Often when looking to expand your business going international is the best way to do it. Globalization has enabled businesses of all style and size to go after customers they were not able to before. Reaching to new markets and a different selection of customers overseas can be hugely beneficial for your business and literally open up a whole new world of clients. However, it is worth remembering that international expansion does not come without its own risks. There are a few essential things to consider before expanding abroad. Here’s the top three:
1. Language barriers
Language barriers can sometimes be a difficult obstacle when expanding abroad. It’s a good idea to start by expanding to countries in Europe which are usually quite used to doing business with each other and work on the very similar time zones. If you are looking to seriously do business with a certain country it’s advisable to think of hiring a person who speaks that language in order to make communication smoother and iron out any potential difficulties, especially in the beginning stages.
2. Business culture
Expanding overseas can be challenging when you know very little about another country’s business culture beforehand. It’s really important to do your research so you understand the way other countries work before launching in. For example, it’s vital to plan well ahead and to an extensive degree of detail in Germany. German business partners will not be happy if you turn up to a business meeting late or unprepared whereas Italian business meetings are fast paced but much more relaxed. French businesses tend to be relaxed too and time scales are not as important so expect to be kept waiting and meetings to be moved regularly.
