1. Are you using the correct resources?
It takes a great deal of effort to expand or invest overseas. To be successful, it is important to have the appropriate expertise and resources. You’ll want to have the right people in place or contacts who are familiar with your industry and can provide you with valuable insights.
Be realistic when it comes to the timelines involved. It can take anywhere between a year and three years to get your overseas operation up and running and to see income start to flow. You’ll also need finance to cover costs associated with setting up your business and expanding it in a new country.
Find out more about exporting your business by visiting the Austrade site.
2. What is your export strategy?
It’s important to develop an export strategy before you begin exporting. You may lose sight of your end goal if you don’t create an export strategy.
Export strategy should include demographics and your target market, along with logistics and financial resources that you will use to finance growth overseas. You may want to identify local partners and distributors in each market. Also, research and regulatory requirements.
Download our free eBook ” Developing Your Export Strategy” to learn more about becoming a successful exporter.
3. Are you aware of your target market?
Understanding the potential of a particular market is one thing. It’s one thing to understand the opportunities a market can offer, but it’s quite another to know what risks your business might face.
It is important to have a strong customer base. Researching a market’s compatibility with your products or services and understanding the best distribution model to achieve international success is the first step. This can be done by visiting the country in person or arranging virtual meetings with distributors and partners to understand its political and economic context better. Read our country profiles to stay up-to-date on the opportunities and risks associated with doing business in different countries.
It’s also important to think about how to position your service or product best to make it stand out. Every market is unique, so it’s crucial to know the local consumer profile, trends, and prices and then develop or modify your service or product accordingly.