I must to be frank with you: opening a new foreign market can be so risky that it could lead to the bankruptcy of the whole company. This is because the choice of strategies to be used abroad, in a market that you don’t know yet, can become up to 10 times more expensive than what you do in your market.
I don’t want to frighten you by saying that opening a market abroad is too difficult to do but what I want to tell you is to carefully select each single move long before starting to take the first steps. For this reason I want to list 4 steps to follow if you want to open a new foreign market by yourself:
1- Start with these points ONLY and EXCLUSIVELY if your company is in EXCELLENT state. Opening new foreign markets is risky as well as expensive, so it should only be done if your company is strong and stable. If you think to open a new foreign market to save yourself, you commit a real suicide;
2- Carry out a careful market analysis to understand where your products can be sold and where your customer niche is located in the world. This is the most important part and it can take a lot of time and money if you decide to buy market research.
Carefully consider that every single Continent has a separate market: Asia has totally different needs from Europe, the United States is close to Europe but has right and ways of living and doing very different from Europeans as well as the British are than the French; it don’t need to mention Africa and South America. So as you can see, saying “I sell all over the world” makes no sense because you will need different strategies for each market, and it is not the right strategy to start;
3- get your plane ticket and leave immediately. Spend 2/3 months in the country/area in which you would like to start expanding to participate in business events and understand the local population: this is a fundamental point of your strategy to open abroad as you will be able to understand how to structure your strategy;
4- Once you understand and see for yourself many aspects that you had no idea that existed or worked in that way, find an experienced export manager (not an intern or apprentice) to start taking advantage of all the contacts made abroad, start finding new customers and start working on it.
By following these 4 points you will have a good chance to start selling and open your new foreign market in about a year. Remember, however, that making a mistake even one of these points risks blowing the whole plan and making you lose a mountain of money.
If, on the other hand, you do not have the time and budget to do all these steps, and your target market is Southeast Asia and China, then you can start talking to us. Let’s get in touch!