5 Strategies for Expanding Your Business Internationally

Growth is the goal of any business, and sometimes that means opening your doors to international customers. There are many different ways to expand globally, and they all call for different skills and knowledge. To give you an idea of ​​which direction to travel, we’ve put together this series of international business expansion strategies.

Global partnership

Building positive relationships with well-established foreign businesses is a great way to start expanding. If you have similar goals in your foreign business partners, you may have the ability to help each other. If you are a small business, a global partnership is the best direction as it will not come with additional costs. However, you still need to transfer funds internationally, which can be expensive. To reduce costs, consider using Riya Money Transfer AppWhich is easy to use and affordable.

Licensing

Licensing agreements are a great way to expand across borders and are relatively low risk. Such agreements allow companies to use the other’s intellectual property (IP). In most cases, the licensed foreign companies are already established, which means they have already captured the market.

Acquisitions and mergers

When two businesses merge into one, it is called a merger. On the other hand, an acquisition is when one business takes over another. Thanks to advances in technology, the number of mergers and acquisitions has increased rapidly in recent years. Regardless of how your business expands, understanding foreign regulations around ownership is essential. For example, foreign companies are not allowed to own more of it 25% of an American airline.

When it comes to acquisitions, you don’t have to buy a fancy business. Instead, you acquire a budding business and then turn it into a success. That way, you’re already booked, which saves a lot of hassle.

Exporting

An easy strategy for entering international markets is exporting, which saves money by avoiding the need to create a subsidiary. To expand by exporting, you need to make deals with retailers, distributors and marketing agencies. This process can be quite complicated, and you need to know how to get the best deals, but it will be worth the hard work if your products are live on foreign soil.

Work with Global PEOs

A global PEO, which stands for “Professional Employer Organizations”, will contact your company to help navigate operations in foreign countries. These experts use their knowledge to help you improve and stay compliant with your global business strategy, research cultural differences, legal, and financial differences. If you decide to work with a PEO, your expansion strategy will be right from the start, saving you the headache of hitting hurdle after hurdle.

Opening your business to international borders is a great way to expand, but there are countless hurdles to overcome, including regulations, culture and finance. The route you choose will ultimately depend on your business’s current capabilities, financial position and internal capabilities.

Contributor: Boris Zhingarov graduated from UNWE with a major in Marketing. He writes for several sites online like Semrush.com, Socialnomics.net, Chamberofcommerce.com. He is the founder of MonetaryLibrary and Cryptoext. You can connect with him on Twitter, Linkedin. He currently lives in Plovdiv, Bulgaria.

Article Tags:

Find Your Way · Grow Your Business · Leads · Sales

Article Category:

Grow Your Business · Lead Your Team · Sales