Stages of global business

expansion plan

Whether your company has international influence or not, it has already independently competed globally. Even if you may not realize it. Since many foreign companies have penetrated into your local market and the world ’s largest population lives outside your home country, it seems logical to expand business across borders.

Going global is a complex and dynamic process that may disrupt existing business activities. Therefore, it is important to understand your competition, current market trends and develop your business growth plan.

Setup Goal

In order to get somewhere, you need to know the exact destination. Therefore, it seems wise to start by setting short-term and long-term business expansion goals. Make sure your goals are realistic, measurable, and time-bound.

Market analysis.

Market research is probably the most critical step in planning your international expansion. This will help you determine the main country / region of the product and the degree of success of the business. Product gap and market segmentation analysis will show whether your product has demand and sales. At the same time, SWOT analysis will determine your strengths and weaknesses in the competition.

In and out strategy.

By including entry and exit strategies to start global expansion, you can position the company in a better position by preparing for legal challenges. The right onboarding plan will enable your business to take immediate action when building teams in new markets. At the same time, if you decide to close a country ’s business, the exit strategy will help you avoid financial and time losses.

Familiar with local laws and tax requirements.

Otherwise, it may cause huge financial losses, loss of company reputation and serious legal consequences. The legislation in some countries is extremely complex; therefore, it is recommended that you consult a business expansion expert before making any decision.

Choose your team and hiring method.

We cannot overemphasize the importance of human resources in the process of globalization. Whether you decide to mobilize existing employees, hire independent contractors or locals, you can pre-determine the success of the entire project.

Global expansion may be stressful. Understanding the factors that make your business successful is critical. Protect yourself from debt and unnecessary trouble by working with a company that understands potential risks and can ensure that you are 100% compliant.

On Demand International combines years of strategic international business expansion expertise, which will ensure that your business transitions to new markets, is compliant, cost-effective and stress-free.

If you are considering expanding your business, but do not know where to start, please contact us immediately to find your choice.