Questions To Ask Before Taking Your Biz Overseas

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If you feel like you have explored as much of your market opportunity domestically as you can without paying over the nose to get more and more specific with your targeting, then you might want to start looking at other markets. Overseas markets can be particularly lucrative, but they do also take some work to get into, so you should know what you need to prepare in advance.

Know the markets available

As it always is, the location of your business is going to be key to your success. It’s not enough to just choose any overseas market. You need to make sure that you’re choosing one that has both room for your business, as well as enough of the market to sustain it. For instance, a business might not have any direct competitors for you, but that might be because there isn’t much of a market for what you provide. Do your market research on any opportunity before making your move.

How local laws affect your business

There could be laws that will change how your business operates. They might necessitate changes in the products themselves to meet new regulations, as well as how you organize and capitalize on labor, your premises, and more. You need the help of a good business lawyer, but you need those specifically accustomed to helping in matters of international trade, such as Gowling WLG. Otherwise, it’s much easier than you might think to end up being noncompliant with regulation, even when you’re trying hard to adapt your business.

The question of funding

The logistics of running your supply overseas, setting up offices across borders and oceans, and of going through all the official processes needed to get into a different country’s market takes more than time. It takes money. Preparing the funding you need is crucial, whether it be via a business loan or through initiatives like CanExport Grant Funding. Do your homework to find out what the costs are going to be before you spend a single cent on moving, then see what it will take to get the funds you need.

Your new message

There are no two countries in which your message will work just the same. Even other English-speaking countries have different norms and understandings that will affect not just the copy of your marketing, but the very core of your brand message. For that reason, instead of just using translation services, you should look into localization services that go beyond simply translating the text, but instead offer a different cultural lens over your messaging. Otherwise, you can easily end up committing major faux pas with what would be a perfectly innocent advert or piece of copy in your own home.

The above considerations are just a primer for what it will take to find success overseas. Take your time, do your research, get to know others who have made the move, and ensure that you’re ready. It’s a big investment, and not without risk, but the rewards can be so much greater.