To succeed with your business in new markets, you must take into account a number of key factors without which your expansion would be a failure. In the first years, a company is building the foundations and the foundations that will allow it to be sustainable over time, so it is very important to grow at our own pace and focus on creating a business culture based on principles that trust employees and customers. Some start-up experts like Patrick Mackaronis, Phil Davis, etc. who provides you some advises in establishing a successful business. Pat Mackaronis has played a great role in many entrepreneurs life by assisting them in their business. Therefore, if you want to succeed abroad with your company, you must take into account and comply with the following points:
- Analyze yourself: Sometimes entrepreneurs launch their companies to foreign lands without knowing the strengths and weaknesses of their business. Before expanding your business in international waters, analyze yourself. You must be an expert in your company and know it perfectly, you must know perfectly what is working or not in your business, what is it that makes you unique or that makes you stand out in the market. It also analyzes the financial capacity of your company, what is the capital you have available, until a maximum point can you invest to expand. It is important that you have it very clear from the beginning.
- Evaluate your Market: Before deciding in which country you are going to set up your business and invest, you have to study and analyze your market, verify if there are already companies that offer the services or products that you are going to offer in that country. Doing this, taking into account that you have already executed the previous step and that you know what makes you stand out from the competition, you can evaluate the chances of success that your business will have in that new market.
- Seek the Expert Advice: Installing your company in a country that you do not know involves certain risks that you have to run, and that from the beginning you should know what you are facing, so it is advisable to seek professional advice. Consult with experts to guide you and advise you on important matters such as deciding what would be the best legal form to settle in that country, the best way to enter the new market, whether you need a local partner or not, etc. As well as, to guide you in the existing national bureaucratic procedures, since it may be that the product you commercialize contains parts or ingredients that are prohibited in the destination country or that are considered harmful to the health of the consumer, or it may be that For the service you offer, you need special permits or licenses.
Accept criticism- It is easy to treat your company like a baby, but this can lead you to be too sensitive to any criticism that comes along the way. Just as we do not like people saying that our babies have big ears or a funny nose, we do not like to hear that our new businesses are less than perfect.