Small businesses need to be thinking global
If you are the owner or CEO of a business, no matter the size, growth is likely to be always on your mind.
Growth can be hampered, however, if the market which you inhabit is restricted, full with with local competitors or bound by geographic constraints. In this age of digital, technological and global insight it's never been easier or more important for small businesses to think about stretching their territory beyond traditional borders and bringing the entire world into play as their customer base.
Taking a business international doesn’t always need to be the costly enterprise some believe to be. Making strides with international customers definitely takes some extra effort and strategic thinking, but it doesn’t necessarily mean digging deep into your company’s reserves. And, if you make your strategic rollout wisely, you’ll likely find that the potential profits awaiting you can more than offset the costs it takes to make it happen. In reality, a small business can’t possibly maximize its potential if it has the ability to go global and doesn’t follow through.
If you need certain goods that require you to make the products you sell or provide the services you offer, it can get costly quick, and it can eat up a lot of the margin you have to make profits. But finding foreign distributors who might be able to offer goods at beneficial prices can help in that area. These small, incremental price cuts, over time, can make a large difference in your business. You also might be able to make foreign connections to make the next step into selling your products internationally.
No longer does foreign marketing have to be an extremely costly endeavor. The internet and social media has made it extremely easy to cross borders and reach audiences you otherwise might not have ever imagined attracting. The key to this process is building a website that is easy to use and understand, even for those who might be speaking a different language. In addition, you should find the social media platforms used most by audiences in that country and try to build your own presence there.
Finding an Audience
Just deciding that you’re going to sell products in international territory isn’t enough. You have to make sure that there is an audience for what you have to sell. In some cases, you might have to make a slight adjustment to find the proper niche. Research on what the people in these foreign countries are lacking in the market can help you find ways to fill that niche.
It may seem like making the jump from local to international is too daunting. But what you’ll find is that the benefits can outweigh the negatives, both in the short term and in the long haul.