Blog Details

Author - Associate Runa Jasia

Every business owner wants to expand its business globally. In short, it can be called globalisation. Globalisation is the process of integrating and interacting with people worldwide. It is not magic to expand the business internationally. It does not happen in a few nights and days. It takes a lot of time and effort to make it work globally. It does not matter what kind of business they own. Marketing is all about planning, strategy and applying those strategies at the right time in the right place.

The question “When should you expand our business internationally?” What can be the right time to make it work? Before expanding the business a few things one should keep in mind:

• What is the position of the company in the current time and what is the turnover?

It’s essential to read what is the position of the company in the current market situation? One should know that it is not suggested to start a business when the business is going through loss. It is not worth the risk. If the turnover is in good numbers than the business owner can think to expand their business globally.

• In which place or the country, the business owner wants to expand their business?

Before choosing any place or country, one should undergo research in the area. It is vital to know the cultural values, moral values, etc. of that place. That place will be fruitful for their business type in that place or not. For example: If a person expands their business company which deals with technologies like Artificial Intelligence in a village where no one knows about technology or even computers than that will be the most stupid business expansion. So it is very important to know what kind of industry is in trend there or what kind of people stays there. If the business owner hires employee than what would be the least expected salary from them and what is the cost of living there. It is very vital to read the market scenario of that place.

• When a company wants to build a better reputation

When a company profits are high, and they have all the necessary things to start a business overseas, then obviously, that company should go for expanding their business as it will help the company to build their reputation good in the market. The people will automatically get attracted to the company, and the number of investors will be ready to invest in the company.

• The Right Time

There was a time when children used to go to the video games shop and play video games in exchange for money. Now they have play station at home itself and can play whenever they want. Everything has a time, like in the current market scenario if somebody wants to expand the business of their company which deals with artificial intelligence. This is an excellent time to develop it as the whole world is going crazy after this technology. The concept of driverless car or train etc., are in trend. So for the moment, it is one of the booming businesses. So that’s why it is essential to know the scope of the business. 

• Competition

If somebody wants to expand their business which is similar to the business currently existing in the place where they want to open their company, then it will not be the right decision. One must always try to expand their business where there is no competition or less competition. For example, opening a café shop in front of Café Coffee Day is not a good decision. If in the starting of the business, the company will start to face a loss than it is indeed not the best move.

• Right tools and people

The business owner must ensure that they have the right tools and people to expand their business. It’s essential to have the expertise and the right tool to expand a business overseas. Developing business with an unskilled employee is not a great idea. 

• Infrastructure

One must calculate the amount of expenses required to maintain or build infrastructure. It is important to calculate expenses including rent cost, internet facility cost, etc. Every country has a different cost of living, and according to that, it is suggested to expand the business where the cost of living is low. It will help to save all the rest of the extra expenses. 

Expansion of the business will help in generating more revenue for the company. It will allow making new customers around the globe and will help to know their values and culture in a much better way. It is not only the expansion of a company but also their employees. It is not easy to do so but also not impossible. One must research the market thoroughly.