If you are looking for new ways to expand your business, you should consider going international. By expanding your operations to other countries, you can gain more customers and this leads to increased sales and profits. Additionally, when you penetrate new markets, you can discover new ways and resources to expand your goods or services for better profitability. But how easy is it to expand your business internationally in 2019? Consider the following points.
Internet Facilitates Easy Research
You can learn so much about other markets without going there physically. Through internet research, you can evaluate the market as well as the competition. This makes it easier to compare a number of countries when you are not sure which ones you should penetrate first. Additionally, you could make use of survey sites to learn more about your target market.
International Money Transfer
Sending money in 2019 is easy with so many companies offering international money transfer services. Whether you are trading with people from Africa or Asia, you will surely find a money transfer service that caters for each country. However, beware of online scammers posing as transfer agents. You should carefully evaluate money transfer services before using them, to avoid losing your money or your customers’ money.
Most Customers Are Searching For Products Online Making Marketing Easier
In most countries, a great percentage of consumers are using the internet to search for products and services. This makes marketing easy, regardless of your resident country. You simply have to choose the right keywords and update your information on Google and other search engines to ensure you show up in searches.
Advanced Tools to Segment Customers Are Available
In 2019, there are a variety of tools and technologies you can use to segment your customers based on their locations. For instance, if you are using an e-commerce website, you can set it in a way that customers get personalized experiences based on their location.
Availability of a Variety of Shipping Options
With a variety of cargo transportation methods, you can sell pretty much any product overseas. Air transport allows you to ship goods that are time sensitive whereas with water transport you can ship bulky goods at a reasonable cost. Additionally, there are a variety of shipping companies and this gives you the opportunity to compare and negotiate for affordable rates.
Your Business Can Be Purely Online
You don’t have to open a store in Asia to sell to people in Asia. You can simply set up an online store, market your products to people in Asia, and ship the product when someone places an order. With an online store, you can sell to people from different locations. Additionally, customers can access your business anytime except when there is a system challenge. If you go with an online store, choose a secure e-commerce platform and ensure that your customers’ credit cards and other payment options are safeguarded from fraud.
While international expansion is beneficial, it has to be done carefully for you to reap the benefits. There are four key points to consider.
One, check whether a product has a demand, use, and is acceptable to the target. Two, understand the laws governing business in other countries, especially if you will be opening a physical store over there. Business laws, taxation, and import and export regulations are different in every country. Three, check whether you have enough funds to expand your business. If you run out of funds along the way, you may end up losing the entire investment. Therefore, ensure you have enough to get the business up and running before you start. Finally, check how the expansion will affect the operations of your current business.