You’ve had commercial success at home and now you want to take your business forward by going international. When opportunity calls, are you ready to take the plunge?
It can be tempting to take the leap when an opportunity arises. But if you want to succeed overseas, you’ll need to take the time to put an export plan in place. Otherwise, you risk running into the many unknowns that can sabotage your domestic success and your potential to grow.
So how do you build a healthy export plan? Here are a few steps to consider:
Update your business plan. This plan should outline your objectives and values, products and services offered, competitors, customers and sales targets. You’ll need an updated roadmap in place to convince potential partners and investors that you’ve thought about exactly how you’ll achieve your goals abroad.
Anticipate challenges and risk factors. While updating your business plan, think about what potential challenges you might face, and brainstorm strategies to address weaknesses:
- What’s the regulatory environment unique to the area?
- Do you need to spend time learning the language or customs of a new culture?
- How do customers behave, or distribution channels work?
Chart your implementation plan. With an understanding of your business strategy and your critical risk factors to address, you’ll want to outline what activities you’ll use to measure your success. Going international is about playing the long game, so don’t expect instant results. Take care to identify your evaluation criteria and timelines associated with your export.
Are you export-ready? Ease the transition into international markets with our Global Market Entry Program.