5 Reasons It’s Never Too Early To Explore International Opportunities

5 Reasons It’s Never Too Early To Be Exploring International Opportunities

New Customers

Thinking globally from the start forces your business to explore ways it can expand into new markets; Working out how you can deliver your services on a global level provides you with a better understanding of how to serve your local market. Positioning your company as a globally focused company provides your business with an edge against local competitors as well as opening yourself up to a larger number of potential customers.

Customers in different regions have different attitudes, budgets, appetite for your products and services. Discovering what can work for your business region by region provides you with the information you need to plan your international approach

Different Cultures

Different regions around the world will have a different appetite and appreciation for the goods and services that you provide. The level of understanding about the problem that you solve and the value that people associate against it will differ from region to region. This will effect the level of cost in acquiring each sale and the price in which you are able to charge for your services.

There may also be required changes to your product or service in order to better serve this new market; Implementing these changes into your product and service not only allows you to enter new markets but may translate into solving problems that your local customers aren’t even aware that they have yet.

The customers that you are interacting with and requesting feedback from are driving the development of your application, product and service. Is it worth exploring whether your local market is providing the best return and feedback for your business?

Available Support and Funding

Private and public funding exists to help support businesses to explore new markets on an international level. Whether this be through structured programmes and departments, private investment opportunities or through frequently published sectoral specific funding opportunities.

These opportunities may not exist in your local market - therefore spending 4 - 6 months developing your business in a new area can provide your business with the right growth that it needs at this time.

R&D Grants, Accelerator Programme, International Funding, Finance and Investment or International Banking.

Your local market may not be providing you with the best opportunities to finance your business growth and development.
If you discover that there are better international opportunities for your business - exploring funding in these regions allows you to receive feedback from customers with better budgets, lower cost of acquisition and a better understanding of the products and services that you provide.

New Ideas

How innovative is your local area? Explore areas with different consumer cultures and trends and explore ways in which your international competitors are serving these markets. Get ahead of the local trends by identifying proven ways in which you can improve your product or service to get a competitive edge internationally. Consumer trends tend to migrate on an international and being the innovator bringing these to your local area will mean that you are the best your region.

Identify ways in which you can improve your products and service, iterate and copy and see if there are ways that you can innovate your business by visiting and building relationships with international competitors.

Reduced costs and improved service

Do the maths!

  • How much is it costing you to run your business?
  • How much does it cost to make a sale?
  • How much is each customer willing to pay?
  • How much does it cost to make each product / sale?

Are there ways that you could outsource any of the elements of your business in order to reduce the cost of running your business. Should you be hiring better talent from new areas? Should you be selling in to new areas?

Your business in it’s local market isn’t a representation of the costs and opportunities available on an international level.

So what next?!

We’ve established that investigating your businesses place in the world is important … now you need to work out where to begin.

Interested in finding out more?

Complete the initial FREE assessment and start receiving the relevant information to your business about the best international opportunities for your business
Last modified onFriday, 29 July 2016 13:19
James Gumble

Founder of Xpand Access

Website: www.xpandaccess.com

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