This country, or that country?
The whole world may be your oyster, but there’s one place that is the perfect starting point for your great international expansion
The glaring truth has finally dawned on you: in today’s world, there’s nothing more rational than going international.
You’ve made up your mind and you can’t wait to see your SMB become bigger and better than ever before. The future is golden, everything seems to be rosy and beautiful.
But hold on a second… hit those brakes just one more time lest you crash before take-off. Have you already thought of the most crucial thing of all: where to take your business? This is, after all, the single and most significant decision that can wholly determine the success (or failure) of your overseas adventure. For this reason, you need to make an extremely calculated choice. If you’re unsure of how to go about it, this blog can serve as a good starting point. Read on to find out how to pick which country you should expand to.
While we all know that time is money these days, this is one decision that you need to spend lots of time pondering. A lot of effort needs to go into doing research, both on-ground and online. There are two steps:
1. Eliminate poor options: Based on some key factors that are prerequisites for your SMB’s success (for instance, will your business need the best internet connection, do your customers need to speak a particular language, does your host country need a naval port, etc.) short list a few places immediately as you can’t keep comparing data from 196 nations!
2. Conduct in-depth research into viable options: The few names that have made your short list need to be examined carefully. Gather accurate data on the market from every angle, be it tax considerations, social situation, cultural considerations, economic stability or simply the prevalent competition.
Once you have all this information, it’s smooth sailing. Simply compare the facts and figures – there’s bound to be one country that has an edge over others.
Flock to where the customers are
It’s always smart to venture into a country where a core potential customer base already exists. For example, if your target audience is English-speaking, internet-connected teenagers, that instantly narrows down your list. For your first international adventure, it’s always advisable to start with a country where the customer base is obvious rather than one where you’ll have to discreetly form one through trial and error. There are 101 new factors you need to consider the first time around, so let this be one thing off your mind!
Avoid too many legal hurdles
If a country has too many barriers to entry, especially legal ones, it might not be your ideal first. Make sure you are aware of all protectionist employment laws and legal loopholes before you decide on a nation. Trust us, an ensuing legal battle is the last thing you want to deal with right off the bat!
And there you have it – some fundamental things to keep in mind when choosing a country. At the end of the day, as long as you have done your research, all will be well. We are fully confident that by keeping these points in mind, you will make a prudent, beneficial decision. This world is, indeed, full of opportunities, so don’t sit on the sidelines any longer.