Internationalization is an ambitious step but achievable in the life cycle of any startup. Once considered to be on the back end of a business trip, the company today has the luxury of being able to expand globally even as soon as it launches. The internet has become the largest accelerator of startups building overseas presence more quickly, while the recent Covid-19 crisis has proven that there is more room for small businesses to successfully expand into new markets.
1. Measure your domestic market
Today, there is no longer any standard linear format for internationalization. There are a number of countries and cities startup hotspots that make it easy to expand without having to dominate your domestic market beforehand.
Oswaldo Trava, Founder of InstaFit, noted that a key step was to “identify the largest and most mature market.
It basically boils down to momentum – if you can get enough traction where you are now, focus on domestic growth. If the place you operate now has too many restrictions for you to grow bigger, consider going to the international market from day one.
2. The rule of law, language, and logistics of your business
Some of the most common pitfalls …