There is no doubt that we are living in a global society. In the world of commerce, this has huge implications when it comes to business expansion. Once a business gets off the ground at home it may be time to take business elsewhere around the globe. According to Justin Cobb of, “There will be a unique set of challenges every business must face when expanding abroad, but once they are identified, the process should be much the same as what brought them success at home.”
It all begins with market research in terms of finding countries amenable to foreign entities doing business within their borders. From there, it’s a matter of finding marketable products within a given region. “Sometimes those obstacles are cultural,” Justin notes. “What sells in one country may not be popular in another, so research is imperative before even deciding where to expand.”
Marketing strategies may also be different based on cultural differences, so research will be necessary there as well. “Sometimes we find it necessary to work with local marketing professionals if the cultural differences are marked but, that too can be easily addressed once the research is complete.”
Setting a budget may present a challenge because local economies will vary from country to country, and even within different markets within the same nation. Things that need to be considered would be such things as business registration fees, salaries, taxes, and general operating expenses. All of these are dependent upon a very precise budget, which may necessitate a business expansion loan or funding source.
Finally, Justin addresses the need for a strong marketing campaign and major PR in the local region. “Any new foreign entity will be just that,” Justin explains. “They will be foreign to the locale so a strong local marketing strategy will be key to a successful launch.” Once all the elements are in place, expansion to a new market can be as lucrative as it is exciting. “As every entrepreneur can tell you, there are always challenges ahead when starting a business, and expansion to new markets is much the same.”