International Development Might Be The Key For Your Business To ReboundBusiness advisory
Photo by Andrew Butler on Unsplash
Businesses have been hit across the world by the pandemic and its economic repercussions. While vaccination campaigns and the reopening of frontiers are under way, it might be the right time for your company to envision a new pathway to growth through international expansion! Here are our tips to help you realize your ambition.
Analyze to rise
Going international successfully requires knowledge, planning and strategy. Without it, it is the equivalent of jumping off a plane without a parachute… You’re taking a big risk and it’s a cardinal sin that many primo-exporters are committing. The first step is to analyze which market(s) have a real potential to generate growth for your company. And they might not be what you had first in mind! The teams at TGS (Think Global Sustainability) are here to guide you through this process and provide you with accurate information thanks to our international network.
Photo by Raimond Klavins on Unsplash
Expansion comes in multiple forms
If you want to expand your business outside the frontiers, you might consider several options:
- Opening a branch
It is the easiest way to set foot in a new country/market and also the cheapest one (depending on the address you’re selecting). Opening a branch can be as simple as a PO Box or a shared office space. It gives you the advantage of having an address in the country you are targeting and appearing more credible.
In this time of economic uncertainty, there are a lot of opportunities for entrepreneurs who want to step inside a new market with caution. One of the best options at the moment is through acquisitions. By buying an already existing business that needs a new management, you might be able to reach your objectives.
Your competitor from across the globe might be in turmoil due to the financial and sanitary crisis. Instead of letting this business go bust, or some potential customers get in trouble, why not buy the company and reach a greater share of the market?
You can also consider the option of consolidating your business by creating a corporate link with one of your supplier or client.
Incorporation to have legitimacy in the nation
Finally, if you consider that all the other options are not possible or not sufficient, you can opt for incorporation. Setting up a proper business in a new market is a sure way of gaining trust in the area and showing that you mean… business!
TGS’s teams are here to help you with every step of this exciting journey with local knowledge and general tips that can make a big difference in your business!
Would you like to explore how TGS membership could benefit your firm?
Schedule a meeting with Andrew