Creating a multinational business empire is the ultimate fantasy for every ambitious entrepreneur. Besides the eye-watering profit you’d make, what could be better than travelling the world and seeing your product used in all corners of the globe?
The best thing is that it isn’t a far-fetched idea. The recent explosion of global unicorn startups shows that anything is possible. You don’t have to let borders define the scope of your audience or market.
But knowing how to get started on international development and growth is tricky, and if you aren’t careful doubts will start to creep in.
The truth is that as an entrepreneur you’ve already done what most people wouldn’t dare to. Opening your own business requires lots of expertise, a load of creativity and the ability to take risks. Funnily enough, these are also key qualities needed to take your startup worldwide.
With a proven track record, you’re more than capable of tackling an international move. Banish all of those worries by following our simple steps to global domination.
Perfect your business plan.
Having a killer business plan is essential. You’ve done it once before to launch your startup, but you need a whole new strategy for going global. Performing foreign market research and financial estimates is an important first step.
Overnight success stories might have your confidence running high, but try to structure your plan one country at a time. It’s unlikely you’ll have the manpower or capital to take on several new marketplaces at once, nor is it advisable. Slow but sustainable growth will build a solid future for your business.
Take care of finances.
The legal and financial aspects of developing your business internationally will be one of your biggest headaches in the months leading up to the launch.
Working with an experienced and ethical expert will save you suffering through restless nights studying your account books, desperately trying to figure out exchange rates. Offshore banking might have come under fire lately, but dealing with the right people will take away a lot of the hassle of trading internationally.
Get the practicalities sorted.
Building a strong local presence will get your new venture off to a flying start. Gaining an extensive sense of local suppliers, available premises, and the existing workforce of a new country should be your top priority before making the big move.
Once you’ve got teams established across different locations, you need to ensure that everyone stays connected – cloud computing is ideal for this. Remember that a traditional nine-to-five blanket approach to working hours won’t be possible across borders. Be aware of everyone’s time zones, and act accordingly – accidental or not, nobody takes kindly to midnight phone calls.
Do you have any words of wisdom for entrepreneurs looking to take their startups global? Leave a comment and share your top tips.