You already run a successful domestic business. You want to take things to the international level and expand your success. Where should you begin?
You have a lot of things to consider. Market demand is perhaps the primary concern. Try to identify a country where there is an unmet demand that you know your company can meet. Then take the business model that worked in the United States and see if you can adjust it for a successful entry into that location.
That said, the market isn’t the only thing to consider. It’s not your only hurdle. To make it go well, experts suggest that your first international business should target an entry point that is easier to access because they speak your language. If you’re a native Californian, for instance, then you may have a far easier time breaking into the market in Australia or the United Kingdom compared to China or South Korea.
This does not mean you can’t break into potentially huge markets in places where you do not speak the language. It just means that you may not want to start there. Pick something smaller and easier, learn the ropes, overcome some of the initial challenges of operating outside of the U.S., and then keep spreading your company into more challenging markets. This gives you a greater chance of sustained success, and you can eventually reach the levels that you want to hit.
International business operations can be very profitable, but they are also complex. Make sure you know what legal steps you will need to take.