When you launch your business, you have big hopes and dreams in mind. You may even dream of it being so big and so successful that eventually, you’ll need to expand into new markets and tap into new revenue streams. But how do you know when the time has come to make that move? When does expansion make sense? Unfortunately, there is no magic formula or moment, rather, it is a combination of signs and indicators you can watch for that can mean it’s at least time to consider it. Here are four signs that may act as an indicator.
It Feels Like Progress Is Being Hampered
When businesses are going through a period of growth, they tend to scale up over time. This is something that acts as a first and important step. But what happens once you scale up as much as possible in the market and you’ve got no room left for growth? This can end up slowing down progress and even prevent the company from branching out and giving customers what they want. It is an indicator that it may be time to expand internationally.
There Is Interest from Overseas Customers
This particular sign is very obvious to spot and should be taken seriously. If you notice an influx of interest from overseas customers who want to purchase your products, then it could be time to consider opening in another location. Shipping products internationally can be extremely expensive and slow, but if you were able to give customers a better option – such as cheaper shipping, faster shipping, and shopping in their currency – it can open the floodgates.
You Have a Plan for Dealing with Language Barriers
When you expand internationally, there may be a language barrier. This can impede business, slow down processes, and make it difficult to connect and resonate with your clients and customers. A good solution is to work with a professional translation agency that will take away all the barriers that a difference in languages can create.
Global Voices is a translation company that not only offers translation service but also interpretation so that you can have productive face-to-face conversations, video chats, and phone calls without having to worry about barriers. Its goal is to help businesses communicate with clients all around the world seamlessly and productively.
You Have Solid Business Relationships Formed Internationally
Business relationships internationally are very important if you’re thinking of expanding, and these should already be in place. They can be your eyes on the ground, so to speak, giving you an insight into the local trends, market, and customer base. If you don’t have relationships with partners, vendors, suppliers, and manufacturers in place yet, now is the time to start working on it.
Know When the Time Is Right
Using each of these signs as an indicator can help you to gauge the market, the trends, and the status of your business so you can time your international expansion just right. While there may never be a perfect time that is completely risk-free it still makes sense to proceed with caution and ensure you’ve got the best chance of success.
Founder Dinis Guarda
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