While more and more women have been encouraged to launch their businesses, very few have taken the next step of taking their companies and turning them into a global business.
Of course, the opportunities for men and women entrepreneurs aren’t equal. Additionally, businesswomen are subjected to several obstacles and challenges that make it difficult for them to expand globally.
Studies show that one of the biggest challenges for women creating a global business is not knowing where to start from. The expectation of taking your company internationally can be intimidating, and the risks may outweigh the profits. This mindset becomes a hindrance to launching a global business.
If you think you’re ready to take your company global, a few tips may come in handy!
Launching a global business requires planning and having a team that shares your vision. We have compiled a checklist that you need to follow to launch and scale your business globally.
The first step of a global expansion should be creating an international business plan. Be clear about what you’re expecting. Having a mission, a set of goals, and visions help. Try to evaluate your needs and be direct about what you’re hoping to achieve from this expansion. While creating an international business plan, it is also important to assess your team’s capability and readiness before starting.
Even though you’re a capable businesswoman who started her own company from scratch, remember that you can’t do this alone. A global expansion is different from launching your company. Before going global, make sure your team is on the same page. Your team members should be ready and prepared to go international along with you.
Without your team’s support, you won’t be able to do things alone. So, be a leader and encourage them to take the next step.
If you’ve decided on a country for the first global business expansion, reach out to local experts. This will make you ahead of other businesses and steep your learning curve. Talk to local experts about the language and culture of the country, what the local consumers are looking for, how you can appeal to your target audience, etc.
Local experts can provide great insight into the local market and the kind of content you can create to engage the audience. Help them help you.
If you’re thinking of expanding your global business services, you need to invest in technological resources. Given the COVID situation, there are going to be restrictions on travel. But that cannot stop you from growing your business.
In the present digital age, technology is an indispensable part of a company’s international business plan. Technological tools will help you connect and collaborate with your overseas business partners with minimum hassle.
Networking is an important part of the global business review, and you should be able to communicate with your team members and your overseas clients effectively. The secret to a successful business lies in professional relationships.
Focus on building a personal relationship with every client. Remember what they like, send them cards on their birthdays, and attend them to parties—at the end of the day, keeping your network happy matters.
As we mentioned, women find it increasingly hard to expand their global business. Joining professional organizations can help, and these organizations are great support systems for fellow businesswomen. Through these organizations, you will have access to information and resources. Besides, you’ll be able to connect with more women looking to global.
Several international professional organizations cater to women, including the Organization of Women in International Trade (OWIT), SHEconomy, Motivation, Resilience for Women, IncubatorNest, etc.
When you decide to go global, you’ll be required to make some difficult decisions. Some scenarios will need you to compromise on your business principles. But, know what’s important. During times of crisis, always prioritize your team.
Unless you want to be a shrewd business leader, never compromise your morals and business principles. Remember that people will never forget you for who you were, and nothing is worth sacrificing your morals for.
Before deciding on a country to start your expansion from, make sure you do your homework. This includes visiting every country and getting a taste of the local culture. You will be able to judge which country is better suited to your needs, only if you travel and visit these places.
This may seem like tough work, but it is absolutely necessary. It will help you better understand the people you will work with and what they expect from this transaction. Thus, it’ll put things into perspective.
A global business expansion means tons and tons of paperwork. Before you settle things, it’s important to hire lawyers and take care of the paperwork. There will be many things you won’t understand, especially legal stuff. That’s why it is advisable to have a corporate lawyer on your team.
Your lawyer can handle the paperwork for you and advise you on business decisions and possible moves.
A global expansion isn’t going to be easy. You’re going to be buried in work, and this may take a toll on your personal life. Therefore, make sure you’re ready. If you’ve just gone through a personal crisis or a medical issue, it is wise to delay things. Only move ahead when you’re 100% ready and confident.
Meanwhile, remember to take care of your mental health by delegating responsibilities to your team. There’s nothing women can’t do! Even if it involves a global business expansion. You got this! All the best!