Imagine, you finally get the funding from the group of VCs and investors because they believe in the business you built. Now it’s time for your business to move out of its core market and expand internationally. It’s the start to the next chapter of your mission and there are many elements to consider.
Based on our experience of creating expansion strategies with our clients, we have put together a list of questions to consider when entering your new region.
What is the political situation?
- What is the political climate in the new region(s)? Is it stable?
- Traditionally, when companies expanded to Europe it has been to London due to low cultural barriers to entry. However, with Brexit, the question could be raised, will this change?
How is the new business environment different?
- Which new region(s) will allow you to gain the quickest traction?
- What are the associated costs for setting up business in the new region(s)?
- Are there any legal ramifications of opening in the selected new region(s), like, employment laws?
Will the business need to change?
- Does the new region(s) require a new corporate structure?
- Will you need to ‘outsource’ in order to deliver against your objectives? What will this cost?
- Are the employment packages competitive in the new region(s)? Will it attract the necessary talent and does it compare to the current structure?
- How will your support team function in the new environment and deal with different time zones?
- Has your ‘Talent Strategy’ in your core market worked? Do you foresee any issues implementing it in the target markets?
- How will you ensure the values of your business remain intact?
How will you achieve the same level of success?
- How are you going to you build a positive ‘employer brand’ image in your new region(s)?
- What type of individual has traditionally achieved success in your business? Do you want to attract this type of person again or focus on a different type? If so, how will you marry your core cultural traits to what you want to achieve in your new region(s)?
- Does each new region require something different to be successful? Remember, Europe, as a whole is incredibly fragmented and culturally diverse.
These are just some of the elements that must be considered when expanding successfully into new region(s), as you can see there is a lot to consider and it can get quite complicated.
We can help you. Get in touch with us. We will be delighted to work with you and help you develop a strategy, which allows you to achieve your goals, retain your business values, stick to your vision, remain competitive and attract the top talent.
For more information about International Expansion, visit our website.
This was written by Martin Collins, the Founder and MD at Red Executive.