Doing business internationally used to be out of reach for many small businesses. But in our interconnected world, expanding overseas can be one of the fastest ways for small businesses to grow.
As Lauren Smith writes at time.com, the world offers a whole lot of buying power, and it’s easier and less costly than ever before for small businesses to tap into it. The market potential is significant: In fact, the SBA reports that 96 percent of the world’s consumers live outside of U.S. borders! There are multitudes of resources to tap into, too. Consider starting with these:
- Make the Explore Exporting resources at SBA.gov your first stop to learn everything you need to know about exporting.
- Extensive market research is a must for going global. Both the Market Research Library and Trade Stats Express provide loads of information on specific markets. You should also check out the federal government’s trade statistics.
- You’ll need strong partnerships. It takes an extra commitment and investment of time and effort to build strong relationships with people overseas. Trust your instincts, and if something doesn’t seem right, move on.
- Over-communicate. Cultural and language differences can really trip you up if you’re not informed and careful. Communicate your expectations and terms clearly, and engage the services of a consultant to navigate cultural considerations if necessary.
But going global involves a slew of ongoing questions and decision-making. What else should you be doing to ensure that you make the most productive decisions for your business and proceed in the most efficient (yet cautious) ways?
- Articulate detailed objectives. Make sure you can answer critical questions like: How will you harness power of the Internet to expand your business? Will you sell existing products? Introducing new ones? Will you need to hire foreign employees?
- Have a written plan. Not surprisingly, matching up strategies with objectives, in writing, will help you stay focused and organized and continue to identify new questions and challenges.
- Think about focusing on a single country first. Other English-speaking countries will be the easiest in terms of things like communicating and getting paid. You may want to start there. But if you’re eager to expand even further, choose a single country first, and make that your testing ground.
- Don’t assume. The need for research is ongoing. Think you know about Italian food and fashion in Belgium? Think again, and get busy researching every possible aspect of any country you target, including politics, taxes and competitive factors.
- Learn from other small businesses. Commit to ongoing investigations into what other small businesses are doing in your target area, both direct competitors and other sectors.
- Show up. Particularly if you intend to establish a physical presence in another country and will be hiring employees, go there in person and begin the process of establishing trusted sources and contacts.
- Up your social media quotient. Nimble, cost effective and efficient, social media has become a universal bridge linking even the most unlikely sectors, ideas, supply and demand across the globe. Use social media to create buzz before you launch, too.
- Keep your ear to the ground. Social media will also be a valuable source of continuing feedback, which you’ll need to rely on. So monitor it often, respond immediately and be prepared to tweak your approach as necessary. Encourage online reviews, and as you would anyway, be ready to quickly address any problems or issues that arise. Be ready to take advantage of new ideas and opportunities that can surface through social media channels, too.
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