Ready to Take Your Online Business Overseas? Here’s How
Do you run a successful online business but feel like you’ve hit a plateau and you’re ready to take your business to the next level? Then you’ve probably considered taking your business to other countries whose consumers would be interested in your products. As challenging as this idea might sound, it certainly isn’t impossible, as many online businesses have been able to successfully venture into new territories and increase their revenue. Continue reading to learn how they did it.
Analyse Potential New Markets First
Before expanding your company into a foreign country, you need to really analyse how they do business. Look into what types of products are in demand there and think about whether or not there’s a niche that you can fit into. Consider the local language and the costs of hiring someone who can translate your website content for you to suit new audiences. And don’t forget to also look into the preferred methods of payment and delivery.
When expanding into areas like Europe, remember that you can’t treat every country the same either. For example, an Italian market may be very different from one found in Germany, and your online store will need to be designed in a way that caters to those differences. You should also look into how many international sales actually occur, or if the population prefers to buy only local products. As you can imagine, a lot of preliminary research is required before you take the leap and expand your online business into these territories.
Be Flexible When Opening Up International Offices
Once you’ve decided that you’re ready to expand your online business into other countries, you’ll need to consider where you’ll have offices in those countries and who you’ll hire to staff those offices. But be flexible in this decision-making process. Do you really need local offices or can you use your current headquarters to launch and monitor your business in new markets?
No matter what, be prepared to invest in more staff who can take on the extra responsibilities of handling the new sales and any problems that might arise. Just keep in mind that hiring locals to work in the new markets you’re targeting may save you money because they’ll already be well versed in what customers’ expectations are, in addition to already knowing how to communicate fluently with those customers.
Sort Out Shipping Costs
As you know, shipping products internationally isn’t only costly but also time-consuming. Setting up warehouses can dramatically lower the rates you’d need to charge your customers to have your products shipped, while helping you remain competitive against local businesses too. For example, if you’re expanding your online business into the European market, setting up new warehouses in addition to more offices in countries where your products are in high demand can help you deliver those products efficiently and cheaply.
If you already run a successful UK-based online business, expanding into Europe offers an impressive opportunity for growth. Succeed there and you can even think about further expanding to the US, Australia, and South America in the future.