3 Things To Consider When Expanding Your Online Business Globally
Allowing your business to go global is something that can be really appealing for business owners and entrepreneurs as things start to grow. It isn’t as simple as just saying, we ship everywhere now, as there are different terms, laws, and legislations that you need to keep up with, as all countries are different. As well as learning about new regulations and laws, you need to think about how to attract a new customer base and understand more about the countries that you want to sell in, with their customs and their languages. So it is certainly something that can take some time to navigate.
Not all businesses are going to work as an international business. But if you think that yours is, then here are some things to think about to see if you’re ready to take the leap into global business waters.
Are there customers around the world?
If you want to know if you should expand into a different country, then you need to know if there are people there that are interested in what you do. This could be found out in a variety of ways. For example, if you have a business that is doing well in your own country and has a growing social media presence, you might get a lot of comments and questions about when you will be able to ship to somewhere else. If you have a celebrity or influencer that you are working with, then it can often be feedback that is given to them as well. When you know there will be an audience somewhere else for what you do and a need for your offering, that is one of the first steps to take.
Is there a language barrier?
For many businesses wanting to expand globally, often they will start off in countries that speak the same language as them, which makes sense for obvious reasons. But if you know there is demand in a country that you don’t speak the language, what can you do? You might not have the budget for translators full-time, but you could outsource this overseas to people that do. You could also look into marketing translation services to make sure that your marketing makes sense in a different country with a different language. Some phrases might not make sense somewhere else, so something like that can be helpful.
Getting to grips with laws and regulations abroad, as well as tax codes and things like packaging standards is something that is important, but can take time. In fact, it can be one of the biggest challenges that you have to face, especially as things change all the time, as a result of things like Brexit, for example. Foreign banks could also be hesitant to work with you if you are based elsewhere and have a bank account in a different currency, which is why you may need to set up a foreign business and bank account that is separate, to make it easier to handle different transactions.