The Indian market is huge with big giants like Tata Group, Reliance and Infosys dominating the market. With already so many players, that have been playing this game for decades, the scope for entrepreneurs is low. Which often results in many small start-ups closing shop, before even completely opening them. But, the good news for these growth-minded entrepreneurs, the rest of the world is open for them!
It is no secret that international growth has many opportunities, but the risks that come with it, is what causes many businessmen to refrain from doing so. However, these risks can be minimised, if not terminated, by asking these simple questions:
Is It The Right Time?
There are many benefits when it comes to expanding your business globally, but the biggest one is definitely the profits it brings with it. Unfortunately, the desire to increase profits isn’t always enough. It is important to make sure that your business is relatively successful in its current domestic market, otherwise it may lead to more loss than profits.
Are You Willing To Travel?
This one should come as no surprise, but often businessmen tend to ignore the importance of travelling when expanding globally. Right from meeting distributors or potential customers, you will need to travel back and forth quite often. So, you need to consider if you are in the position to remove the time and funds for travelling, and if you have a way to still handle your business back home, while away.
Have You Considered Technology?
While some amount of travelling is inevitable, to much of it can stretch your schedule and budget. To avoid this, you should consider opting for a virtual office, through which you can easily stay in touch with your distributors, customers, employees and others without having to actually travel there. For example, if your primary business is in Mumbai, and you are planning to expand you sales to USA, you can easily opt for a virtual space for rent in Mumbai, and stay in touch whenever required.
Expanding globally is one of the most desired outcomes of any businessman. After all, the happiness of seeing your product being sold around the world truly defines success. But, to ensure that this process goes smoothly and actually results in profits, certain precautionary measures need to be taken. Once you have successfully addressed all of these issues, the sky is your limit!