If you are looking to become a successful real estate agent, one of the best decisions you can make is to build your clientele in both local and international markets. Sure, you would probably have to do more research on domestic and foreign business practices, laws regarding the buying and selling of private and commercial property, and even suitable mortgage rates and processes on housing loans.
Still, the advantages far outweigh the drawbacks. Not only would you have a much broader market but also, working in international real estate would serve as cultural education and a wonderful opportunity for global networking.
The same can be said for almost any other industry, whether it is manufacturing, financial services, or the trading of goods. Moreover, doing business in a global environment is often more rewarding and profitable.
With that in mind, let us look at some tips on how your small business can expand internationally.
First Things First
But before embarking on a journey of global enlargement, there are few things to consider:
- Make sure you are aware of local business laws in the country you plan on going to. While most rules and regulations in most nations are similar, some may vary.
- If you plan on hiring overseas staff, remember to explore the different contract options available to you. In the beginning, it would serve you best to hire only part-timers or freelance staff if that is what your business requires.
- Take the time to do your proper due diligence. Even if a country seems ideal for your product or service, you might find different obstacles that will make you think twice.
- Visit the place you are planning on expanding. There is nothing better to get to know a city or country than actually spending a few weeks or even a month there.
- Take care of your business at home. Right now might not be the best time to expand. There could still be plenty of growth possibilities in the place where your company is based.
By looking at these and other factors, you will be able to make the best possible decision for your thriving enterprise.
There is a reason why the common phrase “if you can’t beat them, join them” exists. Even if your long-term goal is to establish a solid, stable market in a new country, you need to remain realistic. Chances are there is already a similar firm doing similar things. As such, it would serve your best interests to start by looking at the possibility of partnerships.
For instance, if you are in the food industry, you could look into a joint venture with a local restaurant or establish a distribution contract with a delivery company. If your business deals with retail products like clothes or electronic devices, you could contact major supermarkets, shopping malls, and department stores to explore a win-win sales collaboration.
No matter the industry you are in, if you take the time to do adequate research, you will find somebody you can trust and build a profitable relationship with.
Efficiency in Promotion
Pampers, the American baby and toddler products brand has an annual advertising budget of more than eight billion dollars. If you are the owner of a small business and you take an honest look at your company, the odds of having this kind of money to spend on marketing and promotion are pretty much zero.
As such, a key aspect to examine is how much you are willing to spend for overseas consumers to get to know your brand and its products or services. Is it worth spending a hundred thousand dollars on a 30-second TV commercial? Would placing an ad in a popular newspaper be a better course of action?
Only you know the answers to these questions. Yet, as a rule of thumb, spending numerous financial resources for promotional services abroad is not the ideal path to take. Instead, you could put in place a well-thought-of, catchy, affordable online marketing or social media campaign. Not only would this be much cheaper and perhaps even more effective, but it would also give you a much-needed leeway to better allocate your money.
Promotion efficiency also entails a clear understanding of who your customer base is. If you are advertising to the elderly, pop-ups on sports websites and email mass marketing would not be the best choice.
Expanding your business to other countries is an amazing challenge worth taking. But before taking the plunge, make sure you have done enough research on the country you are planning to go to, looked at the possibility of long-term partnerships, and allotted marketing financial resources efficiently. It will give your company the greatest chances of success.