Whether you are a start-up, a small business, or an established corporation, working in only one location can affect your growth potential. In today’s globalized economy, it is essential to think outside the box – or in this case, the city. Although the first logical step seems to be expanding domestically, thinking abroad can be more lucrative and beneficial for your business. Let me show you why:
Doing business on global scale is an excellent move because it allows you to increase the percentage of the market you can reach in comparison to your local competitors. While your competitors work tirelessly to take your customers domestically, you will be working on increasing your potential customer base exponentially. Additionally, although the services you provide domestically may be considered commonplace, there may be a huge need for these services abroad.
So how do you start?
Before you begin advertising your business abroad, you must do some research. First, you want to understand the country and the people you will reach out to. What is the culture like? What language do they speak? Do they have a need for this service? You want to ensure you understand the market as best as possible to ensure your product or service is well received.
A good business plan is necessary to guide you through this new venture. It will guide you through every step of this journey, and it should be tailored to your specific goals and objectives. For example, are you selling abroad or buying abroad to resell here? What is your budget for marketing?
Building relationships is an essential part of conducting business both domestically and abroad; however, it is even more imperative when doing business abroad. In the past, networking was done in person through mutual connections or by attending events. Nowadays, it is possible to network online. You can use business networks such as LinkedIn and even Facebook to reach out to people. You can also start reaching out via email and schedule meetings through zoom. Use all these tools to get in touch with people that can provide fundamental insights into the market you will be venturing in.
At this point, I’m sure you are thinking, ” Well, that all sounds great, but how do I even communicate with someone who speaks a different language.” Well, there are many things you can do.
You can learn the language. Today many people use apps such as Duolingo and Babble to study foreign languages. It is said that more people are learning languages through apps like these than there are learning through the public education system. Although this might seem like a great idea, it might not be the best option if you plan to start reaching out soon.
You can hire a bilingual employee. You can hire locals through websites such as Upwork and Fiverr to help you communicate in the language. You could also hire a full-time bilingual employee. However, costs may quickly add up, and a lot could be lost in translation if they are not language professionals.
You can use an interpreter service. This is the best option when trying to communicate in another language. You will have access to hundreds of language combinations, and all information will be handled by qualified professionals who understand the topics you are discussing. Previously, getting access to this type of service was expensive and complicated. There were subscription fees, monthly usage minimums, and extensive paperwork to fill. Fortunately, today there are several cost-effective companies where you pay a per-minute rate when you need the service. Both Transoptimum and Ablio are great examples of this. At Transoptimum, we have various services that can help you with calls, meetings, documents, and even designing your website in a foreign language.
Choosing to expand your business abroad can lead to increased growth and profits. As long as you prepare and put in the work, it can quickly become your most significant business decision ever.
At Transoptimum, we want to see you grow. So contact us today for a free consultation, and we will do what’s best for you – even if that means setting you up with a competitor.