Entrepreneurs have plenty to consider before expanding their business to international markets. In order to land smoothly elsewhere, entrepreneurs need a sturdy launch pad with strong internal management to handle an influx of new responsibilities. Good timing, international competition and integration into a different culture are also critical to this process. With talent acquisition, new sales processes and varying business models, this can seem daunting. But don’t let this scare you off from international expansion. All it takes is preparation and education.
Luckily, there are experts to help companies on this journey. Global executive, keynote speaker and business expert Ryan Patel helps to ensure that public and private brands can grow outside of their native regions. Under his watch as V.P. of Global Development, Patel helped Pinkberry expand from just under 95 locations to more than 265 stores in 23 countries. Here is his advice for what all businesses should have in their toolkit before making the jump to new territory.
Strategize.
Start with a clear plan to highlight short-term and long-term growth goals. Companies can seize the best opportunities when their leaders fully understand the potential locations for expansion. In a new area, a new business model may also be necessary. Patel says that with this, “you can be aggressive and attack the ‘ideal’ opportunities you want early, as opposed to being reactive when things arise.”
This will help your team to stay focused and gives plenty of room for comparison between existing ventures in the same sphere. An internal strategy and innate knowledge of your business’s strengths and weaknesses is also crucial for an effective competitive analysis. Just as strengths and weaknesses may fluctuate over time, opportunities may also change at certain points.
“Keep in mind, the strategy and evaluation is not supposed to be static,” Patel says. “It needs to be revisited as often as markets and teams change.” Try reassessing these elements a few times each year to check in and stay aware of current or upcoming shifts.
Build your army.
Your team is a powerful asset, and each member has something important to offer during an expansion. Everyone needs to be onboard and working…