- Product Demand
Before you move into new markets, it’s important to do a bit of research and determine whether there’s demand for your product in the first place. Search through your target country’s equivalent to Amazon, such as China’s Taobao.com, India’s Flipkart.com, or Russia’s Ozon.ru, to find out what people are buying.
- Your Current Status
Look at your national business goals and decide whether you’ve achieved enough to warrant going bigger.
- B2C vs. B2B
It’s very difficult to expand internationally if you have a B2B company. While it’s fairly easy to interact with and sell to customers remotely, business entities often expect face-to-face meetings.
- Payment Handling
Are you prepared to handle overseas payments and other transactions? Some countries require you to set up a local entity and bank account in order to move payments. Once you’ve managed that, you have to sort out the tax implications of moving funds across borders, which can be extremely complex.
It can be difficult to verify the validity of an overseas transaction.
Once your brand is established, foreign entities may attempt to copy it, and dealing with the legalities of such a situation can be complicated.
If you decide to set up an office in another country, it involves the same difficulties you would expect domestically—setting up legal support, marketing, and everything else—all while doing it in a language you might not understand.
- Team Accountability
Not only is it difficult to build a team from a distance, but it can also be hard to oversee operations from afar and maintain employees’ accountability.