What are the Prerequisites of Taking Your Business Global?
Taking your brand overseas sure seems appealing and exciting, and most entrepreneurs jump at the chance. However, this global journey can be treacherous. Between establishing a new customer base, becoming familiar with the local culture, finding trustworthy partners, and learning new laws and regulations, the road to becoming an international company is difficult to navigate. Ask yourself, are you ready for global expansion? Do you have everything in place? Are you sure you are not missing anything? Don’t worry, here is a curated list of everything you need to build a solid foundation. A “Deep Dive” Due Diligence Before going global, it is imperative to understand the full impact the process will have on your business. Do your due diligence by preparing a market segmentation analysis to determine if your the product will be a success in the local market, a product gap analysis against local products, a SWOT analysis against the existing competition, and consider market opport...