Startup Advices

How to Expand Your Startup into Foreign Market

HOW TO EXPAND YOUR STARTUP INTO FOREIGN MARKET

Running a start-up is like running a marathon every single day. You wake, battle with suppliers, stress out over staffing and day-by-day live doubt whether your new venture will in fact succeed. This is gruelling, challenging yet ultimately rewarding – indeed, when you finally reach a place where you can be comfortable about your business’s position you will experience a tremendous sense of accomplishment. Until then, however, it will be a wild ride.

One of the good things about this start-up stage is the opportunity to expand reflexively and move into new markets and exploit opportunities – in this many companies find themselves going international before they’ve even really begun.

Circumstance is often crucial for a start-up to succeed – indeed, Apple may not have prospered had it come about in the 1990s (indeed it didn’t) and Ford would have surely tottered without an emergent American middle class. In this light you need to be ready to move your business to take advantage of opportunities that lie elsewhere – you may have a fantastic idea, but perhaps it is not well timed for your own market. It may, however, be the perfect time to promote this product in Dubai, so you can ill-afford to let such an opportunity pass you by. This is of course an aggressive strategy as it can leave you over-extended, but starting your own business was never going to be without risk.

So how do you set up your business in a second market?

There is a different answer for every single nation and market, yet it will truly rely upon research. Head online and figure out the first basic steps and then consider chatting to a local lawyer (expensive but worth it), who can guide you through the process. Better yet, if you have friends in the locality use their experience and local connections to give you a head start. You may also want to consider setting up some kind of presence in the country – a physical office is probably more overhead than you really want, yet you can consider setting up a virtual office.

What is a Virtual Office?

Basically, it’s a mailbox, local phone number and address which you can use on the mast-head of your overseas business; this will lend you credibility when dealing with prospective clients and also help you incorporate abroad (if necessary). There are many companies and services offered online which allow you to turn up to the concept of Virtual Office and has been in use for a while now.

Starting up a new business is incredibly challenging, doing so in multiple countries is even harder. Yet if opportunity beckons you need to answer the bell – it will hopefully all pay off in the long run.

If in case you need any assistance with Virtual Office, get in touch and we can assist you on this genre.

About the author

IndiStart Team

IndiStart.com is your one-stop destination for StartUp and entrepreneurship related news, views, information, tools and resources. Read refreshing and informative articles, interviews, news about the StartUps and business around you. Stay informed, stay motivated.

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