Translating is not enough, localization will allow you to better connect with your new audience. You may choose to outsource marketing, website, and legal content or have it done internally.
5. Don’t Be Afraid to Ask for Help
So much special knowledge is required when expanding into different markets and countries. It only makes sense that you might need to seek out professional help in a number of different areas in order to make the transition as smooth as possible. If you’re unsure about something, don’t be afraid to seek assistance, you’ll be thankful you did in the long run.
Your Next Steps Toward Overseas Expansion
If you’re considering making the exciting move of expanding overseas, Glohai can help. From research and consulting to marketing and web development, we’ve got the tools to facilitate every aspect of your overseas expansion.
Why not schedule a consultation today and see how we can help?
