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 when internationalizing are also some of the easiest to avoid.
On a practical level, you need to have a strong legal framework. Compliance should be one of your top priorities: you need to know and comply with local tax, data handling and employment laws to ensure you don’t face severe penalties in the future.
It is noted that almost every country has a foreign trade policy where foreigners can benefit greatly from internationalization. An online search will reveal the policies most relevant to you.
3. Adjust prices and payment methods to your market
A big part of internationalization is recognizing patterns in markets and accommodating them. Having a valuable customer base and offering can only be successful if you pave the way for people to seamlessly pay for your product.
Therefore, your pricing strategy must take two things into account – an appropriate price and an appropriate payment method. While some markets may find US $ 10 per month for a service reasonable, others will find it too expensive.
Likewise, the method of payment should depend on what your target market is familiar with. For example, Latin America uses cash mostly, China prefers Alipay and WeChat, the United States prefers credit cards, and Europe uses debit and credit cards.
4. Prepare the International team
Building an internationally renowned business starts with an internal layout. If you want to make a brilliant impression as you grow, you need people on your team who come from a variety of backgrounds, with a variety of local skills and knowledge.
These people don’t have to be entirely responsible for your internationalization strategy, but they can support your cultural bridge to new markets.