So, you\u2019ve been a success in your home country. That\u2019s great and logic would suggest that if you were to scale-up and enter a new territory, you should automatically be a success there too. Right? Well, I don\u2019t want to rain on your parade but that\u2019s not necessarily the way things will work out. First of all, you need to look at why you were successful at home. You had your technology and your business acumen. Nobody can take that away from you and you may think that\u2019s enough to succeed abroad and on a very superficial level it should be but you had advantages that you may not even have considered because they came so naturally to you that you may have dismissed them as unimportant. So, if we were to break that down, you speak the local language, you know the local market, you have local contacts as well as local clients and your salespeople are native to the region and integrated into the process. This means that every advantage which you may have considered to be insignificant at home becomes crucial abroad. <\/p>\n\n\n\n
To try and enter a new market without the right background research can be a dangerous and risky endeavour. There are far too many examples, sadly, of companies who failed. Some took the losses and removed themselves from the overseas market. Some didn\u2019t see the warning signs in time and didn\u2019t survive at all. These are of course the worst case scenarios we know of but given the history, the risks cannot be underestimated. <\/p>\n\n\n\n
One of the major challenges you could face is a difficulty in hiring new staff. If you take staff from your home operation that might lose you money that\u2019s needed for the expansion and also, how good are they going to be under a massive change of circumstances? Even if they speak the local language, and they may not do, they won\u2019t know the local business culture or have existing contacts there. If you hire in the new territory it will be a long and challenging task to find the right people and even if you do there\u2019ll be a lengthy onboarding process and well as you having to spend more time and money while you wait for them to become successful. If this sound scary, and it should do, you\u2019ll be pleased to know there\u2019s another way that is not only cost effective but also practically eliminates risk. <\/p>\n\n\n\n