How To Find The Best International Markets – Going from being a local startup to a global company is an exciting and strategic move for growth-oriented founders. Global expansion can be both risky and rewarding, and the challenges are met with planning and research.
Some of the world’s most famous brands like Apple, Etsy, HubSpot, and Groupon had humble beginnings.
How To Find The Best International Markets
International expansion may be just the business strategy you need to take your startup to the next level. A global presence gives you access to a new customer base and new markets that are not yet saturated. Therefore, it has a competitive advantage over its rivals.
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One of the first things you need to do to locate your startup is to get an 1800 number so customers can contact you from anywhere. It enhances the customer experience by being a free and reliable way to get in touch with your business.
A dedicated business number with a business VOIP solution also makes you look more professional and gives your business credibility.
What can startups gain by taking on new geographies? Let’s see the benefits.
Time, cultural differences and language barriers, legal and compliance risks, logistics and financial management must all be considered.
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How can you tell if you’re up for the challenge? Ask yourself if your startup is showing the following signs of growth potential.
If you’ve founded your startup with a vision of future international growth, you need to adjust your initial strategies so you can scale when you’re ready.
Even if you have a product that you’ve determined will do well in your target international markets, it’s best to wait until your startup is generating significant revenue.
Therefore, many successful start-ups have chosen to wait until they are ready before moving to international locations, unless there are clear first-mover advantages.
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There are several logistical challenges in expanding abroad, such as navigating local rules and regulations, developing local sales and operations teams, dealing with HR challenges like recruiting and payroll, and optimizing products to fit new markets.
A general rule of thumb is to budget enough money and time for your international market to reach 10% of the size of your domestic market, and then double those two figures.
If you determine that you have significant advantages as a pioneer, you can take advantage of the opportunity to get an early start internationally.
That way, you can establish yourself in your target market before your competitors get there and drive you out.
Global Insights & Market Intelligence
The Harvard Business Review notes: “The nuances of your business and the industry you are in, as well as your company’s strategic direction, will help shape your expansion into new markets.
Let’s take a look at some of the main steps you need to take when developing your expansion plan.
A cornerstone of a successful startup is finding a suitable product marketplace. For your startup to expand internationally, you need to meet product requirements and market requirements.
For example, M-Pesa, a digital payment system, was a huge success when it launched in Kenya in 2007 and has become popular in other parts of East Africa. However, it did not work in South Africa due to a lack of understanding of market needs and had to close in 2016.
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It is incorrect to assume that countries in the same geographic region are similar and that products can be successfully transferred between them. They may share cultural norms and languages, but it is unwise to use such superficial similarities to determine product-market fit.
You should work with local country management teams to identify favorable markets and then establish field research and development centers to determine similarities and differences between countries.
Products can be adjusted to reflect slight differences between consumers if there is a common need between the two countries. If there is no need, what works in one country may not work in another.
Therefore, you should take the time to conduct market and customer research and create a carefully considered expansion plan before proceeding.
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For an e-commerce business or marketplace, you need to be sure of a positive market economy and market path.
Try to build a scalable centralized or decentralized model from the start to avoid costly and time-consuming business restructuring later.
Therefore, your operating model should be based on the functions you plan to manage centrally and those you plan to manage locally. The amount of autonomy your local offices will enjoy will depend on your startup’s business and revenue model, size, products, and marketing strategies.
Make sure you get a local domain name and toll free phone number to legitimize your business and ensure it can operate properly. Your startup should also be able to accept the local currency.
Selecting International Markets
Rather than using subdomains or subdirectories of your main home website, it’s better to use country domain names for each target market. According to insights from the French consumer market, having a .fr domain for your French pages helps increase conversions due to the trust factor.
Once these tasks are done, you can localize the smaller aspects of your business, such as local marketing copy recommendations and customer samples.
Don’t make the mistake of making big and ambitious growth plans when you start to expand your startup internationally. Expansion brings many challenges, such as determining the business structure, labor law, sales contract law, tax, data protection, and product liability laws.
It is advisable to take measured steps and experiment with various business strategies before opening a permanent office.
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For example, you can start with a small number of independent contractors or do a small volume of sales to test the waters before diving in.
It allows you to determine which openings need to be filled and which full-time roles will be required. It also helps you learn how to work across time zones and manage remote teams.
Global logistics involves the transport, storage, packaging and marking of goods on international routes. Initially, you can use the self-storage option to keep the process manageable and costs low, and get business monitoring software to avoid manipulative business practices.
You don’t have to start from scratch to establish your business in a new location. Instead, you can take advantage of local expertise by outsourcing some of your front-end operations.
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The rise of telecommuting due to the COVID-19 pandemic has changed the way companies open their offices. Instead of setting up offices in target cities, companies try to set up remote teams in the same time zones as their clients.
Instead of setting up a full human resources operation, you might consider hiring a team through an employer of record.
An employer of record is a third-party organization that provides services such as payroll, taxes, employee visas, insurance, and employee benefits. This eliminates the risk of violating local labor laws and saves money.
You can hire a local accountant and/or lawyer to help you with local laws and regulations, such as tax, compliance, and regulatory reporting.
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You may choose to implement a global payroll solution to simplify payroll processing across all time zones, currencies, and customs. Said system will provide information and data for the formulation of forecasts and strategies.
During market research, you will collect data on which marketing platforms and mechanisms are used most in your target country, such as social media, online advertising, email marketing, and search marketing.
Have a local partner provide you with information on what works in the market and how your product fits into local traditions and customs. You can hurt cultural sensibilities if you don’t do good market research.
Did you know that more than half of Google searches are done in languages other than English? Have multi-language versions of your website and optimize it for each target country.
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Also, use canonical links to tell Google that different language versions are not duplicate content, and use hreflang tags in your code to ensure a smooth user experience.
Just like multilingual websites, you can set up social accounts in the language of your target market. Depending on the volume of business inquiries you receive in a foreign language, you can customize your marketing messages.
Startups are well positioned to grow with a global mindset due to their agility and low costs. There are also several advantages of global expansion for startups, especially startups that originate from smaller countries, as they are more likely to experience significant growth.
Building your startup with a multi-market strategy helps you in two ways: it opens up diversification, competition, and greater opportunities, and it helps you understand and assimilate diversity into your business.
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