How a website can expand your business overseasPosted on - 23rd Mar, 2017 |
Expanding a business globally is one of the biggest challenges for entrepreneurs. Entrepreneurs with global ambitions are probably settled at home, but they easily lose control when it’s time to expand into the global market. We often see business owners simply sticking a pin in the map to justify their first global move to reach their global market. This strategy can lead to disaster.
Global expansion can be expensive and may require additional finance. Growing your business globally requires special know-hows when it comes to finances. One famous source for business expansion is the Export-Import bank in the USA.
It is an independent U.S government agency that has helped the financing of more than $300 billion in USA goods and services, since 1934.
To get help from this bank, your service or product must have at least 50% U.S. content. The bank will finance all types of goods, except military related products.
Get Tech Savvy
The world is increasing in its digital know-how and to make sure your global business expansion is as successful as possible, you have to have a powerful knowledge of modern technologies. The ability to target a specific market demographic online means you can keep close tabs on ROI and profit margins – this is essential when scaling your business.
If you are a savvy businessman then it is essential to implement key digital communication tools.
Technology such as iMeet allows you to share your desktop screen, participate in live chat, to invite colleagues to join in on important meetings, instant message and more. This helps the team to stay connected and keep working during the expansion.
Build a local network
You may need to make several acquisitions to ensure you have premises to operate from, distributors and partners. Who to trust is the key.
Start by tapping into your networks and find some common connections. Credible business quite often has strong relationships with reputed schools or colleges and top industry-leading companies.
Otherwise, you must approach in a traditional way by scouting out into the similar industry, attending events and investing in sales and marketing.
Technology makes this step much easier. Social networks allow you to build relationships and learn more about people before meeting them in person. This is possible to help with potential business deals and services.
Import Services and Products
International trade involves more than shipping U.S products globally. For many products foreign sources of supply provide higher quality, lower costs or some other extra feature in comparison to U.S. sources.
For instance, French wines, Japanese cameras, and Italian shoes, are available in the U.S. because of their superiority to domestic alternatives.
Some tips to find a source for your product to import
1. Focus on other countries who imports to U.S.A are granted favoured status
2. Once you have done this, contact trade representatives at appropriate embassies. They are the ones able to offer you the manufacturer’s list of products you are interested in
3. Focus and attend domestic and foreign trade fairs this is a place where companies seek to export to the United States are exhibitors
If you identified the sources of products to import, contact that industry and collect information. You will obtain product samples, discuss prices, and payment terms. Special care should be taken on the quality of products – because the U.S is a sophisticated marketplace and low-grade products might succeed elsewhere will be shunned here.
Steps to expand your business
1. Look for new services or products
2. Add some value services to customers such as free delivery, etc.
3. In some cases, include additional retail outlets, or set up an online shop through your website to sell your products globally
4. Advertise special offer with flyers, newspaper ads, and social media – good way to market your business
5. Post free classified ads online to reach more people
6. Advertise through E-mail newsletters
7. Run ads in newspapers, Ad rates may vary, but still it is a low cost to advertise in local papers to reach a broader audience
For a new entry businessman with global ambitions, it is hard to understand the local marketers, navigate entrenched territorial networks.
Entrepreneurs need 2 qualities when expanding their business in the global market.
1. An open mind to possibilities
2. Realism – a healthy measure of this