Building a business from nothing is a challenge, and there are sure to be plenty of lessons learned along the way. But, once you are well-established and making a success of your venture, you may be keen to find ways to capitalize on this and expand your business further.
Being able to take your company to the next level and see it take on new challenges is a fantastic feeling and a bit scary too! Expanding into the international market and selling your goods overseas is one expansion option you may be interested in pursuing. Opening up your products to a global audience and reaching new markets is an excellent opportunity for growth.
But, before you start selling your products internationally, there are a few things to consider.
Is There Demand?
Before you invest in going global, you will need to consider whether there is demand for your products in the countries you plan to expand into. Carrying out thorough market research is essential so that you gain a clear understanding of the market you plan to enter.
It is helpful to know about competing products that are similar to yours, as well as how much these cost in comparison. This last point is crucial, as factoring in shipping costs may make it impossible for you to price your products competitively if similar items are already available at a lower price.
Once you have established your competition and whether there is a demand for your products, you will need to decide which countries you plan to target. To mitigate some of the financial risks involved in expanding internationally, you may want to start on a small scale with just a couple of countries.
How Will You Facilitate International Payments?
One major consideration to factor into your planning is how you will accept international payments. Using a global payments platform will help make receiving payments in other currencies so much easier and save you lots of hassle, so this is something well worth looking into to simplify your payments.
How Will You Overcome the Language Barrier?
Being able to communicate effectively with your customers is essential. However, when you are operating in markets where you are unfamiliar with the language, this can be a significant challenge.
Finding ways to overcome the language barrier is vital if you are to ensure your customers receive consistently high levels of service regardless of where they live. Getting help from a multilingual virtual assistant is an excellent way to overcome this issue.
Your virtual assistant may be able to take over customer service tasks on your behalf, which will help free you up to focus on the strategic side of your expansion to ensure it is successful.
How Will You Ship Your Goods?
International shipping can be expensive, so finding cost-effective shipping methods is essential. Shipping costs can have a major impact on a potential customer’s purchase decisions, and even if your goods are reasonably priced, you may lose the sale if shipping is expensive.